Credit file not perfect

[want2bewealthy]

So I know someone who is interested in purchasing a property later on down the track after saving an initial deposit,

This person has had previous debts marked on a credit file, the debts are paid out and are set to dissapear with the 7 year credit file rule late 2010

From a lenders perspective, if this person earns a decent wage and can show a good savings record, will they be able to get finance?

Any thoughts would be helpful

 

[Rolf Latham]

sure

but the LVRS and rates will be pretty punishing

having said that, one would need to know what the issues were, because you can get them through standard lenders at ok LVRs depending

ta
rolf

 

[Bradsdad]

So I know someone who is interested in purchasing a property later on down the track after saving an initial deposit,

This person has had previous debts marked on a credit file, the debts are paid out and are set to dissapear with the 7 year credit file rule late 2010

From a lenders perspective, if this person earns a decent wage and can show a good savings record, will they be able to get finance?

Any thoughts would be helpful

"debts" as in plural doesn't sound good but minor telco bills can often be ignored. The LVR would also be a factor.

High LVR and large/numerous defaults would make things rather tough.



Regards
Steve

 

[want2bewealthy]

Thanks guys, how high LVR are we talking about? would a standard 10% deposit be o.k?

 

[Rolf Latham]

without knowing the details, it could be as low as NO LOAN at all

ta
rolf

 

[Jamie_D]

Need more specifics

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