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Credit Problems?, we may have a solution to suit your needs.
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| All of our services are obligation free and are also free of any brokerage fees or other hidden costs. Simply use our Online Enquiry Form and tell us your situation and we'll have one of our experienced and qualified loan consultants call you back. Your may also call us direct to discuss your options on 1300 736 976. Please note that our office is currently AVAILABLE TO TAKE PHONE ENQUIRIES Mon-Fri 8:30am to 5pm AEST to Callers. |
If you are experiencing Credit problems (eg: Defaults - paid or unpaid, Judgements or ex Bankrupts), then there are solutions in
the marketplace with
Non Conforming
A Non Conforming Loan is suitable for people that have (amongst other reasons):
a) Credit Problems (Defaults, Judgements etc)
b) Poor loan repayment history
c) Wish to borrow more than 80%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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d) Have income sources that the banks normally do not recognise
They are essentially "out of the square loans" and usually carry an interest rate premium (which can be minimal, depending on the
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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). They very much have a place in mainstream lending and provide solutions for applicants who are unable to obtain a loan through normal lending channels. |
Lenders. Loans of this nature typically attract
an interest rate premium to reflect the higher risk that the Lender is exposed to. As a general rule, the interest rate
increases depending on the severity of the credit problem and the
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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being requested.
In some cases, the rates can be very close to standard home loan rates but can climb to as much as 5% above standard rates,
depending on the applicants particular situation. Often people only need to be in this type of loan for a short period of time,
so it is important that the setup and exit costs are fully understood prior to lodging a formal Application.
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Taxation Department Petition on Credit Report
SCENARIO
Applicant owned several businesses but had $26,000 in back taxes that needed to be paid. His Credit Report showed a Court Petition from
the Taxation Department requiring settlement of the outstanding amount within 60 days. Applicant owned a property worth $425,000
and owed $330,000 to his existing Lender.
OUR SOLUTION
We organised a loan with a
Non Conforming
A Non Conforming Loan is suitable for people that have (amongst other reasons):
a) Credit Problems (Defaults, Judgements etc)
b) Poor loan repayment history
c) Wish to borrow more than 80%
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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d) Have income sources that the banks normally do not recognise
They are essentially "out of the square loans" and usually carry an interest rate premium (which can be minimal, depending on the
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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). They very much have a place in mainstream lending and provide solutions for applicants who are unable to obtain a loan through normal lending channels. |
Lender for 90% of the value of the property.
At Settlement, the Lender paid out his existing home loan of $330,000 as well as the $26,000 owed to the Tax Department.
Applicant was left with another $25,000 which he used to settle some personal debt.
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More than 50% home equity but too much debt together with credit problems
SCENARIO
Applicant owned a property worth $320,000 (owing $115,000) but was swamped with debt (Credit Cards and Personal Loans). Her home was
also falling apart and it needed $30,000 spent on it urgently. Additionally, her fridge had broken down and she was having other
problems that needed an urgent cash injection to resolve. Added to this, she had 3 defaults registered on her Credit report as well as some late
payments on her current home loan. All in all, she was currently paying over $2,500 in repayments and still had more money to
spend. She had been long term employed in a government job and her income could easily service a loan of $180,000. She approached
us to see if there was any solution to her problem.
OUR SOLUTION
Given her credit situation and mortgage repayment history, we were unable to place the business with a mainstream Lender (eg: a Bank), but
did have options with a
Non Conforming
A Non Conforming Loan is suitable for people that have (amongst other reasons):
a) Credit Problems (Defaults, Judgements etc)
b) Poor loan repayment history
c) Wish to borrow more than 80%
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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d) Have income sources that the banks normally do not recognise
They are essentially "out of the square loans" and usually carry an interest rate premium (which can be minimal, depending on the
LVR
|
The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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). They very much have a place in mainstream lending and provide solutions for applicants who are unable to obtain a loan through normal lending channels. |
Lender.
We succesfully negotiated a Loan on her behalf for $180,000, which saw all of her existing loans paid out plus "cash back" of $40,000,
which allowed her to attend to the renovations and to address the other issues to hand. Her new mortgage repayment was reduced to $1,473 per month,
which reduced her monthly payment by over $1,000 per month and also gave her additional cash to complete her renovations.
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Not sure of your options?? ... call us on 1300 736 976 to find out.
Our office is currently AVAILABLE TO TAKE PHONE ENQUIRIES Mon-Fri 8:30am to 5pm AEST to Callers.
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