Hi everyone!
I have found a great property for sale that meets the 11 second rule near a capital city, but i have a bad credit rating from when i was 18.[glum]
Does this cancel out all sorts of finance??????
And if so, what should i do???????Any help would be great!
lstreet
Of course not. Lenders are categorise under two lending categories. Conforming and Non-Conforming.
Conforming are the big banks, such as CBA, WBC, ANZ, St Geogre, Macquarie etc etc
Non-Conforming are lenders that look for applications that the Conforming lenders wont touch. These are Bluestone, Pepper Home Loans etc.
When it comes to bad credit, depending on the serverity of the defaults the Conforming lenders can still look at you, however in most bad credit ratings, you move into the Non-Conforming Category.
Most of these non-conforming lenders flucuate their lending criteria and indicative depending on the serverity of the defaults. Defaults last on your Report for a period of up to 5yrs.
Consultant your broker for the options and suggestions, their is a loan out there for everyone. If you dont have someone acting on your behalf send me a PM and ill try to offer you some assistance.
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieAs Josh mentioned there is a loan out there for everybody.
Even at the higher LVR 90% + adverse credit is not such an issue if you have good serviceability and decent employment.
If you have no deposit then a wrap or LTO is an alternative if it gets you into the property at a sensible price. Most of the wrap deals we do are at a rate which is less than the adverse credit lenders.
Again difficult to assess and provide further advice without additional information.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
You guys have given me a light at the end of the tunnel! [rolleyesanim]
If at all possible could i get all my information together and contact either of you???
Lstreet
lstreet
Hi there
Yes feel free.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Thats why we are here. Contact us at anytime.
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett Christie
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