Ok, Im in a crap situation where my partner has a damaged credit file. I have a marked credit file. What can I say, 2009 2010 really was not our year. Really anything that could have gone wrong went wrong. We've only just recovered and now were looking into our own place. However, we dont have savings, we can't get a bank loan, and looking into renting its just as expensive. Were looking at options such as rent to buy with a vendor loan but were still looking into that theory. So people, help me out here, I really want to have my own house preferable a house im working towards to make mine.
All suggestions welcome!
Thanks.
I don’t understand what suggestions you are asking for???
You probably still need to save a deposit. Even vendor finance loans require some sort of deposit….not to sure about rent to buy options though.
Note: Vendor finance interest rates are usually much higher than the banks. Just be aware of that.
In do wish you luck, but you look like your in a tough spot. If you had some sort of deposit then you would probably be fine. Maybe save a bit of a deposit and then look at vendor financing
Ryan McLean | On Property
http://onproperty.com.au
Email MeNot a nice situation to be in, and we agree with Ryan. Just start saving your dollars, educating yourself on where you’d like to purchase, get to know the area etc…
Depending on the type/size of the defaults you may still be able to source finance. However, you will need to have a deposit.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Records stay on your credit file for 5 years. Keep your noses clean for a couple of years and you'll have a fresh start after that
http://www.mycreditfile.com.au/mcf/faq/#How_to_read_your_credit_file_
With zero savings you won't be buying a place right now, so perhaps focus on how to set yourselves up to make it happen in the future.
If you fancy some ideas from us all, you might consider providing some or all of the things below to help us understand your position, and what timelines you'll have to work with:
– The suburb you currently live in
– Where you both currently work (ie suburb + state), and what type of jobs you have
– Income
– Debts
– Costs ; ie rent in your area, electricity/gas/water/phone bills, groceries, health insurance, car costs, average annual medical costs etc etcJacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Trippy
Some vendor financed properties come with surprisingly low deposit requirements. I currently know of one in Cowra, NSW that will accept the FHOG plus $3,000 as the full deposit. Another in Slacks Creek, Qld will accept $7,000 as the full deposit but I have heard of others with much lower deposit requirements.
A couple of good places to look for vendor financed homes are:
http://www.renttoownhome.com.au &
http://www.vendorfinancedirectory.com.au/
I don't have any interest in these sites, other than advertising on them.Another good spot to track down available vendor financed properties in your area, is to check out the Classified ads in your local community newspaper. Not the glossy real estate section, the Classifieds.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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