Hi. I have just read the book along with ‘Rich Dad’ and a few others. Been wanting to invest for a while now after many years as a student, and now have been working for 2 years in a secure job.
About 5 years ago I filed for banktrupcy for a $14,000 debt which I incurred whilst a student. My term of 3 years has elapsed and my credit report looks all good except for the bankruptcy listing. I was wondering what sought of chance I would have of getting finance for an investment property, and what I could do to go about improving my chances. I have no assets as I had to move back home whilst a student, but I have no debts and no bills. My job is secure and pays around $40,000 per year.
Can anyone please offer me some advice?
Thanks.I too was once forced into bankruptcy..through an ex partner….but then became a discharged from bankruptcy when my time was up..but it was still on my credit rating.. I approached a loan organisation and sent in an application form, but was knocked back..and I was devastated…. I then got a representative to come out and spoke with him directly and explained the circumstances of my bankruptcy and they gave me my loan..they said they look at your capability to repay the loan now and not what happened back a few years ago….keep trying….good luck!
p.s. I went through Super Member Homes loans and the rate was extremely competitive, actually less than the banks are.
Hey Leviathan,
What a lot of people don’t realise is that the prime lenders (banks, etc) only have about sixty odd percent of the lending market. The rest goes to the sub-prime and more unconventional lenders. It’s these other lenders who will generally look at people with poor credit history, although you may need a larger deposit and have to accept a higher interest rate.
And good mortgage broker can connect you to these lenders without difficulty, providing you satisfy their basic criteria.
I can give a recommendation or two on who to talk to if you’d like…?
Anyway, keep asking questions and getting answers, it’ll all come good.
Mark
Hi Ya Leviathan
If you want to send me an email after this sunday on [email protected] I’d be happy to have a chat with you about the possibility of providing you finance.
cheers
Betty[
]Yes, you can possibly get a loan easily, but you will probably have to pay a higher rate ass you will be deemed a higher risk.
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
Generally, the main stream lenders will not lend to you unless you are discharged bankrupt for more than 2 years. However I have found one lender that will look after 18 months. Besides this, to make your application stronger, they would like a higher deposit than what actually is needed and a good credit history since bankruptcy and genuine savings is always a positive thing, but not compulsary. The lenders will want you, it’s mortgage insurance that is often the obsticle. But you should be ok.
As for non-conforming lenders – too easy. You just need your deposit + costs. Generally 10% depending on area.
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