I am a single mum of near adult now. I have been in my job for almost 10 years and earning a considerable amount 93k a year.
I am renting and I pay off a car loan (ahead in loan payments and few months from finished). No credit card, personal loans (defaulted previous ones about 12 years ago now).
I want to buy my own home, i am nearly 40 years old but i have a poor credit history (nothing major just minor defaults mainly now) and little savings, i have the $5k deposit required for home and land package just to get my foot in door.
I have the capacity to pay a morgage but my credit rating is poor.
Is there anyone who can please share their experience of similar...is it possible to get into first home with poor credit rating? I also prob wouldnt have a gaurantor...
I read the first home buyer loans that are offered are backed by Government as gaurator?
I have not seen financial planner/counsellor and know this may be first step but is it possible to get a home loan with poor credit history?
First home buyers grant/loan
First home buyers grant/loan
Posted in:
Money
4 Replies
Maybe start with talking to a mortgage broker. They have access to a lot of different lenders and know the criteria that they look at and can tell you what you need to do to achieve buying a home
Asking on here is useless because how banks make decisions are often point in time. See a mortgage broker
Speak with a mortgage broker for sure. We are going through the process and whilst financially well off now, we had a poor situation a few years ago. They said to contact old debt companies and ask them to wipe your history, alternatively they gave us the details of a law firm who will do it at a cost of about $1500. Its a small price to pay for good credit. Also keep in mind that all small loans, credit cards, cars etc actually reduce your credit score, even without default.
Earning that much money a year, you should be saving more. That's what banks look at!
Save, save, save.