Despite significant changes to lending regulatory framework in Australia, bad credit borrowers are still able to apply for a bad credit home loan online. While there are many websites promoting bad credit home loans, most are owned by mortgage brokers and are generally in fact promoting the same home loans under different names.
When it comes to identifying lenders who specialize in non-conforming bad credit home loans, the borrower may be rather confused.
Most lenders have the following requirements:
(i) A large deposit of at least 20%;
(ii) Borrowers must be working and able to demonstrate income;
(iii) Security property needs to be in metropolitan postcodes;
(iv) Borrowers undischarged from part 9 or bankruptcy will not qualify until discharged;
(v) Borrowers with unpaid defaults will not qualify until defaults are repaid;
(vi) Borrowers with significant mortgage arrears ie several months behind, will generally not qualify until they catch up on mortgage.
09 May
Posted by Dustin Ramirez as Credit Cards Guide
Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
How do you find out the original delinquency date of an account?
The original delinquency date is the date the account first became delinquent and was not brought current. This date is used to determine when the late payment information is deleted from your credit report.
If you obtain a report directly from Experian, each account will list the “date the account is scheduled to remain on file until,” which is calculated using the original delinquency date as reported by the creditor. Simply subtract seven years from that date to determine the original delinquency date.
The original delinquency date applies to the first late payment in a series. So,
Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
I am active duty military and anticipating a permanent change of station this year. I am considering doing a VA compromise sale on my home in Tucson, as it is underwater. I am current on the payments and am wondering how much a VA comp sale will hurt my credit?
The term “short sale” or “compromise sale” is used to describe an agreement between you and your lender to sell the house for less than is owed on the mortgage. Neither term appears in a credit report.
Instead, the mortgage account may be reported as “settled,” or “settled for less than full balance.” It will also show any history of missed payments. Even if you remain current leading up to the sale, any account not shown as” paid in full as originally agreed” is considered negative. A mortgage debt not
Plain and simple, bankruptcy records are not free. Though bankruptcy records may be documents residing in the public records, administrative fees are necessary for their release. Public clerks who maintain and provide those public records do not work for free, after all.
Paper and electricity are not free either. About the only thing that companies who offer such a service will be able to tell you for free is that you have filed for bankruptcy. Well, duh! They are going to know that bit of information just because you have contacted them. Do they think someone would approach them without having status as a person with a bankruptcy on their records?
Charging for Release of Bankruptcy Records
Of course, bankruptcy records can be found within a public database and these files can be accessed and printed. But, this is not a free service. Any company operating and delivering on the premise that they can offer you free records would soon go bankrupt.
They will be assessed a fee; how can they not charge you? Also, it is probably a good thing that these records are not free. Charging a fee adds another level of privacy to the documents and keeps many from digging for that sort of information for underhanded reasons. Read more…
20 Feb
Posted by Dustin Ramirez as Credit Cards Guide
Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
How can I get a copy of my son’s credit report? I believe that his father may have tried to get credit in his name. We are divorced, and he lives in a different state. I just want to protect my child. I received a card for him at my home that we never applied for.
If you are concerned that someone may have used your minor child’s identification information fraudulently, you are wise to take precautions. You can obtain a copy of your son’s credit report by sending a written request to Experian along with documentation showing that you are the child’s parent or legal guardian. You wil