Hi Guys,
We were hoping for some advice. We have just finished renovating our fist IP and we are ready to buy another. We currently have both of our loans (PPOR and IP), are with ANZ (not cross-collatorised), we understand that most advice is to not have your loans through the same lender. Our problem is that we have a bad credit rating from an unpaid bill of $200 that we did not know about from when we moved interstate. This means that wen we apply for loans from other lenders we get automatically rejected.
We would now like to look at the option of fixing our interest rates, and as I mentioned buy another IP. And we would really like the flexibility of comparing lenders.
Has anyone faced a similar hurdle or does anyone have any advice??
Thanks
Renoah
A small default of $200 with a good explanation should be fine with most lenders although admitedly with Anz at the moment i am not sure.
Certainly tightened up their Credit policy so maybe best to raise your deposit and acqusition costs there and then use an alternative lender for the actual IP loan.
Richard Taylor | Australia's leading private lender
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