Hi everyone,
First post, newbie here so please be gracious
My wife and I have been in the "high risk/bad credit" pool for a few years and now we've recently accessed our credit history files and we're finally literally clean.
We spoke with a Mortgage Broker just recently and they've said that the file is no longer our problem, out repayment history is!
Our existing loan has a small hicup of a missed payment in Dec 08. We became one payment behind for two months and started to incur a hell of a lot of arrears interest.
We nibbed it in the bud fairly quickly but now have a period of two months (Dec 08 – Feb 09) where we look pretty crappy on the Loan Statement.
Our Broker suggested waiting for at least 6 months for our statement to clear up before going ahead with a new mortgage loan and finance for our first IP but I wanted to know, does anyone else have any ideas on how we could get things sorted out with our loan statement the way it is.
We appreciate the situation we're in and can wait the six months but I felt that I should find out if there are options for us.
We are currently paying 9.1% on a $275,000 mortgage (since we had bad credit, we took a higher percentage loan in 2004) and have been paying from 8%-14% during the course of 2004-2009 so if we could get out of this loan sooner rather than later we'd be in a much better position!
TIA
Bradley q:)Hi Bradley
Wow too many questions in one.
Would depend on 101 answers i.e LVR income levels, where is the security based and who is the current lender to name a few.
Anything is possible but additional information would be needed.Richard Taylor | Australia's leading private lender
Qlds007 wrote:Hi BradleyWow too many questions in one.
Would depend on 101 answers i.e LVR income levels, where is the security based and who is the current lender to name a few.
Anything is possible but additional information would be needed.Yeah sorry, I ramble on a lot!
Well our situation is, I'm the primary bread winner, $80k ex super. We are in Perth (South Guildford) and are currently with Liberty/Resi.
We're looking at getting something in the 5% mark but are still willing to accept anything that's lower than what we're currently paying.
Any advice would be most appreciated!
What is the property valuation ?
Richard Taylor | Australia's leading private lender
Knew I'd forget something.
Last valuation was approx 7 weeks ago at $400K Real Estate valuator though.
Subject to the following criteria
Max LVR 75%, Min. 2years in current employment, Min 2 years at current address,
Clear CRAA & max 3 loans to be refinanced you should be ok to refinance at 5. something.Richard Taylor | Australia's leading private lender
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