I have been working with a broker and I am not very happy with him as he does not give me enough information. I have forwarded all documents to him a month ago and in the mean time he told me my husband needed to be on the mortgage too, so that we could borrow enough. We have 10% of the deposit in non genuine savings, as my husbands gets paid cash. He works for his father. We have put an offer on a property, which got accepted, as the broker said we should be ok. He has applied for 95% loan, which we can service, with Liberty Financial. The application is currently with the LMI team. Now he is saying that we have a 50/50 chance o been approved, leaning on no, since I have to many inquiries on my credit file. This inquiries are in clusters, as i was looking for a personal loan to better my credit rating. I only took one of the loans, for the small amount of $2700, which has been fully paid. I have 16 inquiries over a three year period. The last inquiry was in Jan 2013, not including the broker's a few days ago. I currently have no debts and i do not have any defaults on my credit file.
change brokers. I was in your boat with my mortgage broker, he was a complete dud. I’m now using Jamie from pass go home loans who regularly posts here and the services and advice has been exceptional. My only regret is I didn’t change years ago.
Thanks Joe!! I am a bit short of time at the moment…
I want to know if the credit checks will lead to my loan being refused.
so was I! Believe me if you’re organised and have your paper work sorted you will be approved in days. I’m living proof.
Who did u get approved with, how long ago and how was ur credit rating?
approved this week for an auction that’s around the corner. I thought I left things too late but everything’s nearly complete. can’t answer your credit question best to leave it for someone qualified.
Thanks Joe!!!!
Thanks for the wrap Joe
Seems like a difficult deal to place.
If you've got a 10% deposit and enough funds to cover purchase costs then you could possibly get away with using a lender that allows 90% non genuine savings.
Because it's a family business he'll need to show a couple of years individual tax returns and at least three months of bank statements showing salary credits.
The credit file hits will come into play if they were within the last 6 to 12 months. Ideally, you'd want to use a lender that doesn't credit score and has their own authority to sign off on LMI so the deal doesn't end up in Genworth's or QBE's hands.
If you're currently renting and have been doing so via a licensed agent for the last 12 months that could possibly open up some options too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Thanks for taking time to explain. My husband has provided the broker with 2 years individual tax returns, notice of assessments, and 3 months of the business statements, as well as 6 months bank statements. The income he declares is a bit low though, $34000. We can however service the loan with the combined incomes. We have no debts, except a loan with ANZ for which we pay $100/month.
My Credit Inquires are just that, as i did not take them on. in the last 6 months i have none, in the last 12 months i have 3. Over 3 and a half years i have 16.
We have no defaults or judgments.
ok – if you can come up with enough funds to cover a 10% deposit and costs then I think there's hope outside of Liberty.
Your credit file hits are fine. They focus mostly on the last 12 months and 3 hits isn't unreasonable.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yes my loan has been approved and it is all because of Jamie Moore who was nothing short of amazing.
He was able to negotiate an extension on my cooling off period and had the loan approved in record time, unconditionally approved after the first broker from Aussie got the application knocked back, while all along managing to reassure me and dealing with my endless number of hysteric phone calls. He kept both me and the agent informed through every step which made me more relaxed than I have been for a long time. Sorry to rumble on. It is just that I am so excited and that it seems too good to be true.
Thank you so much Jamie Moore. I will be eternally grateful.
Thank you so much jmsrachel for recommending Jamie.
It’s moments like this I can say told you!
Glad it all worked out well.Thank you Joe for your advice.
mola wrote:Yes my loan has been approved and it is all because of Jamie Moore who was nothing short of amazing.Hi mola
Thanks for the kind words
It was a pleasure working with you and I'm thrilled that you're now able to move forward with your purchase. It's an exciting time and I'm glad to be part of it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
mola wrote:Yes my loan has been approved and it is all because of Jamie Moore who was nothing short of amazing.He was able to negotiate an extension on my cooling off period and had the loan approved in record time, unconditionally approved after the first broker from Aussie got the application knocked back, while all along managing to reassure me and dealing with my endless number of hysteric phone calls. He kept both me and the agent informed through every step which made me more relaxed than I have been for a long time. Sorry to rumble on. It is just that I am so excited and that it seems too good to be true.
Thank you so much Jamie Moore. I will be eternally grateful.
Thank you so much jmsrachel for recommending Jamie.
That is great. It is like the difference between eating mcdonalds and fine dning!
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
Why has he gone to Liberty as they are generally a lender of last resort?
Have you been declined elsewhere?
Has he tried any other banks?
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Apologies, didn't realize there was more comments to read after the first two
Well done Jamie, nothing like turning a bad situation around for the good of all concerned.
Fine dining indeed.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Terryw wrote:That is great. It is like the difference between eating mcdonalds and fine dning!I love the analogy
It also goes to show that it's easy enough to deal with professionals from a distance. I was able to get it done from my office in Canberra while Mola is in Syd – and Joe who mentioned me is in Vic.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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