ediot123Participant@ediot123Join Date: 2007Post Count: 54
Just wondering what are the chances of getting approval on a home loan when you have a credit default against your file. I have had a credit default since 2005 only for a minor bill that was not paid on time.
I don't have long to go before the default gets cleared (March 2010), however just curious as to what the chances are if I went to enquiry/apply for a pre-approval.
ThanksducksterParticipant@ducksterJoin Date: 2004Post Count: 1,674
if you have a good deposit and a low LVR you can get a bad credit loan and when your credit rating improves you refinance to a cheaper interest rate loan.
http://www.google.com.au/search?hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&hs=oSN&q=non+conforming+bad+credit+loan&btnG=Search&meta=cr%3DcountryAU&aq=f&oq=Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
As Duckster has said but pre-approval possible subject to provision of a heap of documentation.
Had a couple approved in the last week or so and the lender wanted so much extra paperwork which mainly included 3 months statements on every bank account, credit card and 6 monnths on any existing personal loan etc.ediot123Participant@ediot123Join Date: 2007Post Count: 54
Thanks for the info guys. You are always great help.
Would it be best for me to rush in before the government grants expire? Or would it be best to wait until my default has cleared (March next year) from my file before applying for a loan.
I know this has probably been talked about in earlier posts somewhere, but what are the current government grants available and what are the deadlines.
Thanks heaps!Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Contracts dated after the 1st January 2010 will only receive the original $7500 not the increased Boost between Contracts dated Oct 31 2009 and Dec 31st 2009.
In saying this i would never just buy merely for the grant however if you can negotiate a deal on the right property why wouldnt you.