For many Kiwis the road to homeownership seems out of reach after financial setbacks, especially when bad credit gets in the way.

This is written like a guide and explains practical, real world pathways for turning a challenging credit history into genuine opportunities so you can make sense of the options and regain control over your home loan journey.

We hope that you find this useful, and welcome you to contact one of the team at Mortgage Managers to help manage the preparation and your home loan application.

Table of Contents

• 1. Understanding Bad Credit Mortgages In Nz
• 2. Example 1: Home Loan Approval After Missed Payments
  • What Lenders Look For
• 3. Example 2: Low Deposit Options With Bad Credit
  • Key Characteristics Of Low Deposit Bad Credit Mortgages
• 4. Example 3: Using Guarantors For Bad Credit Home Loans
  • Guarantor Mortgage Fundamentals
  • Critical Considerations For Guarantors
• 5. Example 4: Debt Consolidation Into Your Mortgage
  • Key Benefits Of Mortgage Debt Consolidation
  • Important Considerations
• 6. Example 5: Self-Employed With Credit Problems
  • Specific Challenges For Self Employed Borrowers
  • Strategic Documentation Requirements
• 7. Example 6: Specialist Lenders For Adverse Credit
  • Characteristics Of Specialist Adverse Credit Lenders
  • Critical Evaluation Factors
• 8. Example 7: Steps To Improve Approval Chances
  • Essential Credit Improvement Strategies
  • Targeted Action Steps

Quick Summary

1. Understanding Bad Credit Mortgages in NZ

Navigating home loans with a challenging credit history can feel like traversing a financial minefield. Bad credit mortgages offer a beacon of hope for Kiwi homebuyers who have faced financial setbacks but still dream of property ownership. These specialised financial products are designed to help individuals with imperfect credit records secure home financing when traditional lenders might turn them away.

A bad credit mortgage essentially provides an alternative pathway to homeownership for borrowers whose credit history includes defaults, late payments, bankruptcies, or other financial challenges. Unlike standard mortgage products, these loans acknowledge that past financial difficulties do not necessarily predict future financial responsibility.

Understanding your options begins with recognising that bad credit home loans represent a nuanced approach to lending. Mortgage providers specialising in these products evaluate your entire financial profile rather than relying solely on credit score. This means they consider factors such as current income, employment stability, recent financial behaviour, and the reasons behind previous credit challenges.

Key aspects of bad credit mortgages include:

What Makes Them Different:

• Higher interest rates to offset perceived lending risk
• Potentially larger deposit requirements
• More detailed financial assessment process
• Focus on current financial stability over historical credit issues

For New Zealand borrowers, bad credit mortgages represent more than just a financial product. They symbolise a second chance at building financial stability and achieving homeownership goals. While these loans come with additional scrutiny, they provide a meaningful opportunity for individuals to rebuild their financial reputation and secure a place to call home.

The critical message is simple: a challenging credit history does not have to be a permanent roadblock to homeownership. With the right approach, guidance, and understanding, Kiwi borrowers can navigate their way towards successful property investment.

Example 1: Home Loan Approval After Missed Payments

Missed payments do not have to be the end of your homeownership journey. Many Kiwi borrowers find themselves facing credit challenges after experiencing temporary financial difficulties, but a strategic approach can help you secure a home loan even with past payment inconsistencies.

In this real world scenario, lenders understand that life happens. Getting a home loan while you have some bad credit requires demonstrating financial recovery and current stability. The key is presenting a compelling narrative that shows your financial setbacks were situational rather than systematic.

What Lenders Look For:

• Evidence of consistent income
• Explanation for previous missed payments
• Current financial management skills
• Improved credit behaviour in recent months

Typical scenarios might include a borrower who experienced job loss, medical emergency, or unexpected family circumstances that temporarily disrupted their payment history. Lenders will want to understand the context and see how you have since stabilised your financial situation.

Practical steps to improve your mortgage approval chances include:

• Maintaining steady employment
• Building a consistent savings record
• Addressing and explaining previous credit challenges
• Working with specialised mortgage advisers who understand adverse credit situations

Remember that transparency is crucial. Proactively discussing your financial history and demonstrating responsible money management can significantly improve your home loan prospects. Each missed payment does not define your entire financial identity it is merely a moment in your broader financial journey.

Example 2: Low Deposit Options With Bad Credit

Bad credit does not automatically disqualify you from homeownership, especially when low deposit home loan options exist. Many Kiwi borrowers mistakenly believe that imperfect credit means they cannot secure property financing. In reality, specialised lending pathways provide opportunities for those with challenging financial histories.

Low deposit home loans represent a critical lifeline for borrowers with limited savings and credit complications. These financial products acknowledge that traditional 20% deposit requirements can be insurmountable for many New Zealanders.

Key Characteristics of Low Deposit Bad Credit Mortgages:

• Deposits as low as 5% to 10% might be accepted
• Higher interest rates to mitigate lending risk
• More comprehensive financial assessment
• Additional mortgage insurance requirements

Borrowers with bad credit seeking low deposit options must prepare a robust application. This means gathering comprehensive documentation demonstrating current financial stability, steady income, and a clear plan for responsible mortgage management.

Practical strategies for improving approval chances include:

• Providing detailed explanations for previous credit challenges
• Showing consistent employment history
• Maintaining current bill payments
• Working with specialised mortgage advisers who understand adverse credit scenarios

Understanding that each lender has unique criteria is crucial. What might disqualify you from one institution could be acceptable to another. Persistence, preparation, and professional guidance can transform seemingly impossible homeownership dreams into achievable realities.

Example 3: Using Guarantors for Bad Credit Home Loans

Guarantors can be a powerful solution for borrowers struggling to secure home financing due to bad credit. This strategy allows individuals with limited credit history or past financial challenges to access mortgage opportunities by leveraging the financial credibility of a trusted family member or close associate.

Know the risks of going guarantor to any loans is crucial before entering this financial arrangement. A guarantor essentially provides an additional layer of security for the lender by agreeing to be financially responsible if the primary borrower cannot meet loan obligations.

Guarantor Mortgage Fundamentals:

• Provides additional security for lenders
• Allows borrowers with challenged credit to access financing
• Typically involves a family member with strong credit history
• Reduces perceived lending risk

The guarantor usually uses their own property as additional security, effectively vouching for the borrower’s ability to repay the loan. This approach requires absolute trust and comprehensive understanding between both parties, as the guarantor assumes significant financial responsibility.

Critical Considerations for Guarantors:

• Potential full liability for the entire loan amount
• Risk to personal credit rating
• Potential impact on personal borrowing capacity
• Legal and financial implications

Successful guarantor arrangements demand transparent communication, realistic financial planning, and a clear exit strategy. Borrowers must demonstrate a committed path to eventual financial independence, showing lenders they are a calculated risk rather than a permanent liability.

While guarantor loans offer a pathway to homeownership for those with challenging credit histories, they are not a decision to be taken lightly. Careful consideration, professional financial advice, and open family discussions are essential to navigating this complex financial strategy.

Example 4: Debt Consolidation Into Your Mortgage

Debt consolidation represents a strategic financial approach for homeowners struggling with multiple high interest debts. By rolling various outstanding debts into your mortgage, you can potentially reduce overall monthly payments and simplify your financial management.

Debt consolidation for home owners offers a pathway to financial restructuring that can significantly improve your economic wellness. This approach allows borrowers to combine multiple debt streams credit card balances, personal loans, and other financial obligations into a single manageable mortgage payment.

Key Benefits of Mortgage Debt Consolidation:

• Lower overall interest rates
• Simplified single monthly payment
• Potential tax advantages
• Improved credit score potential
• Reduced financial stress

The process involves refinancing your existing mortgage to include additional funds needed to pay off other debts. Lenders will assess your current property equity, income stability, and overall financial health to determine eligibility and potential consolidated loan terms.

Important Considerations:

• Extended loan repayment period
• Potential additional setup costs
• Risk of converting short term debt to long term mortgage
• Requires disciplined financial management

Successful debt consolidation demands careful planning and a commitment to avoiding future high interest debt accumulation. While this strategy can provide immediate financial relief, borrowers must remain vigilant about their spending habits and long term financial goals.

Example 5: Self-Employed With Credit Problems

Self-employed people often encounter unique challenges when seeking mortgage financing, particularly when things are complicated by credit difficulties. The traditional lending landscape can seem unforgiving for independent workers with non standard income streams, inconsistent income and imperfect credit histories.

Self employed mortgages require a more nuanced approach to demonstrating financial reliability.

Many banks and non-bank lenders may evaluate self employed borrowers differently, scrutinising income documentation, business stability, and overall financial health more comprehensively than traditional employees.

It’s important to work with mortgage advisers who understand the unique challenges.

Specific Challenges for Self Employed Borrowers:

• Irregular income documentation
• Limited traditional employment records
• Complex tax return interpretations, including non-cash add-backs that can often be used
• Higher perceived lending risk
• Credit score complications including arrears and credit defaults

Strategic Documentation Requirements:

• Minimum two years of consistent business income
• Comprehensive tax returns
• Profit and loss statements
• Business bank statements
• Additional proof of income stability

Successful mortgage applications for self employed individuals with credit problems demand meticulous financial preparation.

This means presenting a comprehensive narrative of any of the past financial issues and recovery, demonstrating a consistent income, and showing that you now have responsible financial management despite any previous challenges.

Most critically, self employed borrowers must proactively address credit concerns by maintaining impeccable recent financial records, reducing existing debt, and providing clear explanations for past credit issues. Transparency and thorough documentation can transform seemingly insurmountable lending obstacles into viable mortgage opportunities.

Example 6: Specialist Lenders for Adverse Credit

When traditional banks slam the door on mortgage applications, specialist non-bank lenders can emerge as a beacon of hope for borrowers with challenging credit histories. These financial institutions understand that credit challenges do not define a person’s entire financial potential and are often used by non-bank brokers to help get people back on track.

These adverse credit mortgages can provide tailored solutions for Kiwis navigating complex financial landscapes.

Unlike mainstream banks, we use these specialist lenders who are willing to evaluate borrowers holistically by considering current financial health, future potential, and individual circumstances rather than relying solely on credit scores.

Characteristics of Specialist Adverse Credit Lenders:

• More flexible lending criteria
• Personalised financial assessments
• Higher risk tolerance
• Customised loan structures
• Focus on individual financial recovery

Critical Evaluation Factors:

• Reason for previous credit challenges
• Current income stability
• Debt repayment trajectory
• Future financial prospects
• Demonstrated financial responsibility

These specialist lenders recognise that financial setbacks can happen to anyone.

They look beyond numerical credit scores to understand the human story behind each application. By providing second chance financing, they help borrowers rebuild credit and restore financial confidence.

Successful engagement with specialist lenders requires complete transparency, thorough documentation, and a clear plan for financial rehabilitation. Borrowers must be prepared to demonstrate their commitment to responsible financial management and show meaningful progress in addressing past credit challenges.

Example 7: Steps to Improve Approval Chances

Improving mortgage approval chances with a challenging credit history requires strategic planning and proactive financial management. Our advisers help borrowers to transform their lending prospects by understanding and implementing targeted credit restoration techniques. You want to start by knowing your credit score today, and we use the free reports from Centrix.

Trying again now for your mortgage approval begins with a comprehensive approach to rebuilding financial credibility.

This journey involves methodical steps that demonstrate financial responsibility and potential to lenders.

Essential Credit Improvement Strategies:

• Obtain and review your current credit reports
• Rectify any reporting errors
• Develop consistent bill payment habits
• Reduce existing debt levels
• Stop applying for credit
• Build emergency savings to reduce your reliance on getting more credit

Targeted Action Steps:

• Negotiate and settle outstanding debts
• Create automatic payment systems
• Limit new credit applications
• Demonstrate income stability
• Provide comprehensive financial documentation
• Explain past credit challenges transparently

A successful mortgage approval requires viewing credit restoration as a holistic financial transformation. Lenders want to see meaningful progress, consistent behaviour, and a clear commitment to financial wellness. The goal is not just repairing credit but building a robust financial foundation that inspires lending confidence.

Patience and persistence are key.

Credit restoration is a journey that rewards disciplined financial management and strategic planning. You can use budgeting software like Pocketsmith to help, knowing that each positive financial decision moves you closer to your homeownership goals.

Below is a comprehensive table summarising the key concepts and strategies discussed throughout the article about bad credit mortgages in New Zealand.

Take Control of Your Homeownership Journey Despite Bad Credit Challenges

Dealing with bad credit does not have to stop your dream of owning a home in New Zealand. This article clearly shows that whether you have missed payments, need a low deposit option, or are self employed facing credit hurdles, there are tailored mortgage solutions designed to work with your unique situation. Key challenges like higher interest rates, extensive financial assessments, and the need for transparency can feel overwhelming but they also represent opportunities to rebuild your financial reputation with the right support.

At Mortgage Managers, we specialise in guiding Kiwi borrowers through these complex credit obstacles with expert advice and personalised strategies. Whether you want to explore bad credit home loans, discover low deposit home loan opportunities, or need help working with specialist lenders familiar with adverse credit mortgages, our Auckland-based team is ready to assist you regardless of your location.

With genuine local insight and a commitment to transparency, we help you convert financial setbacks into stepping stones.

Start your journey to homeownership with confidence and support today.

Visit Mortgage Managers and take the first step to unlocking mortgage options designed for your credit history and don’t let bad credit define your future when expert help is just one click away.

Frequently Asked Questions

What are bad credit mortgages, and how do they work?

Bad credit mortgages are specialised home loans designed for borrowers with challenging credit histories. They focus on current financial stability rather than historical credit issues. Explore different lenders to find a mortgage product that fits your situation.

How can I improve my chances of getting approved for a bad credit mortgage?

To enhance your approval chances, maintain consistent income, reduce existing debts, and demonstrate improved financial behaviour. Consider preparing detailed financial documentation to present a strong case to lenders.

What are my options if I have a limited deposit for a bad credit mortgage?

Even with a limited deposit, you may qualify for low deposit home loans that accept as little as 5% to 10%. Research different lending options and prepare your financial documents to demonstrate income stability.

Can using a guarantor help me secure a bad credit mortgage?

Yes, having a guarantor can significantly improve your chances of securing a mortgage despite bad credit. Ensure that your guarantor understands their responsibilities and provides adequate security to the lender.

What should I consider when consolidating debts into my mortgage?

When consolidating debts, consider the potential for lower overall interest rates and simplified payments. Plan to manage your spending habits to avoid accumulating new debts after consolidation.

How do specialist lenders differ from traditional banks for bad credit mortgages?

Specialist lenders are more flexible and focus on personalised financial assessments, considering your entire financial situation rather than solely relying on credit scores. Research specialist lenders that understand your unique financial circumstances and can offer tailored solutions.

Other Recommended Reading

We have written a lot about getting loans with bad credit.

• 7 Mortgage Approval Tips for Bad Credit in New Zealand – Mortgage Managers
• Getting A Home Loan While You Have Some Bad Credit
• You Have Bad Credit But Need A Home Loan – Mortgage Managers
• A Bad Credit Report Shouldn’t Stop You Getting A Home Loan

The post 7 Real Bad Credit Mortgage Examples and How They Work appeared first on Mortgage Managers.

The concept of co-ownership provides a way to buy into your first home when your deposit is less than what the banks will accept.

Traditionally you may have entered into a co-ownership agreement with a family member (typically a parent) where the other party may have the equity to enable you to buy a property, and their reward is to share in the gain of the value.

As New Zealand mortgage advisers we have been helping people get into their first home using this option, but often a family member is not able to assist so the good news is shared ownership can now be sourced from companies that offer this as a financial product … a formal co ownership agreement.

Key Features For Qualification

Firstly you probably want to know if you qualify.
The criteria is easier than what the banks apply for low deposit lending.

The key criteria is;

1. 1. You must have a minimum of 5% deposit – this can include your KiwiSaver withdrawal, any First Home Grant and of course any savings that you have. You can have some gifted deposit too, but they really want to see that you have been able to save your deposit yourself.
   2. You need to be able to afford the repayments – your adviser can help with working this out. The funding is done with a non-bank lender and therefore the criteria is not as tough as the banks, but there is still a responsibility to ensure that you can afford the repayments. Of course this will be important to you as well.
   3. You can have some blemishes on your credit check and other debts too, but these are assessed on a case by case basis. The adviser will be able to help present this to the lender and we have had good success with some poor credit, poor account conduct and people with quite a lot of short-term debt.

Your application will need to be assessed before an approval can be given, but the criteria is not as difficult as many people think.

How Do The Numbers Work For Co-Ownership?

To show you how the numbers work we have used a real example here – this is a scenario that we sent to someone recently who only had a 5% ($30,000) deposit but wanted to buy their first home.

So you have a deposit of $30,000 and therefore with borrowing of 95% you could purchase for $600,000
Unfortunately at the moment the banks and even non-banks are not lending to 95% but we have an option with one lender and shared ownership.

This is how the finances work;

This is funded using a 1st mortgage provided by a non-bank mortgage provider and a co-ownership by YouOwn.

The interest rate for the non-bank mortgage provider is about 6.75% and YouOwn have an equity charge of 4.95%
That means the repayments will be approx. $815 per week.
This is made up of the non-bank mortgage provider at approx. $720 weekly and YouOwn at $95 weekly.

Like any first home buyer you need to consider the costs of home ownership and balance this with the desire to have your own home.

Let’s Compare To Bank Funding?

Let’s compare to what a bank could offer, if only they could approve the loan.

• ASB currently have a 2-year rate of 2.69% (as at 16th October 2020) plus add a low equity margin of 1.30% so if you chose this fixed term you would be paying 3.99%
• The repayments for a 95% loan ($570,000) would be approx. $630 per week.

Bank finance is the cheapest option.
The problem is the bank criteria can be quite difficult, especially if you do not have a large deposit or if you have other debt.

Co-Ownership Is More Expensive … BUT

As you can see the co-ownership concept that we have provided will be more expensive than what a bank could offer, but it is a solution.

If a bank will approve your home loan then that should be the preferred option.
You could always speak to a non bank broker too and see what other options might be available too.
The co ownership concept is often the best option when you have a smaller deposit, and it may be your only viable option.

Compare this to waiting and saving, especially with house prices increasing as they are.

When You Want 100% Ownership

Also you need to be aware that with co-ownership you will want to buy the remaining share from YouOwn in the future.

This is generally done after 5-years, and they make their money from the expected increase in value.
In this scenario they have a 16.7% share of the property worth $600,000 so YouOwn’s share = $100,295
If the value of the property is worth ‘say’ $800,000 in 5-years then the YouOwn share is now worth $133,600 (16.7%) so an increase of $33,305

Of course your share (83.3%) has increased by $166,600 too!

Co-Ownership May Be A Good Option For You

If you can get a mortgage with a bank or a non bank lender then that is most likely going to be your best option; however in many cases this is not possible.

There are four main reasons for this;

• You Have A Low Deposit – if you have not been able to save a big enough deposit then the banks and non-bank lender might not be prepared to give you a mortgage.
  It’s Hard to Prove All Your Income – the banks criteria for proving income can be tough especially for self-employed people. Some non banks are better but they tend to require a larger deposit which you may not have.
• Too Much Short-Term Debt – the banks do not like to see too much short term debt when they are assessing an application. You may have great repayment history and be quite okay with affording the payments, but the banks have rules on how much debt you can have and they also need to factor on those repayments plus the new mortgage repayments. We can sometimes consolidate some debts into the mortgage when we do co-ownership arrangements, depending on the deposit that you have available from your KiwiSaver, any First Home Grant and of course your savings too.

• Some Credit Issues – sometimes past credit issues will mean that the banks cannot approve your mortgage. Again, some non bank lenders are not quite so strict, but they will still need your application presented to them well.

Banks are not looking to provide finance for everyone, and if you don’t fit the standard criteria then they may very likely say “no” to you.

You may be quite comfortable with the repayments and they may even be comparable to the rent that you are paying too. Owning a house is not always more expensive than renting, but many people may struggle to meet the banks criteria.

Around the world these types of arrangements have been quite popular. In the UK they have had shared ownership schemes for some time now. These are Government backed schemes and they have helped a lot of first home buyers there. READ HERE about what they offer in the UK.

They are not a new concept at all.

Co-Ownership Is Just One More Option

As mortgage advisers we know that this is not the best option for all people, but it is a viable option that can help people get into a home where otherwise they may need to save for another year or two.

Waiting and watching the house values increasing can be frustrating too.

It may be smarter for first home buyers to get on the property ladders sooner.

Often the values will increase at a faster rate than you could save!

That’s when you really do see the value in buying a home with a co-ownership arrangement.

It may allow you to buy into the market now at the current house prices. Using the example about you are taking most of the ownership, but getting help with 16.7%.

You can live in the house and treat it as your own.

By agreement you are able to buy that 16.7% share at a later date when you are in a better financial position, and of course when the value has increased your equity in the house which allows you to get a good bank mortgage at lower interest rates.

You have missed out on the increased value on the 16.7% share, but you have got the gains from the 83.3%.

Speak To An Adviser To See If This Could Work For You

The best thing to do is to contact an adviser that can look at this for you.

Very few New Zealand mortgage advisers have the knowledge and access to this co ownership concept, but the team at Mortgage Managers can help.

The post First Home Buyers With Low Deposits Consider The Co-Ownership Concept appeared first on Mortgage Managers.

A lender may think that a top mortgage brokers are the ones that provide that lender with the most business, but for a client they want to know that they are getting the best loan that they can get.

Sometimes that may mean just getting a loan, but other times it may be about getting a low interest rate or having the ability to pay the loan off faster.

You will find that the top mortgage brokers are good listeners. They will listen to what you want and ask the relevant questions so they can get a good understanding of what you are trying to achieve before they start to recommend what loan would suit you.

Stuart Wills and the team at Mortgage Managers fit in the category of top mortgage brokers.

Please Get Me A Home Loan!

For many first home buyers the most important thing is getting a new home and this means getting any home loan that provides enough money to buy that home.

Of course we all want the best home loan interest rates and lowest or no fees, but sometimes we need to take what we can get. Banks are being quite picky with who they will lend money to, and then which of those people will be offered the best interest rates.

Generally any first home buyer that has less than a 20% deposit will not be offered the lowest interest rates, and instead are often charged more with what banks refer to as a Low Equity Margin (LEM) which see’s them charged a higher interest rate, or a Low Equity Fee (LEF) which is a fee added to the loan to cover the bank for the increased risk.

Property investors are also the target of higher interest rates from the banks – in particular the Aussie owned banks.

The smaller New Zealand owned banks like TSB Bank are often a good option here as they will still offer property investors the special interest rates.

There Are Alternative Non Bank Lenders

People go to mortgage brokers because they want expert advice and help.

Where banks may find it hard to offer finance, a mortgage broker has a range of options from the main banks, smaller banks, non-bank mortgage lenders and finance companies.

Having a range of options is a benefit but also it means top mortgage brokers need to be constantly updating themselves on what the various lenders can offer.

It’s important brokers are aware of the alternatives and don’t decline a deal just because of lending restrictions with one bank.

Top mortgage brokers know the various lenders and will consider all options before recommending which bank or non-bank lender best suits.

The post Top Mortgage Brokers Know Their Clients And Lenders appeared first on Mortgage Managers.

Sure, then banks will say NO even before they take the time to understand the reasons for the bankruptcy or your current situation.

The advantage of being a mortgage broker with The Mortgage Supply Company is that we have very good relationships with a number of lenders who can offer mortgages to those people that have had some problems in the past.

I will look at any situation and design a way forward.

It’s about drawing a line in the sand and saying “that was the past” and then we focus on your future and how to get a mortgage for you rather than the financial issues that you had in the past.

Yes, Your Mortgage Is Approved

This week we worked with a lady that was an ex-bankrupt and today we were able to provide her with the mortgage approval so she can satisfy the finance condition with her purchase.

When she contacted me she had already spoken to her bank and had another mortgage broker try to source a mortgage; however without success. She contacted me after reading a blog post about bad credit home loans and I know she was skeptical that we would be able to get her a mortgage.

We discussed her situation and in particular we focused on (1) the cause of her bankruptcy and (2) her current situation.

The cause of her bankruptcy was really something that I would describe as a “shit happens” moment.

Her and her husband were dairy farmers when he had a mental breakdown which resulted in a business failure and ultimately a marriage breakdown. Basically she was left with her children and after trying to repay the debts left after the business failed, she was given advice that she should declare herself bankrupt which she did. She filed for bankruptcy in 2011 and was discharged 3-years later in 2014, but any bankruptcy remains on a credit report for 7-years from being discharged; hence until 2021.

Some may say that it is not fair – but it is how things work.

Her current situation needs to be applauded.

She has managed to bring up her children while working in a full-time role, paying her rent and contributing to KiwiSaver.

She is not being extravagant with the house she is buying, and with her KiwiSaver, some savings and a bit of help from family she is able to raise a 20% deposit. With this deposit we were able to source the finance for the 80% home loan so she could buy her new home.

The mortgage we sourced is not as cheap as home loans with banks, but it allows her to buy a new home and it is costing her about the same as she has being paying in rent.

Importantly the mortgage is over 25-years to offer some certainty, but I also ensured that the mortgage could be paid off at any time without penalty.

You Can Get A Mortgage After Being Bankrupt

This particular ladies situation proves that people can get a mortgage after being bankrupt, but her story also demonstrates that you need to use a mortgage broker experienced in specialist lending and in particular having access to bad credit home loans.

Every situation will be different, but you owe it to yourself and your family to see if you are able to get a mortgage.

Yes, being an ex-bankrupt does make it harder with a limited choice of lenders prepared to offer you finance.

The key is to know which lenders will offer what so that you get the best home loan.

To our client here it was important to have a long-term home loan, at a realistic interest rate, reasonable fees and with no penalty to exit early. There are very few lenders that offered all of that as most offer only short-term loans and often with high fees and interest rates.

We took the time to understand her situation and what was important, and the result was a mortgage that suits the situation.

That is why people contact me – Stuart Wills.

Stuart Wills – The Specialist Mortgage Broker

As an expereinced New Zealand mortgage broker or mortgage adviser in New Zealand I operate as a registered financial adviser (RFA) and I treat my work as a privilege rather than a job.

The work of a mortgage adviser involves a good knowledge of how finances work with the various banks and lenders plus importantly an appreciation for property and of course the people I work for – you.

Over the years I have had some great successes with people where I have helped them grow financially often from having almost nothing to having their own home and investment properties.

I am a non-judgmental person and when it comes to people that have been bankrupt I treat them with the same respect and often more respect that everyone else. I know that life can throw up some issues at times and I would rather applaud someone for trying and maybe coming unstuck as compared to those that are not prepared to take a risk in life.

If I’m asked “can I get a mortgage after being bankrupt?” and the answer is often YES.

The post Can I Get A Mortgage After Being Bankrupt? We Like To Say Yes appeared first on Mortgage Managers.