Hi Guys,
having a little trouble getting one across the line..
have a new purchase for a client, and as my username says, unsure where to put them.
they have shopped around, and had numerous credit enquiries, and are now unable to obtain finance for a property.
who are the leaders out there who dont credit score @ 90 – 95%?
thanks, appreciate any advice.
Tim.
Hi Tim
It is a not merely a matter of getting it over the line because of the lack of credit scoring.
You need to establish the reasons why the deal has been declined i.e short employment / residency history, existing liabilities etc etc and then look at the positive attributes.
i would be looking at the mortgage insurer behind the lender who declined the deal and trying to use someone who uses an alternative insurer or who has DUA.
At 95% going to be a lot harder but not impossible, lot easier at 90%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard,
appreciate your comments on the forum.. (not just my post
)applicants have been employed for over the 3 year term, but their current property has had variation in values of $90,000.
by the time they received a satisfactory valuation, they had applied to 4 different banks. (1 or 2 declines due to vals, not 100% sure)
after speaking to the last credit officer, the answer is declined to to craa history/low credit score.
balance sheet looks okay though..
might go back to BDM for a please explain, but thinking of a path of least resistance…. Suncorp, Macquarie etc…
serviceability and repayment history okay, just a very busy craa sheet.
thanks again for your help!
Tim
If it's credit scoring that's knocked it back then it probably hasn't ended up with LMI.
You could try Suncorp who don't credit score.
AMP don't credit score and it shouldn't go to genworth if it's a normal security/postcode and LVR doesn't go above 90% – including any capped LMI.
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]
oh – if you do decide to try AMP, order the val upfront so you know if it's possible.
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]
^ good suggestion Jamie.
I would be more incline to try AMP and take advantage of their upfront valuation first- as you mentioned the valuation has failed twice already with 2 another lenders??
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Only concern with AMP is 90% + a higher rate kicks in.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep, the rate goes up and the deal goes to Genworth.
If they can't keep it under 90%, then AMP is a no go because LMI probably won't be comfortable with the number of credit hits.
This is so important with AMP. Make sure you write it into your notes to reiterate that LVR is to not go beyond 90%!
Some of the sub 90% deals will still end up with Genworth if they're a little unusual – but for the most part, they should fall under AMP's DUA. You'll also need to provide some decent notes around the busy credit file.
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]
Totally agree with Jamie but reading the initial comment i hate to say i don't think the submissions have been accomapanied by comprehensive notes detailing the merits of the submission.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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