95% loan

PT_Bear said:
4am and it's too hot to sleep.

Please explain what your idea of a good credit rating is. You're likely thinking of what they use in the US. Australia only had neutral to bad credit ratings (there's no such thing as 'good').

If you've bought a house or two in the last year and done one or two other things to trigger a credit enquiry, you may well find that your rating is actually 'bad' when it comes to a 95% lend, even though you never miss a repayment.

How easy it is to get a 95% loan will also depend on how leveraged you are with your other investments and how good your affordability is.
Click to expand...


No debt only good mortgage debt
No credit card debt
mortgages paid on time everytime
Never hire purchased anything, so I won't show up in harvey normans or a car yard etc - pay cash for any item like this
70-80% LVR

Would a credit enquiry be triggered by me opening up a new bank account or similer?
 
ugotadollar4me said:
No debt only good mortgage debt
No credit card debt
mortgages paid on time everytime
Never hire purchased anything, so I won't show up in harvey normans or a car yard etc - pay cash for any item like this
70-80% LVR

Would a credit enquiry be triggered by me opening up a new bank account or similer?
Click to expand...

New bank accounts- not really, but i seen some banks do it especially for overdraft accounts...., electricity and mobile yes- ie any "credit" = yes.

I best way to find out is to get a copy of your credit file ( your entitled to 1 free report on your own credit once a year) and look at how many "credit inquiries" you had in the last 12 - 24 month. The less you have the better, especially in the last 6 month- you would want it to be 0-1.

Regards
Michael
 
Mick C said:
New bank accounts- not really, but i seen some banks do it especially for overdraft accounts...., electricity and mobile yes- ie any "credit" = yes.

I best way to find out is to get a copy of your credit file ( your entitled to 1 free report on your own credit once a year) and look at how many "credit inquiries" you had in the last 12 - 24 month. The less you have the better, especially in the last 6 month- you would want it to be 0-1.

Regards
Michael
Click to expand...


Okay thanks, I was actually just thinking about subscribing to get my credit report regualy but then I was thinking, will this mean that when DNB do the search for me and send it to me that then I will have 1 credit check which will show up? obviously I'm looking to try and get a 95% loan so then if I do a check now then the bank will see one check has been done if that makes sense
 
ugotadollar4me said:
Do you brokers not sleep or something, there's enough of you on here.

I know my rating is good and no faults etc, but you never know with banks so this is why I am trying to pick your guys and girls brains, that's what this forums for aint it
Click to expand...

considering you have probably the three best, and most proactive, brokers in Australia chatting to you on this thread - why not just pick one of them and go for it?

Stop farting around ... imo
 
ugotadollar4me said:
Okay thanks, I was actually just thinking about subscribing to get my credit report regualy but then I was thinking, will this mean that when DNB do the search for me and send it to me that then I will have 1 credit check which will show up? obviously I'm looking to try and get a 95% loan so then if I do a check now then the bank will see one check has been done if that makes sense
Click to expand...

These type of "Searches" only show up under the category "Access view" not under "credit inquires" so it's ok.

Regards
Michael
 
lizzie said:
considering you have probably the three best, and most proactive, brokers in Australia chatting to you on this thread - why not just pick one of them and go for it?

Stop farting around ... imo
Click to expand...


Well considering I have a broker I don't think I need another one.

I am picking there brains, aint that what this forum is here for?
 
PT_Bear said:
So why aren't you picking your existing brokers brain?
Click to expand...


mmm how do I answer this
Well any person that only picks one persons brain shouldn't be in business, if I pick my brokers brain along with people on this forum and other people I have contact with, then I will be well informed and I will make a business decision that is 100% correct rather than making a business decision that is only 50% correct
My broker is good but he aint god. the more knowledge I have of something the better I will be, so that is why
 
ugotadollar4me said:
mmm how do I answer this
Well any person that only picks one persons brain shouldn't be in business, if I pick my brokers brain along with people on this forum and other people I have contact with, then I will be well informed and I will make a business decision that is 100% correct rather than making a business decision that is only 50% correct
My broker is good but he aint god. the more knowledge I have of something the better I will be, so that is why
Click to expand...

That's why i choose God as my broker, accountant, agent, lawyer, family doctor and mechanic :p:)

I just pray it works out well :cool:

Regards
Michael
 
Mick C said:
New bank accounts- not really, but i seen some banks do it especially for overdraft accounts...., electricity and mobile yes- ie any "credit" = yes.

I best way to find out is to get a copy of your credit file ( your entitled to 1 free report on your own credit once a year) and look at how many "credit inquiries" you had in the last 12 - 24 month. The less you have the better, especially in the last 6 month- you would want it to be 0-1.

Regards
Michael
Click to expand...

Okay, so got the report and in the last 6 months I have 1 check from my bank renewing credit card, 1 application for property loan and 1 enquiry about a new phone account.

In the last 2 years I have very similer activity but triple it plus a little
All healthy looking

How will that look to the mortgage insurer tho?

I noticed that some loans are not showing on the file check, also 1 of my companies does not show either

I can also see the dollar figure of some of my property loan enquiries, can anyone see this that does a search on me?

Cheers
 
ugotadollar4me said:
Okay, so got the report and in the last 6 months I have 1 check from my bank renewing credit card, 1 application for property loan and 1 enquiry about a new phone account.
Click to expand...

Renewing credit card is ok- as long as it's not on a frequent basis ( sign of credit default) and it's not the westpac one :)

1 app for property loan - ....will question why you didnt go ahead unless it;s the same bank; having one is okish but not the best.

1 phone is ok.

LMI will question you quite a bit about your 1 property loan + may need proof of outcome( given it's a high LVR lend)

ugotadollar4me said:
In the last 2 years I have very similer activity but triple it plus a little
All healthy looking
Click to expand...

That's not a good sign. But it will all depends on type of inquiry, frequency, which company, date, amount, outcome and reasons/story.

ugotadollar4me said:
I noticed that some loans are not showing on the file check, also 1 of my companies does not show either
Click to expand...

The 2 main CR companies are Verda and Brad and Bradstreet- they sometimes hold different data; so hence the lenders will do both CR check especially if LMI is involved or the deal is a bit weak.


So you may want to do both CR check

Lastly, how many companies do you have?? having multiple companies is a bit ifffyyy....:rolleyes:



ugotadollar4me said:
I can also see the dollar figure of some of my property loan enquiries, can anyone see this that does a search on me?

Cheers
Click to expand...

Yes they can.

Regards
Michael
 
Mick C said:
Renewing credit card is ok- as long as it's not on a frequent basis ( sign of credit default) and it's not the westpac one :)

1 app for property loan - ....will question why you didnt go ahead unless it;s the same bank; having one is okish but not the best.

1 phone is ok.

LMI will question you quite a bit about your 1 property loan + may need proof of outcome( given it's a high LVR lend)



That's not a good sign. But it will all depends on type of inquiry, frequency, which company, date, amount, outcome and reasons/story.



The 2 main CR companies are Verda and Brad and Bradstreet- they sometimes hold different data; so hence the lenders will do both CR check especially if LMI is involved or the deal is a bit weak.


So you may want to do both CR check

Lastly, how many companies do you have?? having multiple companies is a bit ifffyyy....:rolleyes:





Yes they can.

Regards
Michael
Click to expand...


Credit card was actually a renewal I think, as my old card expired, they must have done a check before sending me a new one.

app for property loan did go threw, it was a refinance

I have several companies but all long standing, not fly by nighters and each serve a purpose
 
Just out of curiosity, how far back do banks look when you apply for a home loan - 6 to 12 months or longer?

Also, what happens if you've recently changed your name (due to marriage) and also moved interstate? i don't have my old drivers license number on me. Would that be part of my record?
 
Don't worry

95% loan is not a big deal . Anz can do this if u have existing lending for 6 months (overdraft,credit card etc). Can even go to 97% inc lmi
 
1911naomi said:
95% loan is not a big deal . Anz can do this if u have existing lending for 6 months (overdraft,credit card etc). Can even go to 97% inc lmi
Click to expand...

You obviously have never done a 95% + cap LMI loan before. Especially if you are buying property in the Gold Coast.
 
You must log in or register to reply here.

Similar threads

T
95% + lmi
2
Replies
21
Views
7K
Mick C
Mick C
U
Land/Construction Loan
Replies
19
Views
4K
Shahin_Afarin
Shahin_Afarin
beachy
ANZ loan redraw question
Replies
12
Views
5K
Corey Batt
Corey Batt
C
What happens if you sell at a loss?
Replies
16
Views
2K
beachgurl
B
Wirra436
minimum amount you take in Equity.
Replies
3
Views
1K
Vixs
V
Back
Top