WRAP Finance Needed Cairns QLD.
HI I am looking for anyone interested in doing a WRAP finance for a house my wife and I are looking to buy. I don’t qualify for a mainstream loan, but my wife has a great size deposit, but is between jobs.
Property details as follows:
Property price: 210,000 (3 bed/1 bth/1 carport – 780sqm property) Cairns Qld
Deposit: 40-50K+
Interest rate: Am willing and able to go above current interest rates.Current income: 58k gross ( only myself working at the moment but my wife is starting a new job very shortly)
We need a WRAPPER!!!
Help much appreciated.
Hi Stewart
Hate to say that going the VF route doesnt avoid the fact that you have to show clear serviceability especially under NCPP.
In saying all of this if you have such a large deposit and you are working i dont think you are a million miles away of getting a traditional style loan. Would need a little more information and assume that your CCredit file is nice and clean but would be close.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard,
Servicing the loan is no problem and we are The issue is with my cc file. I have some defaults a few years ago as the result of my business going down due to a major client going down. We have applied for a few loans but being rejected due to this on my file and was told…”in the current financial climate, it will not be possible for any bank to lend with any defaults on a cc file.” Hence the need for a VF route. The property is below market value and the loan amount would be around 168k.
Stewart
Paul Dobson who participates heavily on this forum might be able to help you.
http://www.webuyhousesdirectory.com.au/we-buy-houses/joint-venture-wanted/jv-property-partners.html
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Stewart
Thanks for your call and sorry we couldn't help with an Instalment Contract (IC). As Richard mentioned IC's are controlled by the National Credit Code (NCC).
Considering the dollar value of your unpaid payment defaults, I'd probably consider putting the house purchase on the back burner for awhile and get those payment issues to show as 'paid' on your Report. Because, even if you were able to 'buy' a property via a non NCC regulated Rent To Own, you'd probably only get the Rent To Own for a maximum of 5 years and those payment issues will still be there when it comes time to finance out of the Lease/Option (Rent To Own).
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks for your help Paul. I’ve been paying out the debts one at a time and the ones on the CC file are those left. A rent to own would also be an option as I am clearing off other debts as well and within less than 5 yrs I hope to be well and clear. Thanks Stewart
Stewart i think what Paul is saying is that whilst the debts maybe paid they will still be showing on your Credit file and financing the deal thru traditional sources wont be easy.
I am currently in the UK however FHOG Pty Ltd a Wrap Company i own might be interested in looking at the deal if you wanted to email me over more details.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Richard says, paying out a bad debt does not instantly remove the record from your credit file
http://www.mycreditfile.com.au/faq/reads:
How long is the information held on my credit file?
- Credit applications and enquiries and overdue accounts are held on your file for five years
- Overdue accounts listed as a payment default are held for five years
- Overdue accounts listed as a Clearout are held for seven years
- Bankruptcy Act Information is held on your file for seven years (prior to January 1998, Bankruptcy Act Information was held for five years)
- Court Judgments are held for five years
- Writs & Summons are held for four years
- Identity information, which includes name, date of birth, sex, drivers license, address history, and linked names (if any) are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database
- Purge dates are calculated on the date the information was added to the file, and are based on the time limits provided in the Privacy Act 1988
- Files are scanned each month and out of date information is automatically purged to ensure the files are accurate.
NB: Even when an overdue account or clearout has been brought up to date or paid in full, it will not be removed from your file.
All payment default listings remain on file for five years from the date of listing. All clearout listings remain on file for seven years. The fact that an account has become overdue, and then been paid becomes part of your credit history.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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