ThePedigree
Blue Ribbon
- Joined
- Mar 7, 2006
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I feel like you should be able to get around that with a broker? For example if I have a 500k salary, willing to put a 20% deposit down on a 1 million dollar dwelling, would a bank really say no to that based on credit history?
As a broker I’m telling you yes they would decline you. They do it everyday. Credit reports are there for a reason. Just to point my post I mentioned it was a major. The majors don’t deal with bad credit. ANZ kind of does. The guy that got declined at this bank was high net income of 400k per year. Doesn’t matter. Policies change all the time though and this bank is now starting to accept a lower VEDA score on credit reports.I feel like you should be able to get around that with a broker? For example if I have a 500k salary, willing to put a 20% deposit down on a 1 million dollar dwelling, would a bank really say no to that based on credit history?
As a broker I’ll get you a loan if you want regardless of your credit report. I’ve got close to 60 lenders I can go to so there will be a lender that will give you a loan with a bad credit report for sure! Just be prepared to pay for it.
If it’s a second tier specialist lender then they will sting you with a higher rate and a possible a risk fee. If your credit report has a disqualified directorship or something worse let’s go see a private bank. They’ll loan you the money at some crazy rate with massive fees, and put it up your ass with no Vaseline at the same time mate. [emoji23]