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James G.
James G.
Roxby Downs, SA

I have a horrible credit rating and currently unemployed but I need finance for my next venture. I have more than enough equity in my home for what I need but who or how do I go about getting a loan, who should I be looking to speak with?

4 years ago


Hi James,

A bad credit rating won't stop you getting a loan although you will be paying a higher interest rate than if you had a good credit rating. I would need to know what caused your bad credit rating becasue there are some things that can be done to improve it which will increase the chances of an application being approved.

Having equity in your property is good but you need to be able to pay the loan back. Having no income certainly will stop you getting a loan. You need to be fully employed and have passed any probationery period before a lender will consider you for a loan.

Also lenders don't look too kindly on new business ventures. Mosyt lenders require you to have had an ABN resistered for at least 2 years and be registered for GST to be considered. Some will allow one year but the application has to be very strong.

Let me know when you are employed again and we can plan out the next step. if you have any other questions, feel free to give me a call.


Michael Budge
Bayside Finance Group
M 0418 547337
E michael@baysidefinance.com.au

Hi James,
Let’s not mince words, you are pushing the proverbial up a big hill.
Depending on your structure and who owns the house, it may be possible to get a commercial low doc loan using the house as security. You will have a very tough time showing that you or the business can repay the loan.
I would recommend you meet with a Commercial finance broker and they can give you the policy that may suit you best, then work with your accountant to prepare a submission accordingly.
Best of luck

Hi James

Give us a call and we will see if we can get defaults removed. Many lenders list them unlawfully and if so my lawyers get them removed and your credit rating will increase.

Hi James,

Michael (above) is correct. Lenders will need to see that you have the capacity to repay the loan.
I can probably fix your credit rating for you so you look better to lenders, but the loan repayments will still need to be addressed.

If you have a copy of your credit rating, I'm happy to take a look at it (at no charge) to see what you might be able to do yourself to make improvements.

Additionally, speak to your broker about borrowing money for business purposes through a private lender. It will be more expensive and you will still have to evidence you can repay the debt, but you may have more flexible options to delay the repayments etc.

I hope that helps a little James. Call me on 1300 667 218 if you simply want to chat about your options first.


Hi James

I am a credit repair lawyer and to date have a 100% success rate. Fixing your credit is the first stage. Yes you can use a non-conforming lender but why pay more interest when you can try to fix the problem? If your credit file is cleaned up of any defaults or Judgments then you are in a better position with potential lenders.

I urge you to be careful though when seeking credit repair, When dealing with legislation it should only be a lawyer that helps you make sure you will be represented by a lawyer at all times and not just an advocate or paralegal. I specialise in this area of law and work on a fixed fee basis so you know exactly what your bill will be. Feel free to call me for a chat on 07 3106 3016.
Irana Gray
Certus Legal

I would agree with Irana that you should make sure that you’re dealing with lawyers. Credit Repair really does require legal knowledge and skills. I have to say that Irana should be pretty good at her job since we helped train her and I moved her admission so, full disclosure, I may be biased.

Hi James,
Just checking in to see if you need a hand with your credit rating?

let me know if you need a copy of your credit files or just some info about the process. I'm happy to point you in the right direction.


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