Late payments are listed on your credit file if they’re overdue by just two weeks. They will lower your credit score, but not in the way a default will. Luckily, specialist lenders and select banks can still consider your home loan application. You only need to find the right lender for your situation.
In the past, lenders could see only the paid or unpaid defaults listed on your credit file. Today, many lenders have signed up for Comprehensive Credit Reporting (CCR), which allows them to check your entire repayment history.