Suggestions in QLD for newby investor?

[Beanie Girl]

Agree entirely with aerobar....every lender has different way to assess ones credit history....

Beanie girl talk about timing....i was reading this article today around creditcards & thought of sharing with you...

http://propertyupdate.com.au/how-yo...+cards+can+impact+on+their+borrowing+capacity

Cor, thanks s0805! Read the article, great article

In applying for an IP loan last year, I remember our bank manager asking us about 2 cards and what their limits were. I asked him how he knew about these cards, he looked at me with a straight face and said, 'oh they're reflected in your 2 month bank statements that you gave me'. True, there were some small payments from these 2 cards.

Yet there were other cards that we had that he never asked about, he did not know their existence, didn't ask about their limits.

Another lender asked us only once, ,what credit card did we have, what's the limit. Then stopped there, he didn't ask us to furnish any more details of other credit cards.

So I really wonder do all credit cards appear in this 'credit reference' the article speaks about. And are their limits reflected as well or do the lenders have to get the information on the credit limit for each card from us?

Hmmm......article really makes you stop and think 'how much does Big Brother know about us?'

 

[Beanie Girl]

Hello again

Wow you all are so very helpful! thankyou.

I did not commit to the balance transfer idea, only for fear of the kind of thing aerobar said. I don't know enough about lending/loan apps and credit to be sure that each $10,000 cc would not then show up as cc debt in my loan app. I had not considered the LMI checks though, so thankyou

Ok - I must admit, I was just a little tempted - as I think you should earn $500/pa interest on $10,000 in a high interest saver?

Beanie girl, that is a great idea, I may ask my ex to do this for me as a thankyou for taking such great care of his children - but in all seriousness - I think he would do this for me once, as long as I inform him of all of the info/hits to his file etc. He knows I am good with money - I saved him $18,000 lol.

I have now opened a NAB reward saver at 4.06% for my money. So I have made progress just from reading your info, as my money was in a crappy 3% account all this time. Didn't even think to check for something better until now.

If all else fails, I could show off my saving skills to my parents down the track and beg them to go guarantor for me, or stay longer in the FT Army if all else fails...

Thanks again, love learning about all this stuff

Rookie1, so glad I haven't put you in a spot of bother with the balance transfers yet
You deserve every success in life with the bravery and commitment you show.
So glad to hear that ex-partner may help out. If he won't, let us know, we'll send someone to 'persuade' him
kidding...
As Jamie said earlier, don't do anymore pre-online approvals, these may hit your credit file as well
Find a great broker who will only apply for your loan once (be sure) and not a gonzo who will do a dozen different applications. This will ensure greater success....
Now for the fun part....the strategy.....and the property!

 

[Rookie1]

Hi Beanie Girl,

No, no spot of bother not that it is a bad idea, it is great to be thinking outside the box and trying to help! ... and I guess it depends on the lender, and a whole lot of circumstances as to whether it could help or hinder your position. I think I might play it safe though - being a total newbie and all. Do the hard yards and save, save, save!

And yes! the fun part! my strategy will be - positive cashflow property (or as close as possible to positive) near capital cities, no regional stuff to begin with. Buy and hold, IO loan and offset account. Then keep on the look out for similar properties....and repeat!

is it definately a good idea to buy below the median property price for a particular area and property type?

 

[Rookie1]

And Moneyman 85,

Thankyou for the soil report - re: Redbank Plains... this is scary to me, and something I would not have considered unless warned! Thanks for the heads up. And happy house hunting

 

[Beanie Girl]

Hi Beanie Girl,

No, no spot of bother not that it is a bad idea, it is great to be thinking outside the box and trying to help! ... and I guess it depends on the lender, and a whole lot of circumstances as to whether it could help or hinder your position. I think I might play it safe though - being a total newbie and all. Do the hard yards and save, save, save!

And yes! the fun part! my strategy will be - positive cashflow property (or as close as possible to positive) near capital cities, no regional stuff to begin with. Buy and hold, IO loan and offset account. Then keep on the look out for similar properties....and repeat!

is it definately a good idea to buy below the median property price for a particular area and property type?

Yes, definitely good idea to buy below the median price for a property type and area
Rookie, one more thing before we completely leave the finance part is that it might be good to do what aerobar suggested which is pay for a credit report from Veda.com.au (just check with them that getting a credit report does not constitute a hit on your credit file). I think the cost to get a credit report ranges from $24-39.

Your credit report might list mistakes like an unpaid gas bill or an unpaid mobile bill or something odd that you definitely didn't do. Or it might be perfect!
But if there's mistakes in the credit report, you can repair it by using these guys

http://www.mycra.com.au/

Creditcard.com.au believes these guys are reliable when it comes to these services - they are accredited by the Credit Repair Industry Association of Australia.

I think you will definitely breathe easier when you know for sure that your credit file has a clean bill of health, ready to be scrutinized by any lender. What do you think?

 

[Rookie1]

Hi Beanie Girl,

Yes I will do this asap. That way I will have time to correct any weird little issues that may be hiding on there. Another great suggestion! Thanks.