Effect of multiple credit enquiries on loan apps?

[Rolf Latham]

So I pretty much need to exchange on the second property tomorrow or I'll loose the deal......need to decide my risk tolerance.

Worst case I'd loose the deposit if unable to get finance

How do low doc loans work, how hard are they to get these days? If it had to come to that.

Lo doc bad credit ? and busy credit file-........ can only end in non conforming with yuk rates or maybe even in tears.

As Aaron has suggested, don't try the surgery on yourself. Just because u tube can show you how to fly and land a plane.... its probably not a god idea unless you have had a few runs under the wing of someone that has done it previously

Ta
rolf

 

[Coconutwheels]

Just thought I'd up date this thread. We ended up getting finance approved last Friday arvo through Macquarie Bank. Aaron C submitted the app on Wednesday for us, so it took two days! (I think he ordered vals on the Monday)

We did take a gamble and exchange on the prop on the Monday to secure it. I didn't make that decision lightly and had back up plans.

Thanks for the replies.

Cheers,

Ben

 

[Shahin_Afarin]

Congratulations! and well done to Aaron nice work! 2 days is bloody incredible.

 

[Brady]

Sounds very strang that if there was an issue it didnt come up earlier.

I would olso be questioning why NAB still couldnt do the deal if its only too many hits on credit file. If your able to produce credit file and show the hits an they are explainable eg for purchases, not cash converters...

If the deal fits, services... 80% why wouldnt NAB do it.

My guess is there is more to this story then just too many hits on credit file.

(just a handy hint, little thing such as not providing full name & driver licence details can effect credit score as it can hinder the craa check, better it matches up better score)


As mentioned before if its your broker whos assisting you, maybe time to switch as dont think hes doing the best for you.

 

[Coconutwheels]

As mentioned before if its your broker whos assisting you, maybe time to switch as dont think hes doing the best for you.

Agreed, now on board with Aaron.