so confused

Any general questions you might have in regards to loans and finance.
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Joined: Fri Apr 09, 2010 9:21 pm

so confused

Post by carlasteve »

hi we are a couple on around 130000 p/a combined gross income, we want to get into a home asap , we have genuine 7000 savings and in the next 3 month will be at our goal of 15000 , do we have to wait another 3 months for this to be eligable savings? we both have blemishes,which are paid , on our credit ratings from around 3 years ago, howevr since then perfect credit, we haVE NO DEBTS AT ALL AND HAVE 5000 tied up in bond , we save 500 a week and pay 620 rent...can we do anything sooner?...any help will be appreciated...

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Otto Dargan
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

re: so confused

Post by Otto Dargan »

Hi Carla & Steve,

Borrowing over 80% of the property value when you have problems with your credit history is very difficult. We would need to look at your situation on a case by case basis to see if it is even possible for you to borrow over 80%.

Your best chance of approval would be with a guarantor loan as we have some lenders that can accept a guarantor loan if you have minor credit issues. If your credit issues are major (>$1,500 in total) then it is unlikely we can assist with a loan over 80%.

At the moment lenders are very conservative when assessing a borrowers past credit history!
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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