Understanding Refinancing with Bad Credit – A 10-Minute Guide
Understanding Refinancing with Bad Credit: A 10-Minute Guide Table of Contents Refinancing your home loan can be a powerful financial tool. It allows you to
If you are looking to get a construction loan but you are not sure if your credit rating will affect the outcome, look no further. Your credit score is a personal rating given to you based off of your age, credit history and overdue payments, among other things. While bad credit scores can affect your ability to be approved for a construction loan, not every lender will reject you based off of your rating. Generally, you don’t need perfect credit score for a construction loan.
If you are wondering how to get a construction loan with your credit score, read on below.
Your credit score is based on the financial information that is available in your credit report. Each of the credit reporting bodies uses a different algorithm to calculate your score, and each body may also have different information about you on file. Because of this, your credit score may differ depending on which reporting body has worked it out.
Your credit report is based on information available from lenders such as banks and credit unions, as well as any public record information, such as any court judgments available. Information from telecommunication and utility services may also be used to decide your score, as overdue or unpaid bills could potentially negatively affect you.
Your credit report typically includes:
All of these factors could be taken into account when working out your credit score.
Generally, you may need a credit score of 680 or above for some lenders to approve your construction loan. However, if you are having trouble getting approval, there may be other ways to ensure you can construct.
Bad credit loans are for people who have struggled financially in the past. Designed to help people with bad credit, bad credit loans are a good option if your credit score is holding you back.
Generally, anyone who has any type of bad credit can apply for a bad credit loan. Each lender will have different eligibility criteria, so it’s a good idea to speak directly with your lender to find out what they will need from you, and when. In some cases, you don’t need perfect credit score for a construction loan.
A construction loan allows you to access your funds after each stage of your build, meaning that you’ll only be paying interest on funds as you need them instead of on the full amount upfront.
In addition to the usual forms of identification needed to apply for a loan, you will need a few extra documents before you begin the application process with your lender.
If you happen to have less than stellar credit and your lender advises a bad credit loan or something similar, you may need different or extra documentation. Your lender will be able to advise you about what to supply.
To us, you are more than your credit rating. We have helped countless Australians with both good and bad credit ratings to be funded for their dream build. We understand that lending criteria from other lenders are too strict, and can stop you from achieving your goals. That is wrong, and it should not hold you back.
With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.
Our finance specialists can help you find the right construction loan for your project. Construction finance is a complicated topic, but we will find a loan that makes your dream project that much easier.
If you are one of the many Australians finding getting a construction loan difficult, Tiger Finance can make the process simple and pain-free. Call us today for your free initial consultation with one of our loan specialists.
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Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.