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As each person's credit history and borrowing requirements are different, bad credit home loan options are risk-assessed and priced according to each borrower's unique credit history.

The more severe the credit impairments, the higher the risk to the lender and therefore the greater likelihood that the credit available will be limited to higher-than-normal interest rates.

Generally, borrowers seeking a bad credit home loan will require a larger deposit than those required for borrowers with a clean credit history.

This is because people with bad credit are not easily insured, so lenders require more guarantees and evidence.

Bad credit home loans can be provided for up to 95 per cent of a property's value in some cases, using a non-mortgage insured loan.Traditionally, when borrowing more than 80 per cent of your property value, you are required to obtain lenders mortgage insurance (LMI).Given that mortgage insurers are quite risk averse, obtaining LMI for applicants seeking a bad credit home loan is unlikely.A good place to start your search for a mortgage refi is your current mortgage lender, says Bruce Mc Clary, spokesman for the National Foundation for Consumer Credit.Ask if you can get a refinancing loan or a streamlined refinancing loan.

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