There is a growing number of finance companies and private providers who are now making credit available to borrowers who have been unable to secure home loans from mainstream lenders such as banks, building societies and credit unions. For borrowers who have poor credit history, no credit history or are self employed, these providers are an avenue to owning your own home and building a brand new credit file.

If you're in any one of the following categories, then alternative finance providers might well be your best borrowing option:

• LOW DOCUMENT or 'LOW DOC'
  Borrowers who have difficulty documenting their financial position because they are self-employed, especially for a period of less than three years, and other individuals with a short borrowing history.
• NON-RESIDENT
  Borrowers wanting to purchase a property in Australia but who do not meet the residency requirements of Australian mainstream lenders, ie. Australian citizens living overseas or non Australian citizens.
• INCOME-IMPAIRED
  Borrowers with infrequent or variable income whose ability to make repayments on a loan is uncertain, eg. self-employed and casual workers. Pensioners and low-income earners may also fall into this category.
• CREDIT-IMPAIRED
  Borrowers with an poor credit history including loan defaults, late payments or those who have been bankrupt.
• DEPOSIT-IMPAIRED
  Borrowers wishing to borrow more than 90-95% of the purchase price of a property.
• SECURITY-IMPAIRED
  Borrowers using security that would not normally be considered appropriate, eg. serviced apartments.

As you can see there is a loan to suit all type of borrowers even those with a bad credit history. So what ever your circumstance this should not stop you from receiving the assistance that you need. With the right tools you can get approval on a bad credit home loan.