Looking to develop with a credit default

Viewing 5 posts - 1 through 5 (of 5 total)

Marcus
Participant
@marcus123
Join Date: 2017
Post Count: 2
January 12, 2017 - 10:22 pm
Hi all,
Me and a friend are looking to buy A property and hopefully build a duplex. We have a 20% deposit ready, only problem is that I have a payed default on my credit file. Been there for about 2 years and was 3k. Have a good income and consistent savings.
Are there any banks that would be easier to go through and is there anything else I can do to make it look more appealing? Have been told by a broker that it would 50/50
Thank you in advance
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
January 13, 2017 - 11:14 am
What sort of default was it?
Cheers
Jamie
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Marcus
Participant
@marcus123
Join Date: 2017
Post Count: 2
January 13, 2017 - 12:16 pm
Hi Jamie,
It was one of those 2 years interest free credit cards with Harvey Norman. I think it was a go MasterCard.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 13, 2017 - 6:20 pm
Being a finance related default i think it will be hard to find any traditional lender to approve a loan with a paid default of that size.
Going to be a matter of going with a non traditional lender too start with and then maybe refinancing at a later stage.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
lsn
Participant
@lsn
Join Date: 2006
Post Count: 14
March 22, 2024 - 1:33 pm
In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i would recommed setting up your finances in a solid position. Also, possibly considering a credit removal company to work on cleaning your credit file. However, this is a mine field of unreliable operators where they take your money then dont deliver as promised. There are some companies that pay on removal of the default as well – i would consider these companies.
I hope this helps.
Colin Kidd
- This reply was modified 8 months ago by lsn. Reason: error in text
- This reply was modified 8 months ago by lsn.
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