Hello there, due to a messy divorce a number of years ago I have a bad credit rate – two or three defaults for a few hundred each. I am currently going through a messy family court battle wth the same man that has cost me all my savings.
Is there any way that I can get a loan for an invstment property if I have a bad credit rating plus no savings at this moment in time? I have a salary of over 70k.
Many thanks for your time and good luck guys!
Hi there Posi, and welcome to the forum! I’m sure you will find it to be chock full of great tips and advice.
As for your current situation, I would recommend asking some of the experienced mortgage brokers on the forum, such as QLDs007 – they may be able to give you some good advice.
In the meantime, please feel free to PM or email me for some info on Vendor Finance, if that’s one of the options you may be interested in. (If you don’t know how to PM or email from this site – just click on one of the little symbols at the bottom left of this message[smiling])
Best of luck!
Adam
Don’t let life get in the way of living.
Most often the small defaults – under $500 can be disregarded by the lenders. They may want to know what happened, and a divorce is a common reason for this to happen.
Terryw
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The way I understand it is if you clear the bad ones up and then are able to explain the reason for it in the first place (ie Divorce) you should be fine. If they are a few hundred dollars, get rid of them so they don’t come back to haunt you. Not just on this potential loan but any loan you may want down the track.If they are court judgments, you could have 12 years of haunting. Just make sure you get acknowledgements and releases from the creditors. It won’t clear your bad rating but at least you can show you are genuinely trying to sort it out.
markk
Happy Hunting
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