Question for the Mortgage Consultants?

sis, even as a non-mortgage broker, i think i can answer this quite simply.

Each time you go for anz loan- be it credit card, personal loan for a car etc, or a mortgage, it is recorded by a central credit agency. The provider zou go for a lona with will run a credit check on you when you apply for a loan, so disclosure is not really an issue- they will have all the info in front of them- that´s been my experience anyway- they will know everything about you. It´s why, for example, it´s so important to keep up with phone bills etc, or the credit check wil have a black mark against your name if telstra has cut you off due to non-payment.

If a person is bankrupt, it will show up on on the check- everything does. Non-disclosure when asked on forms can be a bad thing- ya don´t wanna be done for fraud.

kay henry

They always check your CRA to see that you are not a serial defaulter!

They will know about the other loans so disclose them.

Remember that the lenders want your business so they will try to do the loan if it meets their policy guidelines.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I am not sure but am guessing that it would probably be OK in that case.

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

S.I.S. a loan for an overseas property is difficult to obtain from a lender in that country unless one can show ability to service the loan.

If a lender in that country were in principle prepared to lend to you and you haven’t got evidence of income earned in that country and as you wouldn’t have a credit file in that country it looks like a foregone conclusion to me that they would want to look at your credit file in Australia.

One way to avoid that would be to obtain private loan moneys and the rate is perhaps 1.5% to 2% higher than bank rates.

If it is used for a development then one may well wear it. If it is for a Buy and Hold property, you may baulk at the thought of paying 8.5% (or whatever the going rate is in that country).

Putting up a higher deposit (35%) may well achieve being able to obtain a loan without the need to provide income details.

Pisces

If you have any loan, any phone applications, mobiles yep or any credit card, store cards, and even licences, are on Baycorp. Thats the credit agency.

Now we know they are often wrong. Not up to date and you can view your file and have notations added (say you defaulted). On the basis on one default, this can be enough to stop any loan being granted. Often one phone company was notorious for this.

Howeer there were supposed ot be rules, that you cannot be listed as a defaulter unless they had passed a certain time frame, but I think that may have gone out the window.

Yes any bankruptcy issues are listed including when you were discharged, if this applies.

Your addresses are listed, your jobs etc. Including your companies and if you are a director…

If someone is such a bad risk, and I am making an assumption based on your line of questions, some lenders do loans for those with defaults, or low doc home loans…but you can bet the rates are a lot higher. Or you pay a brokerage fee….

As for overseas, yes I assume you would have to support any application with either savings and certainly income to be able to service the loan.

Australians with overseas incomes are required by the ATO to list those as foreign income, just a word of warning.

Elves

Don’t know that this will be of any help, but you can borrow up to $500k or 65% loan ratio (whichever is lower) WITHOUT disclosing your income or assets & liabilities. Interest rate is very competitive at 6.85% currently.

These could be called an “asset lend”, and with the rise in property prices (and therefore someone’s equity) these loans are going like hot cakes.

Max Hugen [email protected]
Alpha Financial
Residential & Commercial Loans
http://www.alphafinancial.com.au
02 9560 3061