Need some advice - finance for second home

[Whishy]

Hi guys,

Thanks in advance for any help received.

I am currently looking to purchase a house to occupy whilst I undertake rennovations whilst I am working away.. Merely looking to make use of a living away allowance over the next couple of years.

I presently own a house which is valued at approx 315k, with 290 owing. This house has tenants renting at 250 per week.

I don't have the best credit rating, with a paid default in 2009, which was paid for the moment it was listed.

I have access to a large deposit mainly due to an impending boat sale for roughly 60k, and I'm really only looking at house prices between 150-200k

Basically, I want to use as little of that deposit so I can invest that cash into rennovations. So a high lvr is desired, if possible.

The bank my current mortgage is with is Westpac, along with a personal loan and credit card. I however was late in a payment 2 months ago or 2 weeks due to a family emergency which required $$. Long story but I'd rather cop the hit financially than what the possible outcome otherwise.


Basically, I have bad credit, but earn a very good take home pay of $5400 a fortnight as I am in construction. If anyone knows of any brokers that could help me in my situation, or even a suggestion of what avenue to take in order to get finance for roughly 150-200k, It would be much appreciated.

Thank you

 

[Ausprop]

I don't have the best credit rating, with a paid default in 2009, which was paid for the moment it was listed.

I find this credit reporting system strange in that anybody can go ruin your life by demanding anything with the threat of ruining your credit record, so then you go pay a private enterprise to tell you about yourself and if they have black marked you then you can pay them some more to get rid of it? So you may earn $500k a year but can't get a decent loan because some noddy dreamt up a $100 charge which you paid them for anyway?

 

[Brady]

Have you spoken with your current lender Westpac?

As they are the ones who I assume took you on with the repaid default.

You also have the credit card and personal loan with them.

Usually easier to explain situation, more so easy for it to be believed when its the institution you bank with.

If the Large funds are in a Westpac account i assume they would also look favourably upon this.

 

[Whishy]

Hi and thank you.

I had the home loan for around 7 months before the default was placed.

Basically I was working away and a direct debit I had created unfortunately had an end date through fault of mine. All correspondence was through the mail and unfortunately the first phone call I received was from baycorp, not the bank (CBA) :/

I will try with Westpac, however I was under the impression they would take the late payments in consideration?? Worth a try, thanks.

 

[Qlds007]

Hate to say i would be amazed if Westpac did the deal given the circumstances.
A credit search and declinature might also be more costly down the track.

I can think of a few lenders who would ignore the paid default depending on who registered it. Other consideration would be the security location if you are only spending 150 - 200K i imagine the property is regionally based.