Finance advice
Otto Dargan

Bad credit doesn't mean you can't borrow

By Otto Dargan

Do you have a bad credit history? Getting your home loan approved comes down to choosing the right lender.

Blogger: Otto Dargan, director, homeloanexperts.com.au 

When life gives you lemons, make lemonade. Although I commend anyone with this level of optimism (mine was lost in a dark pit of despair many years ago), trying to get back on your feet after being hit with financial hard knocks is not just a matter of “starting over”, especially when it comes to getting approved for a home loan.

You may well have made the decision to change your spending habits and get your financials back in order but your credit file records these black marks and they remain there for every bank to hold against you when you apply for a home loan.

Whether it’s through marital separation, job loss or simply living a little beyond on your means with that amazing new credit card, defaulting on your liabilities can happen to even the savviest investor.

In fact, the Australian Retail Credit Association recently found that roughly 14 per cent of Australians have a default or other black mark on their credit file but most people don’t know that they have a “bad” credit history until it comes time to apply for a loan. Let’s hold off adding yet another unnecessary enquiry to your credit file, shall we?

How do I know if I have bad credit?
Bad credit can include:
•    Missed home loan repayments
•    Defaults, bankruptcy, judgments, court writs and having too many credit enquiries on your file
•    Credit history with a particular lender
•    Unpaid bills or tax
•    If you own a company facing financial trouble, receivership or liquidation
•    Excessive unsecured personal debt compared to your current income and asset position

Since March, Veda Advantage began collecting your repayment history for the last two years as part of your credit file. That means if you already had a shady credit history, banks now have more fodder than ever to decline your application.

For some banks, your credit file is the ultimate tool when assessing your worthiness as a borrower but there are lenders that take a more balanced approach.

A specialist mortgage broker can even recommend lenders that don’t check your credit score at all!

Will I always have to go with a non-conforming lender?

Most banks will take a default, judgment or your discharged bankrupt status on face value and will rarely look any further into the details surrounding the black mark.

If there’s one thing I’ve learned in my years as a broker it’s that the banks can change their lending policy at a whim.

Their decision to lend to someone that’s a little outside of their lending policy really comes down to the banks level of risk at the time of your application.

For example, your mate could have gotten approved six months ago but it doesn’t mean that you will get approved with the same bank as well.

Alternatively, your broker may suggest a non-conforming lender, who’ll ask you to provide details on the nature and amount of any defaults on your credit file as well as the reasons behind judgments and even bankruptcy.

Providing evidence that you are paying your bills on time and the default or judgment was a one-off may be just enough to get you loan over the line.

Even with paid defaults amounting to $3,000, you may be able borrow up to 80 per cent of the property value with a prime lender, up to 90 per cent of the property value with a specialist lender or up to 100 per cent of the property value with a guarantor loan with the right lender.

Will I pay a higher interest rate?

If you are deemed to have a bad credit history, then your ability to get approved and the amount of interest you’ll pay will be determined by your loan-to-value ratio (LVR):

For home loans less than 80 per cent LVR, you may qualify for the same interest rate as someone who has no adverse listing on their credit file.

Of course, every situation is different and, with the right broker, there may still be great interest rates available to you.

 

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About the Blogger

Otto Dargan

Otto Dargan

Otto Dargan is a two-time winner of St George Bank's 'Australia’s Brightest Broker' competition and the managing director of specialist mortgage broker homeloanexperts.com.au

FROM THE WEB

podcast

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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RELATED AREAS OF INTEREST:

Hobart
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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How the Australian property marketplace could change
How to double the power of your deposit
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Why buying new property doesn’t mean buying better property
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  ["title"]=>
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Media hype would have you believe that the Australian property market is in dire circumstances at the moment and that there is no money to be made.  But is that really the case?

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In this episode of the Smart Property Investment Show, regular guests Steve and Victor of Right Property Group join host Phil Tarrant to discuss the current state of the Australian property market as it is portrayed in the media, and analyse if things are as dire as we are being led to believe.

They will compare regional markets with capital cities as investment options, reveal some areas which they consider to be poor investments at the moment while also discussing some of the markets where they see future potential.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The investment strategies that actually work
The property investment process, simplified
A spiralling market, or just media spin?

AREAS MENTIONED: 

Hobart
Sydney
Perth
Brisbane
Shepparton
Cambridge Park
Geelong
Wollongong
Melbourne
Newcastle
Orange
Dubbo
Bathurst
Armidale
Bendigo
Cairns
Ipswich
Emerald
Port Hedland
Surfers Paradise

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(53) "Finance Tips and Insights - Smart Property Investment" ["menu-meta_description"]=> string(91) "Financial tips for property investors, from mortgages to cash flow to saving for a deposit." ["secure"]=> int(0) ["page_description"]=> string(11) "sample desc" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2018-09-10 06:23:01" ["slug"]=> string(61) "18524:busting-perceptions-of-a-doom-and-gloom-property-market" ["catslug"]=> string(28) "45:smart-property-investment" ["link"]=> string(81) "/investor-stories-1/18524-busting-perceptions-of-a-doom-and-gloom-property-market" }
Busting perceptions of a doom and gloom property market

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