Mainstream banks run automated credit scoring: a default or a messy period can mean instant decline regardless of your income today. Specialist and non-conforming lenders take a different approach — they read the story, weigh what caused the impairment (divorce, illness, business failure) and price the loan on your current position. Rates start higher than mainstream lending, but the strategy is a stepping stone: settle now, make 12–24 months of clean repayments, then refinance to a mainstream lender at standard rates. We've run this exact play many times.
Common Challenges
What's Included
Our Process
Why Choose Wiseman Financial?
Frequently asked questions
Can I get a home loan with paid defaults?
Often, yes. Many specialist lenders accept paid defaults, and some mainstream lenders will consider small, aged, paid defaults with a reasonable explanation. Size, age and cause of the default all matter.
How long after bankruptcy can I get a home loan?
Some specialist lenders will lend from the day you're discharged, typically requiring larger deposits (20%+). More options open at 2 years discharged, and mainstream lenders generally consider you once the bankruptcy drops off your credit file.
Are bad credit home loan rates much higher?
Specialist rates typically run 1–3% above mainstream depending on severity and deposit. Treat it as a bridge: refinancing after 1–2 years of clean repayments is the goal, and we plan it from day one.
Will applying hurt my credit score further?
Scattergun applications will. Our approach is one review, one targeted lender, one enquiry — which protects the score you're rebuilding.
Can defaults be removed from my credit file?
Only if they're incorrect, unverifiable or weren't properly notified — legitimate defaults stay for 5 years. We'll tell you honestly whether a dispute is worth pursuing, and beware of 'credit repair' firms charging for what you can do free.