hey guys, been reading forums from afar, finally decided to join (wish I had've asked for advice 3 months ago)
Here's my situation.
I owned a very small house (PPOR) in outer east suburb of melbourne, on subdivided block. Bought for 198K in 2005 (classed as a unit) and had a revolving line of credit loan, with the balance down to around 175k in Jan11.
After getting married, I decided to upgrade. Did credit checks on ourselves with Veda Advantage, mine was fine but my husband had 1 small unpaid default of around $600 (for a cashconvertors type loan)
We paid it immediately, and wrote a letter to the bank to explain how the default had occurred, which my broker thought would be accepted.
Anyway, went ahead and sold house for 315000, but then it all went wrong. Right when new loan application was about to be approved, it was discovered my husband has 2 more unpaid defaults, listed on Baycorp. (He'd previously held a qld drivers license and these defaults do not appear on the Veda file).
So my questions are.
Was I naive to think that getting a copy of our Veda files was enough? I did not know there were multiple credit reporting agencies.
And secondly, does anyone know of any banks that will accept paid or unpaid defaults? We are now renting (not happy) until we investigate what these defaults are.
Thirdly, is there any way to get a loan just in my name. I suspect that my income alone will not meet serviceability requirements, but is there any way to go where I can get the loan in my name but charge my husband rent. Or can a 'tenants in common' come into play here? (pls excuse my naivity)
We used the proceeds of sale to pay out ALL existing debts, except the unpaid defaults as we still dont know the details of these yet.
With no debts, we wont have any problems in terms of paying the mortgage - its just whether the banks will approve based on only my income.
Also, we aim to pay 20% deposit so LMI wont be issue.
Sorry guys, for really long post, but could really use your help here. I'm really worried now that our mistakes could leave me locked out of the market, and I want to buy while the prices are down in my area.
Here's my situation.
I owned a very small house (PPOR) in outer east suburb of melbourne, on subdivided block. Bought for 198K in 2005 (classed as a unit) and had a revolving line of credit loan, with the balance down to around 175k in Jan11.
After getting married, I decided to upgrade. Did credit checks on ourselves with Veda Advantage, mine was fine but my husband had 1 small unpaid default of around $600 (for a cashconvertors type loan)
We paid it immediately, and wrote a letter to the bank to explain how the default had occurred, which my broker thought would be accepted.
Anyway, went ahead and sold house for 315000, but then it all went wrong. Right when new loan application was about to be approved, it was discovered my husband has 2 more unpaid defaults, listed on Baycorp. (He'd previously held a qld drivers license and these defaults do not appear on the Veda file).
So my questions are.
Was I naive to think that getting a copy of our Veda files was enough? I did not know there were multiple credit reporting agencies.
And secondly, does anyone know of any banks that will accept paid or unpaid defaults? We are now renting (not happy) until we investigate what these defaults are.
Thirdly, is there any way to get a loan just in my name. I suspect that my income alone will not meet serviceability requirements, but is there any way to go where I can get the loan in my name but charge my husband rent. Or can a 'tenants in common' come into play here? (pls excuse my naivity)
We used the proceeds of sale to pay out ALL existing debts, except the unpaid defaults as we still dont know the details of these yet.
With no debts, we wont have any problems in terms of paying the mortgage - its just whether the banks will approve based on only my income.
Also, we aim to pay 20% deposit so LMI wont be issue.
Sorry guys, for really long post, but could really use your help here. I'm really worried now that our mistakes could leave me locked out of the market, and I want to buy while the prices are down in my area.