Home Loans with Credit Impairment
WRA Mortgage Brokers helps borrowers across Australia with credit impairment — paid defaults, discharged bankruptcy and Part IX debt agreements — access home loans through specialist and non-bank lenders. We pre-assess to protect your credit file and target the right lender first time.
Frequently Asked Questions
Can I get a home loan with defaults on my credit file?
Yes. Paid defaults up to around $1,000 are often acceptable to mainstream lenders without detailed explanation. Larger or more recent defaults can usually be considered by specialist and non-bank lenders, sometimes at a higher rate or with a larger deposit.
What is the difference between paid and unpaid defaults?
A paid default has been settled and shows as paid on your credit file — this is much easier to finance. An unpaid default is still outstanding and generally requires a specialist lender or the default to be cleared first. WRA pre-assesses to match you to the right lender.
Can I get a home loan after discharged bankruptcy?
Yes. Borrowers with a discharged bankruptcy can access finance, typically through specialist or non-bank lenders, often one to two years after discharge. The deposit required and rate depend on how long ago the discharge occurred and your current position.
Can I get a home loan after a Part IX debt agreement?
Possibly. Some non-bank lenders consider borrowers after a Part IX debt agreement has been discharged, usually once a reasonable period has passed and you can demonstrate stable income and savings. Mainstream lenders typically require the agreement to be discharged and time to elapse.
What deposit do I need with credit impairment?
Credit-impaired lending usually requires a larger deposit — often 10–20% or more — and may come with a higher interest rate than a clean-credit application. A stronger deposit can improve the rate and lender options.
Can I refinance to clear defaults or debts?
Yes. A refinance with cash-out can consolidate credit-card debt, personal loans and paid defaults into your home loan at a lower rate, reducing monthly commitments. WRA structures the refinance where the lender's policy allows it and the serviceability supports it.
Will applying hurt my credit score?
Each formal application can be recorded as a credit enquiry. WRA pre-assesses your situation and targets lenders whose policy fits before any application is submitted, to avoid unnecessary enquiries. This protects your credit file.
How can I improve my chances of approval?
Reduce outstanding debts, keep up to date with all payments, show stable income, build genuine savings, and prepare a clear explanation of any adverse history. WRA helps you put this together and matches you to a sympathetic lender.
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WRA Mortgage Brokers — operated by We Are Available Pty Ltd. Based in Melbourne, servicing clients across Australia.