ClickLoans The Online Home Loan Bad Credit review

With the ClickLoans The Online Home Loan Bad Credit, your bad credit history won’t stop you getting the funds you need to buy a property.

When your credit history is less than perfect, finding a loan with a competitive rate and the features you need can be a challenge. While some lenders will hesitate to let you borrow money, it’s still possible to make your homeownership dreams a reality with loans like the ClickLoans The Online Home Loan Bad Credit.

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Review by

Jodie Humphries was a social media manager, producer and writer at Finder.

Expert review

Offered with a competitive variable rate, the ClickLoans The Online Home Loan Bad Credit allows you to make unlimited additional repayments whenever your budget allows. You can also access those repayments through a fee-free redraw facility, while a 100% mortgage offset account is included to minimise interest charges and help you pay your loan off sooner.

  • Available for owner-occupiers and investors.
  • Available as full-doc and alt-doc.
  • Discharged bankrupts can apply.
  • Allows unlimited defaults.
  • Allows judgements and writs up to $1,000 each on your credit file.
  • Also available if your mortgage is up to two months in arrears.

About this loan

What are the features and benefits of the ClickLoans The Online Home Loan Bad Credit?

  • Loan amount. ClickLoans The Online Home Loan Bad Credit is available for loans between $100,000 and $2,000,000.
  • Maximum LVR. The maximum loan-to-value ratio (LVR) is 95%, however, you'll need to budget for the cost of lender's mortgage insurance (LMI) if you borrow more than 80% LVR.
  • Repayment schedule. ClickLoans The Online Home Loan Bad Credit allows you to choose a principal and interest repayment schedule that suits your budget: weekly, fortnightly or monthly.
  • Additional repayments. You can make unlimited additional repayments towards the loan at any time and you will not incur any fees.
  • Fee-free redraws. If you want access to the funds you have paid towards your loan, ClickLoans offers a free redraw facility.
  • Offset account. A free offset account is included with ClickLoans The Online Home Loan Bad Credit. This allows you to pay interest on a smaller portion of the money you borrow, thereby helping you pay your loan off quicker.
  • Bad credit borrowers. If you're a discharged bankrupt, have a mortgage in arrears or have other black marks on your credit file, you can still qualify for this loan.
  • 100% online. As the name suggests, The Online Home Loan can be applied for and managed online. There's no need for time-consuming branch visits and the online application process is quick and easy.

What fees and charges come with this loan?

  • Additional repayment fee: $0. There is no fee for making extra repayments towards your loan.
  • Redraw fee: $0. The redraw facility is available free of charge.
  • Offset account: $0. There is no fee attached to the mortgage offset account.
  • Upfront fees: From $0. The total amount of upfront fees you will need to pay can be affected by your loan amount, loan term and a range of other factors.
  • Ongoing fees: $15 per month. ClickLoans The Online Home Loan Bad Credit attracts this monthly account-keeping fee.
  • Discharge fee: $250. This fee is charged when you pay out your loan.

How to apply

If your credit history isn't ideal and you'd like to find out more about its features and benefits, click the 'go to site' link on this page to be redirected to the ClickLoans website.

You can then get in touch with the lender via phone or email, or opt to get the application process started by filling out an online form.

You'll need to provide:

  • Your full name and contact details
  • Your expected loan amount
  • The expected purchase price of the property
  • Your preferred repayment method
  • Information about whether you're an owner-occupier or an investor
  • Details about your credit history
  • Whether you're self-employed
  • The address of the property

Full doc self-employed borrowers will need to provide their last two years of company and individual tax returns during the application process.

Self-employed borrowers applying for an alt doc loan will need to have an ABN registered for at least 24 months, have been registered for GST for 12 months, and be able to provide one of the following:

  • Six months business and bank statements;
  • Six months Business Activity Statements; or
  • An accountant's letter

ClickLoans The Online Home Loan Bad Credit is worth considering if you've got a bad credit rating. Make sure to compare it with a range of other bad credit loans to check whether or not it's suitable for you.

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