I'm tossing up whether to make a finance application soon or wait 6 months.. I'd much rather get it done but I have a couple of issues...
firstly this is my first property ever. I dont even own the one I live in.
I have a pretty good income but I'm currently stuck with 2 credit cards (9k and 4k) and 10k remaining on a personal loan which was used to buy sound equipment (which I use to earn an extra cash income)
looking at all the 'how much can I borrow' estimators on various bank websites those liabilities make a huge difference to my borrowing capacity.
So first question... the 9k card is not on my credit report (had it more than 5 yrs and all limit increases were pre-approved). What are the legalities of not declaring that I have it? as long as I don't apply to the bank who I have the card with I cant see how they could learn of it's existance.
The application for the personal loan is on my credit report but how would a bank know if I actually had the application approved or if I ever actually took out the loan? There are a couple of other applications which were not approved and they appear identical to the enquiry about the loan I did get.
I realise this may be not quite straight down the line but I am in a much better position than any bank to know what my disposable income is, particularly considering I have a significant cash income that the bank will almost certainly refuse to consider. The difference is between having 4-5 very distant suburbs in my price range if I declare it all and 3/4 of brisbane if I don't so it widens my options dramatically.
I'm not so keen on plodding away at the personal loan for another year before I can even start gathering a deposit as I'm paying obscene amounts of rent and for several reasons moving or lowering my rent isnt currently an option. I want to begin investing now rather than in 2 years by which time I will have thoroughly lost interest and forgotten about my plans...
for interests sake I'm planning on doing a rejuvenation for my first property to gain some quick equity and allow me to to aquire an IP as soon as possible.
firstly this is my first property ever. I dont even own the one I live in.
I have a pretty good income but I'm currently stuck with 2 credit cards (9k and 4k) and 10k remaining on a personal loan which was used to buy sound equipment (which I use to earn an extra cash income)
looking at all the 'how much can I borrow' estimators on various bank websites those liabilities make a huge difference to my borrowing capacity.
So first question... the 9k card is not on my credit report (had it more than 5 yrs and all limit increases were pre-approved). What are the legalities of not declaring that I have it? as long as I don't apply to the bank who I have the card with I cant see how they could learn of it's existance.
The application for the personal loan is on my credit report but how would a bank know if I actually had the application approved or if I ever actually took out the loan? There are a couple of other applications which were not approved and they appear identical to the enquiry about the loan I did get.
I realise this may be not quite straight down the line but I am in a much better position than any bank to know what my disposable income is, particularly considering I have a significant cash income that the bank will almost certainly refuse to consider. The difference is between having 4-5 very distant suburbs in my price range if I declare it all and 3/4 of brisbane if I don't so it widens my options dramatically.
I'm not so keen on plodding away at the personal loan for another year before I can even start gathering a deposit as I'm paying obscene amounts of rent and for several reasons moving or lowering my rent isnt currently an option. I want to begin investing now rather than in 2 years by which time I will have thoroughly lost interest and forgotten about my plans...
for interests sake I'm planning on doing a rejuvenation for my first property to gain some quick equity and allow me to to aquire an IP as soon as possible.
