All Topics / Finance / Refinance Enquiry – Credit Checks
Hi,
I’m new to this forum, but can’t believe how informative it is. I own several properties commercial and residential, and am considering refinancing as I presently have no doc loans at 9.5% and know I can get them alot cheaper. I found a website that stated one of the majors doesn’t do credit checks and there are several other banks out there the same, does anybody know why this would be, and does this mean there overall assessment criteria is easier.If you know of any other lenders please let me know, your input would be appreciated as my total debt is approx $950k, any way to lower this would be provide me with massive savings! My LVR’s are all at around 70%, Thanks again, happy investing[smiling]
Hi there
First question first. Lodoc loans residential start at about 6.5% and go up from there and commercial around 7.1% dependant on the security and the LVR. No doc loans maybe slightly more expensive.
To accurately quote interest rates and terms and conditions additional information would be required.
Many lenders don’t do credit checks in fact when i first arrived in Oz in 1992 i spent a year (for my sins) as branch manager with one of the big 5 in Qld and we never did a CRAA check. That has changed but i am aware that several others don’t.
In saying that if you complete the application form correctly then it will make no difference to you as you will declaring all of your loans on the application.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi JudW
You should be able to get a no doc loan below 7% at 70% LVR. As Richard mentioned there are better options for lo doc loans.
Regards
Alistair PerryI agree with what has been written above. Another point to note is that a lof ot the lenders will now ignore small credit defaults etc. I would recommend finding a good broker and discussing any credit issues then they will be able to shop around to find the best finance package available. You should be able to save a considerable amount of interest as there are some very cheap low doc deals out there at the moment ie 6.55% pa fixed for 3 years[blink]
Anita Marshall
Mortgage Planner
Advanced Finance Solutions
[email protected]
http://www.advancedfinance.com.auHi there,
RUN as fast as you can to a broker or your local bank…you are paying to much. I have about 1.2m tied up with the NAB at 6.47% fixrd for 3 years.
Cheers
Jeff Aquilina
Need a holiday? http://www.coralsearesort.com email [email protected]
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