Hi all, I have signed a contract on a home loan, but I am being knocked back for finance because I have bad credit. Anyone know of a no deposit loan who will lend despite recent bad credit? Better still, anyone know of a lender who will lend money based on the valuation, not the contract price? I know this is a good deal, and I dont want to let it go.
Daniel.
Hi Daniel,
There are lenders available who will lend 100% with paid defaults, however the loan is based on the lower amount of the valuation or contract price. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
GE, whilst horrendously expensive, helped us out a lot when we were going through a rough patch. I’m pretty sure they also went on val rather than contract. Why dont you see a broker? They’d be able to help you quicker.
Eric
Ditto Interstar, for the same reasons as Eric, when we were going through a bad patch, and had a couple of listings on CRAA due to a phone bill dispute and a late payment, we got through with them. They are also expensive though.
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Unfortunately GE & Interstar do not have a no deposit product.
You will be looking at approx. 8.7% or 8.9% for 100% finance with a paid default and approx. 2.25% for LMI, and break costs in the 1st 5 years. It’s an expensive option, cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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