Getting a home loan with a history of defaults

If you have a history of defaults/collections on your credit check, missed payments to your loan(s) or adverse conduct against your main transaction account that is preventing you from getting a home loan, then we may have a solution for you.

How it works

We will first attempt to place you with a main bank as they generally offer the lowest rates/fees to second tier lenders. However, their conditions to finance may be more stringent depending on the level of adverse history you have.

If we are unable to find a solution with a main bank, then we have other lenders who cater for borrowers with adverse history. However, it pays to note that their rates/fees could be more than a main bank.

If we place you with a second tier lender, it is our goal at Mortgage Field to get you back to a main bank lender when you have acceptable credit history and fit their normal lending criteria.

Is your credit report correct? 

Bad credit and a history of defaults can definitely impact your ability to borrow money. Still, there's no harm in checking your credit report before you look at home loans in New Zealand to make sure all the information is correct. 

Your credit report details your payment history of:

- credit cards
- mortgages
- hire purchases
- car finance
- phone accounts
- electricity and similar utilities 

While credit reports and defaults histories are generally correct, mistakes can happen. It's helpful if you are aware of them before you fill out a home loan application so that you can rectify them. 

Be on the lookout for information, such as:

- credit enquiries you didn't approve
- payment defaults you don't know anything about
- credit accounts you didn't apply for 

Check your credit report with one of the three credit reporting companies in New Zealand; Centrix, illion, and Equifax.