Loan Saver Debt Consolidation Blog

Under the new NCCP (National Consumer Credit Protection) Legislation which effectively was introduced on July 1st, credit legislation has had an impact on obtaining a Bad Credit Mortgage and Bad Credit Home Loans considerably. Non Conforming and Bad Credit Lending is much more of a specialised area of lending than ever before.  Most brokers who do not focus on Impaired clients as their primary form of business will have enormous issues in placing loans, aloong with the additional requirements of the NCCP may additionally prevent lenders accpeting applications from being submitted.

Who is the winner?  Who is the Loser?

In the short term i cannot see any winners or losers, but in the long term the winner will definitely be the client sourcing a Bad Credit Mortgage, as the broker writing the bad cr3edit mortgage will need to be compliant with legislation, have the lender accreditation and training in non conforming lending.

If you have any questions about obtaining a bad credit mortgage, please contact Loan Saver Network on 1300 796 850.

Debt Consolidation Home Loan - As the wording describes it is utilising your home loan to consolidate debt. Though as is always the case, its not as easy and simple as it sounds. Each client scenario is completely different which keeps us on our toes, and is one of the reason why we love what we do. Firstly, i will start by saying all loan products are not the same, and the interest rate and fees associated can vary dramatically. The reason for this is one of the fundamental questions nobody every really thinks of - Where does the money come from? With the recent issues concerning the GFC (Global Financial Crisis) manay people have begun to realise the money for you loans comes from some one or a corporation somewhere. These entities purpose is profit and investment return. Therefore wholesale interest rate and fee for risk is where the profits are made, and then there is the delivery costs such as the lenders fees and risk insurance. Now, moving onto a simple Debt Consolidation Home loan - I will start by looking at interest rate. Interest rate for a debt consolidation home loan can vary drastically, with various products having differences in interest rate sometimes up to 4% or more. This is becuase the investor want a return based on the risk in lending the money to you. The investor does not know you from any  other of the million of people applying for a loan. Therefore they will look at a range of circumstances they will lend for. For example - refinancing bad debts equals high risk as the funder does not really know if the applicant has moved past their habit, or financial predicament so they will charge a premium for lending the money. The next purpose is to consolidate 2 credit cards, the client has been employed in the same job for 5 years, never late on any mortgage payments, and never over limit on their credit cards or any personal loans - this client presents a low risk client and appeals to the investor who is happy with a lower safer return.

We use all our skills to find the best interest rate and fees for your particular purpose. If the loan isn’t packaged the right way, you may appeal only to an investor who is attracted to higher riskier returns. Packaging your application in the right way and pushing for the small detail to be viewed in the right context is our specialty, and can make all the difference toachieving a better product for your circumstances. Since the GFC the gap between Prime Loans such as the everyday Big 4 loans, and loans for the Credit Impaired has widened considerably. Non Conforming or Debt Consolidation Home Loan Lending has become more specialised than it has ever been. The average broker simply does not have the expertise to obtain the most competetive interest rate and fees structure. If you have any further questions, please feel free to call us on 1300 796 850 for an obligation free proposal. Obligation free, funny term, but if you read our previous posts we will give you an assessment and provide you directions for your needs. If this involves directing you elsewhere, we will do that. If we believe we can offer you a solution, we will not waste yours or our time by giving incorrect, misguided, or false information. Call us on 1300 796 850 or Apply for a Loan.

Bad Credit Home Loan - Over the years we have gained invaluable knowledge and insight into our clients. Loan Saver Network’s core products are for clients requiring Debt Consolidation and Bad Credit Home Loan, as such we have looked closely at the cause of Bad Credit and how to move forward and learn from the experience. We have seen many of our clients having an incorrect financial structure to protect themselves. This could be from taking the wrong advice, accpeting risk over financial concerns such as premiums for an insurance policy, or simply a major life event such as divorce or death of a loved one.  Loan Saver Network is committed to our clients moving forward with their lives, as such we look at a clients situation closely to ensure you don’t put yourself into the same situation again, and provide you the tools to learn new ways of operating. We have installed Award Winning Budgeting Software to our website which is Free for all to use.  We provide this to everyone because our fundamental message is to assist all and provide clear advice and guidance, even if it mean pointing you in another direction. A Bad Credit Home Loan may not be the best option for you.

If you have any doubt about your current situation, or want to employ us to restucture your financial situation for long term security. Call us for an unbiased proposal on 1300 796 850.

1. What is a Bad Credit Home Loan?
2. Do i qualify for a Bad Credit Homeloan?
3. What lenders are available for my loan?
4. How do i choose the right Bad Credit Home Loan?

These are just some of the questions raised when looking to a Bad Credit Mortgage or Homeloan, and questions that are relevant to finding the most appropriatte home loan.

1. What is a Bad Credit Home Loan? A Bad Credit Home Loan or bad credit mortgage is a Home Loan that is available for people who amonst other criteria, may have a bad credit history.  Their current mortgage may be in arrears or in default. In these instances traditional lenders won’t approval these loans as they are outside of their credit criteria.
2. Do i qualify for a Bad Credit Homeloan? There are many factors involved in determining elegibility for a Bad Credit Home Loan. Some of the factors may include - Ratio of loan vs property value (LVR), number of credit defaults, how many months your current loan is in arrears, and by how much, the condition of any loans being consolidated, and also how you are verifying your ability to repay the loan.
3. What lenders are available for my Bad Credit Homeloan? There are a number of lenders available, though with the impact of the US financial crisis the available lenders are diminishing. The lender available to you would be determined by the combination of the factors in Q.3.
4. How do i choose the right Bad Credit Home Loan? The best way to identify the best Bad Credit Homeloan is really to speak to a professional. There are many variable in applying for a Home Loan that could result in a decline if presented incorrectly.

For advice on applying for a Bad Credit Home Loan call Loan Saver Network on 1300 796 850.

When you have credit defaults or some other form of loan or credit impairement there are still available options to refinance. Bad Credit Refinance and the general refinancing processes are very similar, with only a few detailed but significant differences.

1. The Story - There is alot of weight put on what caused the issues and if the issues are now past.  Would the Bad Credit Refinance rectify the issues if the loan was placed. For example, if the issues were caused through an illness the lender will want to see you are now well again. When you still involved in the issue it can be difficult to see how the issues unfolded.
2. LVR - the ratio of lend against the property value plays a large part in having the lender feel secure in providing funds for a Bad Credit Refinance.
3. Income - Each lender  views income in different ways. Some willa ccept short term employment, some will acceptunstable incomes. Choosing the right lender is important for a rapid Bad Credit Refinance.

Loan Saver Network will look at your individual circumstance to identify an appropriate course of action to effect a Bad Credit Refinance. See Bad Credit Mortgage for information on the types of Loans available.

For more information call us on 1300 796 850 or Apply for a Loan.