First Rate Mortgages Home Loans NZ
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We'll Help With A Home Loan When Your Bank Won't

Have you ever gone to your Bank for finance to buy a home with bad credit or tried to refinance and you have been late with some payments or have IRD Tax arrears? Too often the answer is NO! We can often help, even if your home is under threat of a Mortgagee Sale.

Debt - Late Bills

Have you got a bad credit history or some late loan repayments through a financial mishap caused by sickness, a bereavement, redundancy, separation, business failure, or just been over committed and overlooked some repayments or bills, may be even late with payments to the IRD and have GST or Tax Arrears? So, do you now need a sympathetic ear with an understanding of non bank, private investor or recovery loans, which may be your solution if you are looking to refinance, prevent a mortgagee sale, or for a new start with bad credit.

Do not give up, you could still own a home or be able to refinance as some lenders do provide bad credit home loans if you have a bad credit history with collections and judgements or you have had some missed repayment or Tax glitches in the past. Loans can be up to 80% of your property valuation but this will be reduced for bare land, incomplete or run down properties and those not close to main centres. The seriousness of your credit issues and if they have been "PAID" will also be a key factor.

Life is so full of ups and downs, especially over recent years, and although we all try and do our best things can go wrong. This can have an immediate impact on your income, creating pressure on meeting bills, credit cards and mortgage repayments and at times we even miss a few, which are then referred for collection resulting in bad credit.

Lenders are often quick to react in these circumstances, freezing accounts, cancelling overdrafts & credit cards, threatening Mortgagee Sales, which often makes it even harder to concentrate & manage your affairs. The recent recession, ongoing redundancies and with many business owners still trying to get back on their feet, means the Banks are still very cautious, quick to fire warning shots and at times almost impossible to deal with, just at the time when you need their support the most!

We specialise in helping people in these times of need, we even return phone calls and are prepared to listen and work through bad credit and repayment issues, to find a loan solution for you. It is so important that you act quickly to protect your equity and credit history and have a sound recovery plan to present to a lender. We will help you with that.

There are still a few lenders in New Zealand who look after the bad credit home loans borrower, so a bad credit rating or poor repayment history may not stop you qualifying for a first mortgage to buy a home up to 80% or to refinance before a lender initiates a mortgagee sale. We recently launched a new webiste which can help those looking for home loans bad credit, check out Non Bank Bad Credit.

Cherish your good credit record, it's worth guarding

From an article by Diana Clement NZ Herald 27.7.2013

"Anyone with credit score issues who wants a mortgage should consider using a mortgage broker. Brokers have relationships with lenders and can sometimes get a difficult case over the line.

Kim Lyons of First Rate Mortgages says he gets clients to write the story around defaults in their own words and he will send this and his assessment of them to the lender. With the full picture the lender may then be prepared to advance a mortgage. If not, Lyons might consider using a non-bank lender for a year or two until the client has built up enough of a payment track record to qualify for a mainstream mortgage.

If a client has an outstanding debt, no matter how small, Lyons will recommend they pay it back.

Having a default but no money outstanding looks better than a default and unpaid debts".

So, it is important that you act promptly as you need to protect your equity, things can snowball very quickly and you do not want to put your home at risk of a mortgagee sale. Contact an accredited NZMBA specialist mortgage broker now!

Contact us for more information
or Freephone 0800 178 726

First Rate Mortgages - "Financial Fresh Air"