Hi, im a 19yr old student studying at UQ. I am interested in beginning investing but require advice
on what to do now so i have a good credit rating at the bank so i can get a loan outPlease give me some advice on what i should be doing now to be able to show i have security. E.g: get a credit card out, deposit 100 dollars a week into my bank account etc
Thank you for your wise wisdom!!
good income
If you want to buy something have the money saved up before hand, take out a loan and pay it off immediately. if you have a credit card always pay the balance in full each month. It is a complete waste of money to be paying interest on credit card purchases.
Also make sure that you don't keep increasing the limit on your credit card s the amount that you have AVAILABLE not the amount outstanding is what lenders look at when determining servicability
Make sure that you pay all bills on time, phone bills, electricity, even making sure that dvds are returned on time. (does anyone still hire dvds??)
be aware that any overdue accounts show up on your credit file..
cheersSonya
Hey Kinny
If you already have a bank in mind find out what their criteria for lending is.
Eg. I just bought a place through Westpac and they would normally only extend me a 95% LVR, but because i have been a member for more than 6 months they lent at 97% LVR.
A good broker can help you out here…
Matt
woo… 97%LVR with westpac… very interestingg!!!!!
Matt.. tell me which brokergod_of_money
In the interest of supporting the brokers who contribute regular and informative posts on this forum, i will message you off line.
GOM
A few lenders will do 95% + LMI where you have been a member for 6 months or more so nothing new there.
Difference with wesuck is the prevailing interest rate which is about 40 bps above every other lender doing the rounds.
Not that they are running out of money or anything.
One lender announced a 100% blended product today where 95% can be non genuine savings and the balance can be done by way of a personal loan.
Richard Taylor | Australia's leading private lender
Thank you for your advice, mmmm i will get a credit out a.s.a.p and put a low limit on it
Thank you for your advice, mmmm i will get a credit out a.s.a.p and put a low limit on it
Be better of to start a savings account with the lender.
Richard Taylor | Australia's leading private lender
Be better of to start a savings account with the lender.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
