Can i get a loan with a judgment and a default?

Any general questions you might have in regards to loans and finance.
stell2580
Posts: 1
Joined: Tue Apr 13, 2010 9:40 pm

Can i get a loan with a judgment and a default?

Postby stell2580 » Tue Apr 13, 2010 9:55 pm

Im 27 years old work full time I really would love to own my own home but finding it impossible i cant even get approved for a phone contract when i was 19 i had a credit card for $5000 i did not touch it at all but i found out a year later that it was maxed. A friend that i was living with had a gambleing problem and spent the whole lot and changed address on the account so i never recieved the bill, Anways i refused to pay as that was fraud and the bank should of done some thing about it but they did not i also found out she was using my name to get phone contracts and selling the phone the worst thing is she past away. So pretty much i now find out after 6 years that i have a judgment and 2 defaults against my name i have to deal with that but i really want my own home i pay $260 per week in rent and i earn $51000 a year and i have saved $26000 all i want to borrow is $110000 repayments will be cheaper than rent..... is this possible?? or should i just stop trying and if it is possible do i get a higher interest rate because of my credit history

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Otto Dargan
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Re: Can i get a loan with a judgment and a default?

Postby Otto Dargan » Wed Apr 14, 2010 8:51 am

I believe it may be possible for you to get a loan as you would need to borrow less than 80% of the property value there are some lenders who would be quite flexible about your credit history. The major banks will not help with someone in your situation, we would have to go with a specialist lender. If you call 1300 889 743 and ask to speak to me then I'll explain the best way to go for you.

Also you may want to consider looking into credit repair services that can remove these problems from your credit file. Well worth the money to clear your name.
Otto Dargan
Mortgage Broker
P | 1300 889 743
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