Hi I would like to buy my first property but due to my past I have bad credit anyone have any ideas of ways around this.. All my Bad Credit happened when I was 22-23 Im now 26 and am kicking myself for letting myself get into that situation.
any ideas would be great.
Thanks
Matt
Hi Matt
There are plenty of companies that can get you around this issue. Do an internet search for "Rent to Buy". The basic idea is that you pay an inflated rent for a while, and if you decide to purchase (for a pre-agreed price) the property you are renting, then the inflated portion of the rent comes off the purchase price.
PS I'm pretty sure your credit history resets every 5 years, so it won't be the case that every property you buy will have to be using this strategy
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Matt
A bunch of vendor financed properties are listed at:
http://www.renttoownhome.com.auI have no affliation with the site, other than listing our properties there from time to time.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Matt,
Firstly I recommend if you have not already, go to Veda Advantage http://www.mycreditfile.com.au/ and order a copy of your credit file.
You can get a free copy, but you can't do that online. If you have trouble downloading the application form, send me a message and I will locate it for you.Once you have that you can either apply to the company that defaulted you to remove the default. Or if it is a minor thing with a Telco you may still be able to obtain finance by revealing it up front. (That is assuming it has been paid)
Finally, I suggest that you contact a mortgage broker, He or She will be able to assess the default at a personal level and advise the appropriate course of action.
Cheers
SteveThanks For your Help… I do know ALOT about Rent to Own and Vendor Finance etc as ive done alot of reading on it and got copies of Rick Ottons Course….
No one really does it down here in Hobart so makes it a bit hard.I just googled "rent to buy hobart" and there is a listing here;
http://www.yourestate.com.au/ad/16141/
and another here;
http://cgi.ebay.com.au/Rent-to-Buy-North-Hobart-/290429756382Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
The 9 hilton rd one is one of my good friends LOL and sold ages ago
Have you tried contacting Rick Otton to see if either him or one of his students are offering rent to buys in the Hobart area?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Havnt Done that myself as yet… Or I can just go on the hunt for properties myself but the lack of experience in doing one is holding me back as i wouldnt know how to speak with vendors properly etc. Anyone here like to help me out with that?
Your solicitor
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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