is it true that if you go for a loan and get knocked back that it makes it harder to get another loan???? ….is their a black mark on your name????….okay i am a little nervouse that i wont get a loan odviously as you can prob. tell….okay i have 87,000- 97,000 equity in my home where i live, and my partner and i have a joint income of 64,000 repayments on current loan is 1350 per month both have good steady jobs, no children a credit card 3,000 thats it no other expenses other than normal living….what do you think our chances are of getting a loan if so for how much do you think we should go for??? comparing my details to your present situation please please help thanks in advance
Oooops forgot to mention i have $6,000 cash saved
When you apply for a loan, and I mean apply not just chat to a bank or a broker, your credit reference will record an enquiry.
This will not be a black mark, but lots of them wont help.
If this worries you just approach a broker or your lender and ask them for advice re your situation. This wont be recorded.
Depending on your exact situation and the rental income from the next property I feel you can lend up to $300 000 comfortably. Perhaps a little more.
Hope this helps.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What happens is, if you apply for finance, an entry is made on your credit file. This entry doesn’t say anyyhing about whether you went ahead or were declined. It just indicates the date, the amount and the bank. If you aply for a loan and the bank sees a few recent enquiries, they may ask whether you went ahead or not. Some banks will reject you outright based on the number of enquiries, and it doesn’t look good anyway ,so it is best to limit the number of enquires. It makes you look desparate if you have too many.
On the income you have listed, you could possibly borrow up to about $300,000, assuming a 4% rental yield on the purchase price.
Terryw
Discover Home Loans
North Sydney
[email protected]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
wow thanks heaps guys i am going for way less then that trying through Bank west and deposit with current lender Aussie home loans…i am only going for a house worth 130 and shitting myself wondering if i will get it or not wow i feel heaps more confident now[
][][]I am happier thanks heapsKristine,
With what you told me you will get it no problems.
What rate are you currently paying with Aussie?
It might be worth thinking of a refinance into a pro package.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hi at the minute i am paying 6.45 but once refinace comes through it will be 6.0 what do you think about that is it still worth it for me???i have looked into it a little but the fees are fairly heafty is it worth it????????
is it true that if you go for a loan and get knocked back that it makes it harder to get another loan???? ….is their a black mark on your name????….okay i am a little nervouse that i wont get a loan odviously as you can prob. tell….okay i have 87,000- 97,000 equity in my home where i live, and my partner and i have a joint income of 64,000 repayments on current loan is 1350 per month both have good steady jobs, no children a credit card 3,000 thats it no other expenses other than normal living….what do you think our chances are of getting a loan if so for how much do you think we should go for??? comparing my details to your present situation please please help thanks in advanceHi Kristine,
Keep in mind there are many types of loans, LOC, IO, P&I, and so on, So its not just a matter of how much can you borrow, but also what is the best package that will allow you to buy more properties now and in the future.You can get a copy of your credit file for free from Baycorp, Its handy to have, Here is the link,
http://www.mycreditfile.com.au Good Luck. []
Regards MM.Mobile Mortgage
[email protected]
Phone 0402483216Dear MM
In response to Kristen’s question you listed Baycorp Advantage to receive a free credit file. When I logged onto their website, I could not find anything that was free. The prices range from $23 to $40. Maybe this has change since you last used the site, I don’t know or maybe I have done something wrong. I would be interested in receiving your feedback.
Cheers
MMD
is it true that if you go for a loan and get knocked back that it makes it harder to get another loan???? ….is their a black mark on your name????….okay i am a little nervouse that i wont get a loan odviously as you can prob. tell….okay i have 87,000- 97,000 equity in my home where i live, and my partner and i have a joint income of 64,000 repayments on current loan is 1350 per month both have good steady jobs, no children a credit card 3,000 thats it no other expenses other than normal living….what do you think our chances are of getting a loan if so for how much do you think we should go for??? comparing my details to your present situation please please help thanks in advanceHi Kristine,
Keep in mind there are many types of loans, LOC, IO, P&I, and so on, So its not just a matter of how much can you borrow, but also what is the best package that will allow you to buy more properties now and in the future.You can get a copy of your credit file for free from Baycorp, Its handy to have, Here is the link,
http://www.mycreditfile.com.au Good Luck. []
Regards MM.Mobile Mortgage
[email protected]
Phone 0402483216
[/quote][]In regards to Baycorp (CRRA) you can ring them on 02 94646000.
There are 2 otpions
1) can have it billed to your telephone account $20. You receive your file within 24 hrs
2) Can receive it for free. Will be sent to you within 10 days. Sometimes they require you to send or fax a letter with your request and details.
Micheled,
It is there on the website just buried at the bottom somewhere. It is one of those websites where the URL doesn’t change when you change pages so I can’t cut and paste the link to you.
They basically need a signed letter faxed or mailed to them asking for the credit report. This gets around the privacy legislation.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Kristine,
Check out ANZ Break free package.
You will have all your loans at 5.97% which is a similar rate but the fees will be $275 pa with no application, valuation or monthly fees. This $275 should also be deductable.
Contact them direct, go through your broker or give me an email.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
With Regard to Baycorp Credit File,
you can also pay an annual fee of $30.00 (GST inclusive)and they will notify you by email of any changes on your credit file,
This can help minimise the risk of identity theft, and also keep you informed on the amount of hits your credit file has recieved.
Regards MM
.Mobile Mortgage
[email protected]
Phone 0402483216Simon, what is a ‘pro package’.?
Patricia,
Many banks developed a professional lending package for attractive clients.
These typically had low fees, lower interest and little extras such as free credit cards etc.
Typically one needed a loan size of $150 000 and individual income of $65 000 to qualify.
Most banks have dropped the income requirement.
The ANZ Break Free package I described above is an example.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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]I am happier thanks heaps
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