Home loan products have been made available on the mortgage market for those who fall outside the main lenders' and mortgage insurance criteria.
If you have had a default lodged against you, the details will remain on the CRAA (baycorp) file for 5 years after the default is paid.
We have funders available who will consider your loan application even though these are still on your file. As a rule the interest rate will be a bit higher and the lending criteria is stricter than customers who do not have defaults. and you can borrow up to 90% of the LVR (loan to value ratio) of the property.
Depending on the funder you could obtain the usual benefits of other lenders in the loan products to assist you into your home and in a few years you could refinance out of the higher rate loan into the main stream bank lending loan.