Forum Replies Created
Thanks for that Pete.
Cheers
Originally posted by Terryw:Hi
13% sounds very high!
There are about 5 main lenders (non-conforming) that could help you. eg. Discharged bankrupts (more than 1 year) could get up to 90% at 9.99% with Bluestone. but having only recently started your business will make it harder. With Bluestone, if you have less than 12 months trading history, the LVR would be a max of 75% with an interest rate of 9.29%.
The existing broker I talked to in Adelaide quoted 10.9% with Bluestone and 13% from liberty.
Would rates vary this much or is he getting a cut of the interest rate?
Less than 10% would be great if I could get a LVR of 80%. What are my chances?
Any other non confirming lenders out there? I know of pepper home loans but they have ignored my emails as I asked them for an Adelaide broker using their products.
Is it politically correct to ask for mortgage broker(s) to contact me on this board?
Thanks
Originally posted by Mobile Mortgage:Hi Intirnsic,
13% is way to high for a 3-year discharged bankrupt,
Contact a decent mortgage Broker who has access to a wide range of lenders.Thanks for the reply!
I was only discharged in July this year after being bankrupt for three years.
Do the above comments still apply?
Originally posted by Terryw:I htink I recall reading somewhere that tax debts are the only debts that are never forgiven. So I hope you friend has done some good research.
Speaking from personal experience I can say that the ATO will forgive debts… eventually.
When I was discharged from bankruptcy I took the opportunity of getting myself sorted out properly and caught up on a heap of outstanding personal tax returns.
I was due a refund but my old tax debt “came up” out of the system when the personal tax return wa s lodged (this debt was current at time of bankruptcy).
What the ATO did was keep a portion of my overall tax refund and offset it against the outstanding debt.
The portion they kept was for personal tax returns PRIOR to bankruptcy. I received all refunds for personal tax returns during and after bankruptcy and the rest of the old debt has been forgiven.
Took a bit of convincing for them to do it but got there in the end.
By the way I would never recommend that a decision to go into bankruptcy is taken lightly.
In my case I was declared bankrupt by a business creditor (I undertook personal guarantees for a business loan).
It is quite a painful sitution to go through and even know where I have a highly profitable company with great cashflow (I am a computer consultant) I am finding it hard to obtain finance.
Not that I am worried though, eventually I will have enough of a deposit that I will get the loan on my terms and can proceed!
Good luck.
