Credit Defaults, Spouse Visa and Probation Period – Home Loan Approved! We help many clients, in situations where perhaps they do not have a 20% deposit or have been declined by other banks or brokers. One example of this came in October 2012 where we were contacted by Ben and Carmen from Queensland for a spouse visa home loan to purchase their first home in Australia. Ben and Carmen had already been to their own bank and a couple of mortgage brokers and were advised that due to; Carmens 820 spouse visa, Bens default on his credit file ($10,000 personal loan), and/or Carmen being on probation, they could not be approved. Having all but given up, in one last desperate attempt they contacted MAP and 8 days later we had their spouse visa home loan formally approved at standard interest rates (better than the bank that had declined them!). “we are very thankful for all your help and support. We will… Read More
Archives for April 2013
19/04/2013 – New Credit Reporting Regime Currently Before Parliament
No, you won’t go to jail for paying your Telstra bill late. But, there is an Act currently before parliament that if implemented would overhaul the current credit reporting regime and potentially improve (or hurt) the chances of obtaining home loan approval. What is Credit Reporting? Credit reporting is merely information held by an independent third party about the credit worthiness or otherwise of a potential borrower/user. This credit reporting information is contained in your credit file which all applicants will have if you have a home loan, credit card, mobile phone or any other sort of credit or lease. This “Credit File” is maintained by a company called Veda Advantage and you can get access to your credit file at any time by going to www.mycreditfile.com.au for a small fee. What is in your Credit File? Your credit file contains some of your personal information such as full name, date of birth, drivers licence number and current address. Importantly… Read More