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Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of MarcusMarcus
    Participant
    @marcus123
    Join Date: 2017
    Post Count: 2

    Hi all,

    Me and a friend are looking to buy A property and hopefully build a duplex. We have a 20% deposit ready, only problem is that I have a payed default on my credit file. Been there for about 2 years and was 3k. Have a good income and consistent savings.

    Are there any banks that would be easier to go through and is there anything else I can do to make it look more appealing? Have been told by a broker that it would 50/50

    Thank you in advance

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    What sort of default was it?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of MarcusMarcus
    Participant
    @marcus123
    Join Date: 2017
    Post Count: 2

    Hi Jamie,

    It was one of those 2 years interest free credit cards with Harvey Norman. I think it was a go MasterCard.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Being a finance related default i think it will be hard to find any traditional lender to approve a loan with a paid default of that size.

    Going to be a matter of going with a non traditional lender too start with and then maybe refinancing at a later stage.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of lsnlsn
    Participant
    @lsn
    Join Date: 2006
    Post Count: 14

    In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i would recommed setting up your finances in a solid position. Also, possibly considering a credit removal company to work on cleaning your credit file. However, this is a mine field of unreliable operators where they take your money then dont deliver as promised. There are some companies that pay on removal of the default as well – i would consider these companies.

    I hope this helps.

    Colin Kidd

    • This reply was modified 3 weeks, 6 days ago by Profile photo of lsn lsn. Reason: error in text
    • This reply was modified 3 weeks, 6 days ago by Profile photo of lsn lsn.

    lsn | Loan Saver Network
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