Hi Guys,
We were hoping for some advice. We have just finished renovating our fist IP and we are ready to buy another. We currently have both of our loans (PPOR and IP), are with ANZ (not cross-collatorised), we understand that most advice is to not have your loans through the same lender. Our problem is that we have a bad credit rating from an unpaid bill of $200 that we did not know about from when we moved interstate. This means that wen we apply for loans from other lenders we get automatically rejected.
We would now like to look at the option of fixing our interest rates, and as I mentioned buy another IP. And we would really like the flexibility of comparing lenders.
Has anyone faced a similar hurdle or does anyone have any advice??
Thanks
If you have an impaired credit rating look at non-bank lenders or bad credit home lenders.
What they do is charge you a little bit more on interest and require a higher LVR but you might borrow some of your equity in the existing houses to take out an equity loan to get a lower lvr for the non bank lender loan.
http://www.essentialsofborrowing.com.au/essentials.asp?menuid=48&HPCatType=5
http://brokernews.com.au/contents/details.aspx?id=5680&tid=&ctyp=&p=1
http://www.getloanbadcredit.info/
http://www.xinc.net.au/home_loans/faq_credit_files_bad_credit.html
http://www.redrockmortgages.com.au/bad-credit-home-loans.htmI haven't been in your situation but I did a mortgage brokers course 2 years ago.
A small default may not preclude your loan from being considered by other lenders depending on numorous factors.
If you have a copy of your Veda file and this is all it shows with a satifactory explanation then i would still think several lenders would consider a new deal.
Richard Taylor | Australia's leading private lender
I agree – most lenders would consider that sort of default irrelevant. Some of the higher LVR loans may have problems tho – some need you to be sqeaky clean.
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
thank you all for your great elp.
we are keen to get the best 5-year fixed rate for our PPOR and best 3-year fixed rate for our current and next IP. Looks as though St George wins for both at present. We will give them a go.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
