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  • Profile photo of SAFSAF
    Participant
    @scorpio19
    Join Date: 2010
    Post Count: 1

    Hi there,

    I had no idea that my credit score may help me get better rates from lenders? My mortgage broker has never mentioned before! Anyways, I’ve got my credit score for free on http://www.creditsavvy.com.au They have a current promotion when you sign up to find out your score report (provided by Experian), you automatically enter into the lucky draw to win 10 x $1,000 Apple Store Gift Cards! You can also refer your F&Fs, each successful referral will earn you another chance too! I thought I should share here.

    I wondered if you know which lenders will take an excellent credit score into consideration for providing a better IO investment loans deal? I was told by my mortgage broker that we have maxed out our borrowing capacity.

    Thanks in advance.

    • This topic was modified 6 days, 8 hours ago by Profile photo of SAF SAF.
    • This topic was modified 6 days, 8 hours ago by Profile photo of SAF SAF.

    SAF

    Create Your Own Luck

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,915

    Hate to say without servicing a excellent credit score will have zero sway to a lender.

    Cheers

    Yours in Finance

    Richard Taylor | Helping investors pay down their debts thru a Mortgage Trust investment
    http://www.australiansecurecapital.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $26M. Ask me for a copy of my API Interview.

    Profile photo of SAFSAF
    Participant
    @scorpio19
    Join Date: 2010
    Post Count: 1

    Thanks Richard,

    It was still good to find out my credit score (and for free – thanks Credit Savvy!) so I know where I stand and if the credit bureau have the right credit enquiries about me.
    I’ve heard some P2P lenders are doing tailored rates based on credit score. But the borrowing amount is rather limited like $30 – $50k which would still be useful if I’m needing a buffer or cost to do small repairs & maintenance or even reno to the IPs etc.
    Things will change with Comprehensive Credit Reporting (CCR) roll out. I am keenly waiting  so I can get a better rate!

    SAF

    Create Your Own Luck

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,168

    Hi SAF,

    I was told by my mortgage broker that we have maxed out our borrowing capacity.

    Have you perchance sought a second opinion? The only reason I say that, is because I have heard the MB’s on here talk of “maxxing out” one lender, but they have another lined up to continue lending. And all of that follows from having a specialist MB chart your path from day dot onward. It might be that you have maxxed out one lender – could there be another waiting in the wings?

    Could it be that your MB is a “GP” and not really a specialist? Not inferring anything except that “there are mb’s and then there are MB’s”. Some mortgage brokers buy themselves a job via a franchise – e.g. they might have been a carpenter in their past life. Of course, even an ex-carpenter can become good at a new role if they stay in it for the long haul. But has yours been in it a while? And/or is he/she “locked in” to their franchisor’s modus operandi – perhaps restricting their moves for you?

    Of course, it also could be that your mb is correct, and you really are totally “maxxed out” – only one way to confirm that is by “second opinion”. Why not ask here? One of our member MB’s might be happy to share a bit more if you share a bit more first. Or, you might prefer to make contact with one of them offline, rather than tell your details to “the world”. Over to you, SAF, and good luck,

    Benny

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,915

    CCR has been with us since April 2014 and to date nothing has changed.

    Firstly lenders are not committed to the new system and don’t have to record information.

    Secondly even though it might help in getting a personal loan lenders in this market still need to show servicing and that is getting tougher by the day.

    Cheers

    Yours in Finance

    Richard Taylor | Helping investors pay down their debts thru a Mortgage Trust investment
    http://www.australiansecurecapital.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $26M. Ask me for a copy of my API Interview.

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