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 firstname.lastname@example.org 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.
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.
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.
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
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.
New Path to Success and Freedom
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 email@example.com –
Subject: Lifestyle Planner. Also need to provide name, address and
contact phone number.
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.
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.
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.
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%.