Hi Iamnuke,
The current amount of defaults, you've either paid or unpaid, is quite large for a mainstream lender to consider.
When defaults are of this size, we need to work with specialist lenders to borrow up to 90% of the property value on an interest rate higher then the norm. But once your defaults fall off your report, the banks can consider you to refinance back into normal rates.
With a specialist lender, you'd need at least a 10% deposit + 5% for stamp duty and fees.
When were your defaults listed? Are they paid or unpaid? What are they and why did it get this far?
Can I get a home loan with Bad Credit of $15000
- Hoa Hong
- Mortgage Specialist
- Posts: 331
- Joined: Thu Aug 26, 2010 10:15 am
- Location: Sydney, Australia
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Re: Can I get a home loan with Bad Credit of $15000
Hank (Hoa) Hong
Senior Mortgage Consultant
Australian Broking Award Winner for 2012 - Newcomer of the Year
P | 1300 889 743 E | hank@homeloanexperts.com.au
Home Loan Experts
Senior Mortgage Consultant
Australian Broking Award Winner for 2012 - Newcomer of the Year
P | 1300 889 743 E | hank@homeloanexperts.com.au
Home Loan Experts