Who should I ask about loans?

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Permalink Reply by Keith Musgrave on 5 November 2008 at 3:00pm

Hi Marie,
I am a mortgage broker based in Brisbane. I would be happy to answer any questions you may have. Our company has access to well over 30 "Lenders". We mainly assist with Home Loans but also have access to Commercial Lending, Personal Loans, Leasing etc. Our services are free with no obligation. What are you looking for?
Regards
Keith

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Permalink Reply by Marie on 11 November 2008 at 12:14am

Thanks so much for your reply Keith. Is there a way to contact you by personal email, phone (toll free), or by post?

I'm eligible for first home buyers. I have other issues to disclose but don't want to put it on FatCats.

Marie

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Permalink Reply by Keith Musgrave on 18 November 2008 at 3:34pm

Hi Marie,
I apologise for not responding to your reply, as I didn't see it until this morning. I can be contacted on email at keith@fasttrackhomeloans.com.au. I have been a mortgage broker for 7 years and prior to that I was a financial adviser for 1 of the big 4 banks for 6 years.
I look forward to hearing from you
Regards
Keith

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Permalink Reply by Keith Musgrave on 5 November 2008 at 3:40pm

Hi Marie,
Just 1 other thing, and that is that you can get answers without an "enquiry" appearing on your credit file.
Regards
Keith

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Permalink Reply by ff123 on 6 November 2008 at 2:58pm

Why are you worried about this?

If you apply for credit normally your credit rating gets better.
But if you just want to know the costs of a loan then ring around the banks - I did this for our home loan just to check what we were getting was a good deal - also made it clear to the people on the phone that I was lying - i.e. I did not tell them how much I earned or my real name - I was genuinely shopping around for a home loan but didn't see the need to tell them my TFN to get a quote - also I knew roughly what the minimum income for the loan size was so I gave them incredible incomes for their computer model - hoping it would make the repayments less - it didn't but it was the only fun part of the excercise.

When asking for a quote ask for the total cost - some places charge bookkeeping fees, management fees and even on 1 credit card I saw an insurance on every purchase charge ??????

Good luck

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Permalink Reply by Mark H on 11 November 2008 at 1:25am

*If you apply for credit normally your credit rating gets better*

Actually the exact opposite is true, each and every application for credit is noted on your credit file, the more applications that appear on this file for the one particular loan will play havoc on your ability to obtain said credit loan..regardless of your *percieved credit standing*.in the case of a simple car loan, work on 3 strikes and your out....or parked on the doorstep of Avco at 29% plus

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Permalink Reply by Marie on 11 November 2008 at 4:26am

Thanks Mark - I thought that was the case - "noted on my credit file every time I apply."

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Permalink Reply by JeffK on 11 November 2008 at 6:30pm

Yep, this is true, but as Keith was saying, you don't necessarily have to apply when you're looking around. You can suss things out with a broker, or a few brokers, without officially applying for a loan.

Marie, we're all anonymous here, so feel free to post personal stuff up. No one will know who you are, and we can probably help you out if you tell us a bit more about your situation.

Cheers,
JFK

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Permalink Reply by Keith Musgrave on 11 November 2008 at 6:45pm

Hi Marie,
Every time you make an application for credit, be it to purchase a phone, buy furniture, car or house your enquiry will be noted on your personal credit file at Veda Advantage which you can access any time. It is NOT an issue to have enquiries made on your file. What the lenders are looking for are the number of enquiries you make over a certain period of time. They look for patterns or someone who may be in trouble with finance and look to get out of that trouble by getting credit from a number of lenders. The lenders can also have you confirm to them if you proceeded with the applications actually listed on your file. I have had no loans declined because of the number of enquiries only the "defaults" listed and that depends on how big the default is, when it was listed and if and when it has been paid.
Hope this helps
Keith

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Permalink Reply by Honour on 18 November 2008 at 12:16am

Hello Keith

As a mortgage broker in Brisbane, what do you advise people coming to you on Centrelink pensions - such as disability pension - looking to purchase their home or refinance it. With the latter obviously they have had mortgages previously and now circumstances have changed they are trying to reorganise their financial situation. Appreciate your experiences and thoughts on this as I know from personal experience once you are disadvantaged and cannot continue your career due to health problems because you collect a pension you are treated like a second rate citizen, that doesn't really deserve the same attention that a wage earner receives.

Regards
Honour

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Permalink Reply by Keith Musgrave on 18 November 2008 at 3:30pm

Hi Honour,
There should be no problem with you getting a home loan. The question will be "how much can I borrow on a disability pension?" Most lenders will accept Centrelink benefits, as long as they are ongoing. You can email me at keith@fasttrackhomeloans.com.au and I will get back to you.
Regards
Keith

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