If you have somehow acquired a poor credit rating in the past you may have been turned away from bank after bank who is not willing to give you a home loan
. There are a number of ways in which you may have been labelled as a credit risk. Loan or mortgage arrears, defaults, judgements, bankruptcy and even company liquidation.
Even if you have entirely paid your judgement
or default, this can affect your credit history from lodgement date for 5 to 7 years, even debts you thought may have gone away can come back and ruin your dreams if it is re-lodged by another company. Trying to obtain a loan can become a nightmare simply because you made a few mistakes in the past. But whatever the reason, Bank Said No believe in second chances and that sometimes, the unavoidable just happens, and it doesn’t mean you are a risk forever.