hi ,
I have been told to try this forum to get some ideas and suggestions on my situation.
I lost my home and business a few years back . I have been able to move forward and now find myself with a deposit of $70k , solid employment over the last 2years and a impeccable rental history of 3.5yrs ( paying $600per week).
Unfortunately every lender cannot get past my credit history (defaults – director guarantor business) and I have been told to wait a further 4 years before I can apply for a home loan.
I am extremely passionate about property and would like to think not only can I find a creative way of entering into a home loan now, but defy the odds and banks and own investment property as well in the future.
I would really love to hear from anyone that has been in a similar position or get some ideas from property experts on what I can do
What exactly is the default? i.e how much, lender default or telco default? Did you go bankrupt? What is the LVR? Also are you married? If so can the loan service under your partner's name?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
I can think of 2 lenders that would do a discharged bankrupt after 2 years – should be possible i think.
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
No bankruptcy – defaults are several and large amounts including lender default due to marriage breakup.
not married and have two children .
(it's not pretty by any stretch of the imagination )
In that case your only option is to go with a specialised lender (i.e Pepper) but you will be charged an arm and a leg for establishment fees, rates, etc. You may need to go down this path and then refinance at a later stage.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
90% lvr would be available thru a variety of specialised lenders. (Pepper is just one of them)
You can refinance to a cheaper rate once the credit is cleaned up.
Could also have a look at getting the defaults removed.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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