Bad credit and buying a house after bankruptcy The majority of people believe that if they have bad credit or if they are discharged from bankruptcy, it's all over for them. Their hopes for home ownership and financial security are over - or so they think. As a bad credit mortgage expert, you can take my word for it: bad credit and even bankruptcy doesn't spell the financial end for you! That may sound like a pretty bold claim [...]
Can I get a 95% Mortgage if I am a Discharged Bankrupt? “If you’re discharged from bankrupt now or ever have been, there’s no way you can ever own your own home.” This has long been the belief of the greater public and we have the media, the big lenders to thank for it. With bankruptcy on the rise in Australia, along with bad credit, any wonder there are so many people around, feeling completely helpless when it comes [...]
What is a Formal Debt Agreement? Participating in a formal financial obligation agreement can be one of the most effective methods for many people to handle debt that is unmanageable. Nevertheless, before becoming part of these sort of contracts, it is crucial to recognize exactly how they work so that you can manage your expectations and guarantee that it goes as intended. Part 9 Debt Agreements or the Part IX Debt arrangement is usually a binding contract in between the debtor [...]
Bankruptcy Home Loan for Ex Bankrupts in Australia If you filed for bankruptcy, because, you were advised to do so by a business person such as a solicitor, you may have realised that Bankruptcy can stay on your credit file for up to 5 years. Bankruptcy can come back to haunt you when you are trying to get a home loan or refinance your existing loan from one of the major banks. But, do not worry if you are [...]
Dealing with Non Conforming Lenders If you needed to borrow money many years ago, you would go to the local bank where you had an account. You would fill out the loan application and hope that it would be approved. If it was declined because of your credit history, you did not have many other options. The amount of lenders that you can turn to if you want to borrow money has grown. You are still at risk for [...]
Main Causes of Bankruptcy in Australia Bankruptcy is a fact of life in a capitalist economy. The ups and downs of the economy cause many households to enjoy prosperity before a rapid decline. In an era where most people live paycheck to paycheck, debt has become increasingly difficult to manage. Many people have little choice but to gain a fresh start through bankruptcy. Business failure, high-interest credit card and personal loan debt, and lack of insurance are three of [...]
What to consider when applying for Home Loans – Bank vs. Non Banks When it comes to buying a house, one of the most critical factors is arranging home loans for the deal. Your home loan can be funded by the banks or alternatively, you can go the Non Bank Lending route. Making the right financing decision is crucial as you will be dealing with the mortgage for a significant portion of your future life. Following is a take [...]
Non Bank Lenders provide Solutions There are several factors that non bank lenders consider to sign off on a mortgage application. Just because you have a considerable size of the deposit, it does not mean that your lender will approve your mortgage application. According to a survey conducted by a Non Bank Lender "Non Conforming Loans Pty Ltd" about 30% of homeowners aged between 18 and 30 suffer from having a mortgage application declined from Major Banks compared to [...]
Non Conforming Home Loans have Solutions for People with Paid or Unpaid defaults In the past, lenders considered default history as the most damaging thing for a home loan. They rejected home loan applications of people with defaults in the past. But, today the condition is different. Fortunately, there are some non conforming lenders and credit providers who offer home loans to people with default history or low credit scores. Such loans are called bad credit home loans. Bad [...]
Non Conforming Lenders There are many reasons why people get turned down for a home loan by mainstream lenders/credit providers. You may not realise that one of the most common reasons is paying a bill late or defaulting on a loan repayment. Other reasons include having a part 9 debt agreement against you, a bankruptcy, a default on a credit card or a loan or having court judgements against you. Don't despair as non conforming home loans can give [...]