All Topics / Help Needed! / Getting a loan with bad credit

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of Captain_PicardCaptain_Picard
    Participant
    @captain_picard
    Join Date: 2003
    Post Count: 27

    Hi all, I have signed a contract on a home loan, but I am being knocked back for finance because I have bad credit. Anyone know of a no deposit loan who will lend despite recent bad credit? Better still, anyone know of a lender who will lend money based on the valuation, not the contract price? I know this is a good deal, and I dont want to let it go.

    Daniel.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Daniel,
    There are lenders available who will lend 100% with paid defaults, however the loan is based on the lower amount of the valuation or contract price. Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of neo25x5neo25x5
    Member
    @neo25x5
    Join Date: 2005
    Post Count: 166

    GE, whilst horrendously expensive, helped us out a lot when we were going through a rough patch. I’m pretty sure they also went on val rather than contract. Why dont you see a broker? They’d be able to help you quicker.

    Eric

    Profile photo of Oxygen FundingOxygen Funding
    Member
    @oxygen-funding
    Join Date: 2005
    Post Count: 41

    Ditto Interstar, for the same reasons as Eric, when we were going through a bad patch, and had a couple of listings on CRAA due to a phone bill dispute and a late payment, we got through with them. They are also expensive though.

    Get your money working for you instead of a bank! You could earn up to 3% PER MONTH on your money. Ask me how!

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Unfortunately GE & Interstar do not have a no deposit product.

    You will be looking at approx. 8.7% or 8.9% for 100% finance with a paid default and approx. 2.25% for LMI, and break costs in the 1st 5 years. It’s an expensive option, cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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

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