Hi guys,
I'm pretty new to this, so you'll have to excuse my ignorance, but how is it possible to get multiple home loans in a short period of time (i.e. such as when buying multiple properties in quick succession)? I thought that every time you apply for a home loan, the financier checks against your credit rating, which I would think would go against you if you have many checks in a short period.
regards,
Peter
If you can service, come up with a deposit and have clean credit then generally no probs to get many loans approved. Tonight I am working on 4 for a client who already has 3 in the past 12 months – for example.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Generally this isn't too much of a problem, the hits can be explained away and the lender will move forward from there.
The main issues come when theres multiple hits for credit cards, personal loans and the like, as opposed to property purchases which can be substantiated.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
As others have said – it's not normally an issue providing everything can be explained and everything else stacks up (servicing, funds to complete, employment history, etc).
It may have an impact on credit scoring – especially at higher LVRs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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