Loan Saver Debt Consolidation Blog

This loan is designed for salaried or self employed people and is available for the purpose of financing personal, business, investment or debt consolidation needs. With this loan you can:

• Borrow from $50,000 up to $2.5 million, for a period of 10 to 30 years
• Obtain up to 90% Loan to Value Ratio with paying the Lenders Mortgage Insurance premium
• Chose from a variable interest rate or a fixed rate for 3 years
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Step down to a lower variable rate from the 3rd anniversary of settlement provided you have no arrears on your loan and have not missed any repayments
• Chose a Line of Credit facility, including phone or internet, ATM and EFTPOS Access and monthly statements. This loan is ideal for people with a clear or bad credit history who:
• May need to borrow more money than the limits imposed by tradition lenders
• Have an inconsistent or inadequate savings history
• Have an unusual deposit, such as a gift.

With this loan you will need to provide proof of income in the form of pay slips, letter from your employer, group certificates, tax returns or, if applicable Centrelink letters or superannuation investments statements.

Loan Saver Network will look at your individual situation and provide clear advice, guidance and assistance to help you move forward and where possible obtain the funds you need to get your life back on track. A debt consolidation loan can help you achieve a more sustainable financial future.

Six months ago it was much easier for a self employed person to get a low doc loan, but try getting one today and you will find it much more difficult. The following is a basic description behind the logic that has made low doc loans hard for Melbourne mortgage brokers or any mortgage broker in Australia to place.

As most people would have heard to some degree in the last year or so, we have been going through a credit crisis in Australia as well as the rest of the world. Similar to The USA, our banks and other lenders for the past few years have been very flexible on their credit criterea that decides elligibility for a loan. For a lender it is all about the risk involved in lending money; this is also what dictates the rate of interest you will be charged. For the past number of years lending criteria has been quite relaxed, where banks have been offering loans based on relaxed credit criteria.

However, this bubble has now burst. Alot of people in the USA have struggled to repay their loans and the banks and other lenders have lost money as a result. The overflow has carried on the Australia resulting in much tighter lending policies. This in effect has made Lenders more cautious who they will lend money to over the recent months.

As a mortgage broker in Melbourne, I have realised that the Low Doc or self employed category of mortgages has become one of the more difficult to place. in difficult economic times like we seem to be entering, the likelyhood of small to medium businesses not surviving also increases. Therefore, this category of loan is seen as one of the more risky for the lending institutions and the inverstors who provide the funds.

Where there is a need, a lender will provide a product.  It simply means the product will become increasingly more expensive, and the criteria to obtain a low doc loan will be much more restruictive. By doing this Lenders and Investors also limit the overall risk with lending low doc funds.

There are however ways to improve your chance of getting approval for a low doc loan. Keeping thorough accounting records is the first tep to proving you have a solid business that the banks will consider safe enough to lend to. Other factors they consider is your annual turnover, fixed costs and the length of time you have been in business for.

Other loan types similarly affected are bad credit mortages and other bad credit loans. Any loan where the risk of default is higher than a standard loan.

If you need this a loan like this, talk to Loan Saver Network or your mortgage broker.

If you have any opinions on this post please do not hesitate to leave a comment here.

This loan is designed specifically for self-employed people who have had an ABN registered for 2 years or more (GST registered at the time of application) and are not able or do not wish to produce full financials. With this loan you can:

• Clean Credit History (no Credit Defaults). Click here for Loans for Credit Defaults.
• Borrow from $50,000 up to $1 million, for a period of 15 to 30 years
• Obtain up to 85% Loan to Value Ratio without paying the Lenders Mortgage Insurance premium
• Chose from a variable interest rate or a fixed rate for 3 years
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Chose a Line of Credit facility, including phone or internet, ATM and EFTPOS Access and monthly statements.

This type of loan is ideal for people do not have full financials and who:

• May need to borrow more money than the limits imposed by tradition lenders
• Have an inconsistent or inadequate savings history
• Have an unusual deposit, such as a gift.

With this loan you will need to provide 6 months mortgage or rental statements.

Loan Saver Network, will look at your individual situation and provide clear advice, guidance and assistance to help you move forward and where possible obtain the funds you need to get your life back on track.
Click here to Apply for a Loan

Credit card repayments can be difficult to maintain. Most main lenders use a personal loan for refinancing credit cards. Problems arise when you try to refinance a credit card that is defaulted. (For more information on what it means to default see the FAQ’s section of Loan Saver Network website) Main lenders shy away from taking what they call bad credit loans or credit card defaults

In the case of a Credit card default you will need to source other avenues to cover the debt. As once it reaches the stage where its deeemed a default, the lender will list a credit default on your credit file and want you to repay the whole debt.

For more information see the blog article Credit Card Default

If this is the case, Loan Saver Network can help. For more information simply Apply for a Loan or contact us on 1300 796 850 .

Credit Card Default is the one of the most common causes of a credit default . Quite often we think it is only a credit card, and it can’t be that bad if i miss a payment or two. Once the card is in default, the credit card company not only wants the payment brought up to date, but the whole credit card account paid and closed. This is where a simple credit card default turns into a credit default against your Credit Report .

There are ways to pay out a defaulted credit card, this is by way of a refinancing credit cards with a personal loan facility designed to pay a credit card default.

Loan Saver Network has access to these lenders.  See Bad Credit Loans for more information to pay a Credit Card Default or Simply call us on 1300 796 850 , or Apply for a Loan to find out more details.