Hi Guys
I am just wanting to seek a bit of advice as of 6 months ago i started reading robert kiyosaki`s books! and realise how crucial it is to take control of your financial life. But the thing is i went and got in consumer debt and dont know if i should just keep paying it which i pay about four times the minimum payment or should i just pay the minimum payment and save for a deposit? so i can get started investing in real estate.. and one more question i got defaulted for a phone bill will this stop me from getting finance?
Certainly you will have a wider range of lending options if you can come up with a 5% deposit especially if you have a blemished CRAA.
A default with good explanation should be explained away to the mortgage insurer dependant on when it was and for how much.
Always a good idea to get rid of consumer debt first however as mentioned dependant on what your CRAA shows (Might be an idea to get hold of a copy of your Baycorp report) will determine how a 100% lender will consider the application.
Bit more information required to enable a more constructive response to be offered.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi richard thanks for the reply
I have got my credit report from baycorp and its stated paid default.
As far as my debt goes i have a personal loan of 7000 its not alot but i have been told its harder to get finance for a home when you have other debts.I am only 21 so if i was to pay the loan first and save for a deposit i would prob nearly be 23 but just feels like i am wasting time…
Richard i also have another question for you. I am self employed does this make it even harder for me to get finance?
Thanks Cody
Hi Cody
Must admit many clients tell me the same thing “by the time i pay off this i will be old and grey before i can start to invest” so i know what you mean.
No getting finance with a personal loan is not out of the question so fear not on that front. Any lender will merely take the monthly committment on the personal loan into consideration when calculating what you can and cannot borrow.
Now with regards to being self employed no difference than being PAYG however most mortgage insurers will want to see you have 2 years Tax returns and many lenders will take the average of the last 2 years and use that as your income.
Each lender is different so don’t use this as gospel but merely an indication of what is out there.
The other consideration is the size of your paid default and when it was but it might not be appropriate to post this on an open forum.
Email me if you need a specific answer.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
problem after problem this is the next issue i have only been self employed for 3 months will the take in to consideration my full time job before
my current oneHi Cody
Not usually. We might find a lender who will do it but they might charge a slightly higher rate.
As i say would need a little more information to give you a definate asnwer.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
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