Hi, I am hoping someone can help me, or point me in the right direction, To obtain finance to purchase a new home.
I am a working mother of 3 children. I have recently signed preliminary contracts on a house and land package locally (QLD) Valued at $335k. I am entitled to receive $27,500 in grants & I currently have $25k deposit. I have an unpaid default on my Credit rating that is due to come off next year. ( I would be happy to pay this out, if it helped me obtain finance, it would however lower my deposit, hence why I have not done so. )
I have contacted a specialist lender, they have informed me because the completion date is over 90 days, They can not help me. (Completion date is estimated at 4 months, I am predicting 5.)
My financial are as follows –
My primary income is $108 000 Gross
Family tax & maintenance $13 000I feel very frustrated, I am more than capable of affording the repayments, even being at a slightly higher rate.
I should state, I do not want to enter any sort of rent to buy scheme. I am looking for someone that can provide information to help me obtain a loan, that will act as a bank lender.
Thank you all, In advance.
Hi and welcome to the forum.
There are many finance experts on the community, and I hope one can help you.
I do not have the appropriate qualifications to comment specifically, but as a general comment I would have thought:
- An unpaid default is going to be a significant red flag to a lender. Even paid off it is going to take some explaining.
- It would be sensible to approach the developer to ask if they have a relationship with a lender they could recommend.
- You should also contact a mortgage broker in your local area to see if they can assist
I find it odd that a financier cannot assist because completion is >90 days. I would have thought that provided the contract is signed and enforceable then you should be able to see finance pending the completion of the building and certificate of occupancy.
– Steve
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
May I ask who the lender is you approached?
Also the value of the unpaid default?
Is the 25k being used to pay costs such as stamp duty and settlement costs as well as the deposit?
Thanks.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Sorry if this is a silly question but is it still unpaid or you have paid it and you are referring to the fact that the default is on your credit file?
If you haven’t paid it then you need to a) pay it off ASAP and b) concurrently talk to them about removing it from your credit file.
Who was the institution (i.e. finance or telco) and how much was the amount?
Your income is quite high and this is great so you certainly have areas in your application which hold weight.
Finally don’t apply with any bank unless you have a clear strategy of which lender you are going with. Unnecessary hits on your credit file will not help you.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Also order your credit file if you haven’t done so already.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Credit file available form http://www.mycreditfile.com.au
Free version is available with a 5-10 day turnaround time or a paid version is available within 24 hours.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Get onto the paid version of the credit file (if finances allow) – better to get on top of this now rather than later.
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 Wanting TP
Would need a few more details but i think it is a doable deal depending on the amount of the default and who it is in favour of.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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