Would like to know if there is anyway you can apply for a loan to invest in property with a not so good credit history. Your comments and help will be much appreciated.[
]Hello Clownsta,
Enquire about low doc loans. There are also certain lenders that may be able to assist you. I believe some of their names have been mentioned previoulsy on the forum.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.auNot really LODOC…. they are more for people who don’t wish to prove their income.
There is bad credit history and bad credit history – some worse than others.
You can get a free copy of yours from http://www.baycorp.com.au.
Be more concerned about loan defaults and less about little things like telco defaults for a hundred or so dollars.
There are lenders who will help but it can be more expensive.
I suggest you contact a broker who can help ascertain how bad it really is and advise you the cheapest option.
Chees,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985MOrtgage hunter,
I visited that website and it isn’t free. It cost you $23. Still, 23 bucks to see if your history is good, bad or just ok would be worth it.Just thought I would let you know.
Cheers
Steph.Success is 1% inspiration and 99% perspiration.
Thanks for your views, can you recommend any brokers to contact, I live in Parramatta Sydney.
Scremin
It is actually free, but not available online. There is a page on their site that tells you what you need to send them and where tosend it. It aslo takes about 10 days.
Well worth knowing what is on your report before going to any lender.
Cheers
Leigh K[]Read, learn, grow but most of all do it.
Scremin, yep found it will send for personal credit file.[?][?][?]
Cheers!
Ta enjoylady! Will keep that in mind when we return home. THanks for that clarification.
[]
Steph.Success is 1% inspiration and 99% perspiration.
Scremin, yep found it will send for personal credit file.[?][?][?]
Cheers!
Clownsta,
Drop me an email and I will pass it on to a chap I know in Sydney. He is very very good.
Glad you guys found the free section – it is well hidden isn’t it!
Cheers
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985There are lenders who will assist you.
What rate you end up on depends on your credit history and deposit.If you have 20% and a couple of defaults, no problem. Rate would be about 6.6%. The defaults would have to be paid by settlement though.
If you have worse than this, to get the same rate you would need a higher deposit.Also if you have minor defaults paid over 6 months nearly all lenders will accept.
If you don’t have that much of a deposit and your credit history is unpaid defaults, telco defaults over $500 or worse, the lenders rates would start at about 8.2%. generally you would need min 10% deposit.
Hey Clown,
Take it from someone who is there at the moment. I have a major unpaid default from a few years ago and never thought i would get a loan from any lender. But i am settling on a houe in November. the tricks are to have a good deposit, establish a good savings history,(in january i made a decision to put 10% of my pay in a savings account and not touch it ita amazing how fast it can accumulate) and have full disclosure with the lender. if you try concealing anything from them and they find out there go your chances.
hope this helps
Regards
Alex[8D]BTW,
If you have credit cards pay them down and drop the limit, i have found these affect your servicability heaps.
Alex[8D]sushi03
If you don’t mind me asking what rate are you on?
Picja1,
Dont mind at all..8.85% at 85% LVR
Alex[8D]
Please see a broker before you apply for any of these loans. So many times people tell me they can’t get a normal loan and we find they can. I hate to think how many folks are paying more than they should.
Any of the brokers on this site could probably help you out with just an email or phone call.
Or look in the phone book.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985sushi03
Drop us an email. With, what and how much the default is for. And where the property is (just postcode is fine) Could get you a better rate.
Hey guys,
Went thru about 5 brokers and that was the best they could get me.
Thankfully the default drops off my rating mid next year so for me its a starting point.
cheersAlex[8D]
The reason you went through five brokers would be because they were brokers that don’t specialize in the non- conforming market. If you went to a broker who mainly deals with A Lends (ie major banks etc..) they generally don’t have a clue about the non-conforming loans.
I’m an orginator with most of the non-conforming and the A lenders. These means I can negotiate terms and rates with the lenders. As opposed to others who would just be accredited with an aggregator. What these means is most brokers have to put loans through an aggregator to get to the lenders, when you are an originator you go directly to the lender, therefore having more negotiation ability with the lenders.
Sushi,
I think it is worth dropping picja an email. What have you got to lose except for 10 minutes of your time.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
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