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ASK A QUESTION

Published Typical Questions and Answers:

Rob of Cairns asks - I took out my loan two and a half years ago. Will there be an cost to get out of it if I sell? - Ed. That would depend on the lender. If you have your original loan contract it will have the calculations for the exit fees on that, or you could phone the lender and simply ask them. Usually they have an exit fee policy, but that depends on the lender, and even then they change their policy from time to time. Rob sorry I can't be more specific for you this time. I would call them if I were you, there will be an accounts phone number on the loan statement.

Juanita of Hobart asks - I had a default with Telstra for about $283 a few years ago. I have since paid it out and have saved almost $10,000. Will that default stop me from getting a 100% loan? - Ed. No that in itself won't stop you from borrowing, but if there are other factors it could influence the lenders on the amount that they will lend to you as a percentage of the value of the house. Because you have good savings and no other problems, we should be able to get you the loan that you need to buy the house that you have been looking at. You will pretty much have the full range of lenders available to you as long as we explain the circumstances of that default. We have had success in similar cases.

Randall of Southport asks - When I was younger I went into bankruptcy. I have been out for 5 years now. I have $3500 in savings and I can get the Grant of $7,000. I'm looking at a home unit for $286,000 but because of the bankruptcy I'm worried about getting a loan. - Ed. I doubt that you will have to worry too much Randall. Your bankruptcy should be over 7 years old by now so it should be off your credit record. In Qld the stamp duty costs for a first home are virtually nil for that amount, so a 97% loan should be pretty close to a perfect fit for you. If you wish I would be happy to do a credit check to ensure that all is well with your record before you apply. Just fill in an application (click here) and choose the yes option for a credit check and I will get a copy of the report for you. That way you can be sure before you jump in.

Rodney of Newcastle (NSW) asks - I had some really bad defaults a couple of years ago. They have been paid, and I took out a loan of $2000 at high interest rates to get my credit rating back. That loan is going good so do you think I can get a home loan. - Ed. Rodney I will need more information than that to give you a complete analysis, but I can say that to re-establish your credit rating, it is much better to clear or settle all defaults and establish a regular pattern of savings. Lenders are impressed by people who repay loans, but they are more impressed by people who save. High interest rate short term loans simplky burn your money. Now you probably don't have any savings to use as a deposit or to cover costs. Rodney fill in one of our application forms (click here) or email your full details to me and I will go into your situation in more depth. What we need to do is get you to a position where you can buy your first home. It may take time but it can be done.

Mary of Tullamarine asks - My husband was off work for 3 months due to a motor accident. We are behind with our home loan by 2 months, and our credit cards have been cancelled. Our bank is telling us that they won't help with our credit cards, rates, other debts or anything really, and unless we catch up immediately they will take our house away. Is that true, can they do that. - Ed. Yes they probably can and will sell your house if you don't catch up with your loan very quickly. Once you go past 60 days in arrears they get quite hard to deal with, and will place a credit notation on your file. You really should have come to us earlier as the debt on your house isn't that large and the value of your house is more than enough security. As hubby is now back at work and there won't be any ongoing issues then a refinance should be easy to arrange. Why don't we access a bit of extra cash to put aside for a rainy day, and take out lifestyle protection insurance so this can't happen again. (some information withheld on this scenario for privacy reasons)

ASK A QUESTION

WE ARE HERE TO HELP YOU... Just click on the blue “APPLY NOW” button below and fill out our easy to use home loan application form. We will then analyse your situation and discuss your options by telephone with you. There is absolutely no cost or obligation to get this assessment. Don't let your defaults or bad credit stop you from getting your home loan.