Key highlights
- A default doesn't automatically close the door
- Small, older, paid defaults carry far less weight
- Clearing defaults or a deposit can lift your chances
- 80+ lenders compared to avoid needless knockbacks
- Obligation-free quote via a soft check only
A default on your credit file makes finance harder, but it doesn't close the door. Some lenders assess the full picture rather than dismissing an application at the first blemish, and options exist for businesses with defaults.
How are defaults assessed?
Lenders look at the type of default, how large it was, how old it is, and whether it's been paid. A small, older, paid default carries far less weight than a recent, large, unpaid one. The context around the default often matters as much as its existence.
How do you improve your chances with defaults?
Clearing or settling defaults, showing a period of clean conduct since, offering a deposit, or having an established ABN can all help. Certain non-bank lenders specialise in applicants with impaired credit. Approval and terms are subject to lender criteria, and nothing is guaranteed, but a considered application improves your odds.
How can a broker help with defaults?
Applying to mainstream lenders with defaults often results in knockbacks that further mark your file. Simon Kendrick at Overdrive compares more than 80 lenders and directs your application to those that consider defaults, potentially finding a workable path.
How do you get a quote with defaults?
Have defaults and need a work ute? Ask Overdrive for an obligation-free quote. It's a soft check that won't affect your credit score, and you'll get a realistic view of where you stand.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.