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Poor Credit History?  Bank threatening to sell you?

Bummer.  It is much harder these days to make headway with lenders where bad credit is involved… BUT it depends a lot on what it is, how bad and how much money you have now – you do need a deposit minimum of 15% and more likely 20% or better.  The bigger the deposit the better the chances.

·        What we need to know to help you.  It is important to disclose everything.  You know the old saying – ‘Your sins will find you out’ – is fairly true.

Send for our disclosure pack now by emailing enquiry@mortgagehelp.co.nz and request ‘Disclosure Pack’.  We also include an excellent xl free budget calculator with this.  You also need to provide names, address and contact phone numbers.

·        Current Lending Conditions.  The Reserve Bank has restrictions on the banks for lending above 80%.  That is there is less loot in the pot for those borrowers.  So if you have a scarcity of something what would you do?  Give it to the best dressed person rather than the shabby guy down the corridor.  That is exactly the way banks select who gets funding above 80%.  There are no Reserve Bank restrictions on the banks for new builds, where they can go to 90%, but not when bad credit lurks in the recent background.

What we do?

1.     If bad credit outstanding and you have a good deposit after the credit is able to be cleared, we look at what we call ‘washing machine’ finance.  That is to clear you up and make you look good for a bank or other first rate lender.

2.      If bad credit cleared (but sort of lurking on your credit check) and you’ve now got some savings, you have better chances of getting it all together than 1. above.  Still need at least 10% and possibly more likely 20% but by filling in our ‘Disclosure Pack’ we will have a better idea what path you need to follow.

3.      Bank want to sell you up – You have a mortgage.  It is in arrears and the bank is wanting to toss you out.  Often there can be a way through all this if you are willing to listen and take the necessary action.  Unfortunately banks don’t help their clients to understand the why.  We are experienced in these matters but, and it is a big but, you may have to change your ways to get it right.  If you aren’t prepared to do what you need to do, we don’t need to talk.

Your New Path to Success and Freedom

There are various reasons people stuff up their finances, and sometimes with a little knowledge and proper planning, such issues could have been avoided.  Our Lifestyle Planner and Guidelines could help you achieve this.  Email us at enquiry@mortgagehelp.co.nz – Subject:  Lifestyle Planner.  Also need to provide name, address and contact phone number.

Case Studies:

Case 1                         3 defaults, 1 unpaid.  Marriage split, had Instant Finance and Baycorp and wanted to do maintenance to upgrade property.  Bank declined.  Loan $116,000 refinanced successfully at LVR  78.14%.  Overall repayments less than before.

Case 2                         Clean Credit with Baycorp.  Some Bank dishonours.  Loan payments 3 weeks in arrears.  H/P debt burden too high.  LVR 90%.  Loan $243,000.  Refinanced all debts at LVR 90%.  Overall repayments less than before.

Case 3                         Self-employed had no viable financials.  1 paid CRA.  Mortgage arrears.  Bank issued PLA notice and was about to proceed to mortgagee sale.  Refinanced with loan $50,000 well within capacity at LVR 22.22%.  Wife was on salary of $40,000.

 Case 4                        Too much H/P.  5 defaults, 2 collections and 2 judgments and 1 unpaid collection.  Bank loan OK. Consolidated all debt at $144,000 at lower overall interest rate and repayments on LVR of 75%.

 

           

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