Worried about not qualifying for a loan

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From: Roger Leitch


I'm just getting my life together after a failed business venture and a marriage separation- I've started a new job which is fairly low-paying (about $27,000 gross)and I have no assets to speak of. My credit history is not great-5 credit cards in joint names which I am paying off (will be paid off by Dec 31).
Anyway I don't think I'll be able to obtain a loan to invest in property through the usual channels-but I want to invest within the next 12 months-does anyone have any suggestions/websites etc. I know I can pay off up to $1000 per month. Can anyone help???
Roger
 
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Reply: 1
From: J Parker


Roger,

I'm no financial expert but, if I were in your shoes, I would wait until Dec 31 when all your cards are paid off, as I know that lenders include credit card limits when assessing you for a loan. Far better to have no debt on these cards and to reduce the number of them as much as you can. Perhaps only plan to have one (or none) by Jan with a low limit.

Make Jan your starting afresh date and do your research in the meantime. It would also help if, in the interim, you could speak to a good independent mortgage broker and see what your options are.
Keep at it!
Cheers, Jacque :)
 
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Reply: 1.1
From: Gail H


Hi,

Yes, I think I agree with the last post. I really understand that feeling of impatience, but most markets in Australia are at or close to a peak and waiting for a year or two probably won't make much difference. I would spend the time consolidating and learning and biding my time.

Otherwise, you should consider no/low doc loans. Resi seems ok (though not for the really credit impaired). Others like Liberty will loan to just about anyone, but at pretty high rates.

Good luck

Gail
 
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Reply: 1.1.1
From: Tibor Bode


Roger,

I'm sorry to hear your story. You'll be fine with the right attitude.

Try to talk to Frank Shead. He specializes in these kind of lending arrangements. You can contact him on 9498 165 215 or email him on frankshead@ym2t.com.au


Tibor
 
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Reply: 1.1.1.1
From: Rp Pureau


Agreed, speaking with Frank Shead IS your best bet. You know after speaking to Frank you may not even have to wait until Dec to get started, he will give you a couple of ideas that can help you, but you must be willing to get up and do something, and i think you have crossed the first stepping stone, by getting up and posting your interest and concern in this forum.

Franks Details are as follows;

phone: 9412-2326
Mobile: 0408-165-215
e-mail: frankshead@ym2t.com.au

good-luck :)

Regards
RERE
 
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Reply: 1.1.1.1.1
From: Russell Chellew


Hi Roger ,

Lodoc type loan would be an option after you pay off credit card debts.

MAX LVR for most LODOC loans are around 75% some lenders to 80% and one lender 85%. Interest rates are priced for risk and are higher than Standard variable rates.

For Lodoc LVR 75% loan you will need 25% deposit plus an additional 5 to 6% to cover stamp duty and other purchase costs.

Good luck !!


cheers

Russell
 
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Reply: 1.1.1.1.1.1
From: Kellie Dutton


Roger

From the sounds of it you are not self employed or PAYG????? That being so, a LoDoc product will probably not be suitable for you. LoDoc products also usually come with a policy of great credit rating. Yes there are lenders who will do credit impaired, and yes you will pay for it in the interest rate. Eg, 80%LVR with severe credit impairment 10.79%pa.

Re qualifying question - talk to a broker, they will be able to run your scenario and tell you what you can borrow if anything in a matter of minutes.

I can run one for you or Rolf Latham would be happy to I'm sure. Get hold of one of us.

Kellie
kdutton@smartline.com.au
 
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