You may apply for a non-conforming or credit-impaired loan if you would like to remove past negative financial marks or poor credit ratings. As long that you can repay the loan, your application will be approved.

You can avail a credit impaired loan due to unwise financial decisions that decreased your finances. With a credit-impaired loan, you can have our own property despite a poor credit rating. If you have just transferred to a new job or if you have come up with a new business, you can also apply for a non-conforming loan.

You may also avail of a credit impaired loan if your income is irregular or if your tax debts are high. If you have sent a lot of inquiries to the Credit Reference Association of Australia, this makes you eligible for a credit-impaired loan as well.

Credit impaired loans can be availed in fixed, variable and split loan options. They also carry useful features like the line of credit, redraw and offset capabilities. When it comes to refinancing, they also become less flexible.

A credit-impaired loan can help erase your negative credit lines in the past. And because its rates have decreased over the years, its monthly repayments have gone down as well. This could help you have a sense of financial discipline which you might not have in the past.