Hi All,
I have recently had a small issue on my credit rating. I missed paying a electricity bill approx. 4 years ago and found out about it approx. 2 years ago when I had a credit rating done on myself. I payed the bill straight away but it is sitting on my credit rating as a paid default. It was for $180, which doesn't seem much but 2 days ago I got knocked back for a loan with suncorp on 95%.
Does that apply for all loans at 90-95% now??
Yes.
LVR 75% to 80% for bad credit loans
see
http://www.latrobehomeloans.com.au/http://www.freedomloans.com.au/bad-credit.php
http://www.libertyfinance.com.au/adverse-credit.html
Not a recommendation on a particular lender you can google bad credit home loans or you can use the services of a mortgage broker to find lenders who can lend to bad credit borrowers but the LVR will be lower than 95%.
Just wanted to let you know there is an alternative when you are told no !
Dont necessarily agree.
I could guarantee Suncorp would not do the deal but if everything else is satisfactory then i believe 90% lvr would be acheiveable (95% not out of the question but will depend on a few factors).
Richard Taylor | Australia's leading private lender
Thanks Richard.
I think i have a tick in most of the other areas.
been in my job for 8 years. Lived in the same place for 8 years. $100k+ income. have saved well over 5% geniune deposit. Am eligible for FHOG also. no other loans. very small credit card limit. $4k.
Glynn
You are correct appears to tick all the boxes.
Lender i have in mind will ask for copies of everything but at the end of the day great product at the right rate of interest etc.
Let me now if you are interested.Richard Taylor | Australia's leading private lender
You may also be able to get the blemish removed from your credit report – there are many companies offering this service.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks Terry, do you know of any? Or can i google them etc?
From my experience to get the default set aside you need more than an excuse of just forgetting to make payment.
If the notice was sent to the incorrect address or other genuine reasons you may have an arguement.
Firms that offer the service charge around $1500 – $2000 per default so ot cheap.
Richard Taylor | Australia's leading private lender
I don't know of any, but a search under 'credit repair' mayb turn up some.
But, your blemish is small and usually wouldn't pose a problem so if Richard can get you the loan anyway it may not be worth removing at that cost.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry, yes I agree.
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