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Defaults and Bad Credit? Bank Says ‘No’?

An investment loan is usually what borrowers look for when buying an investment property. There are various ways to fund an investment loan so it helps to talk to a broker to develop your goals so you can find a solution that suits you best.

Investing in property is often a rewarding wealth generation strategy than can help you have a comfortable retirement, as well as provide financial security for your family. Investment loans can feature similar characteristics to home loans, however, generally investment loans have stricter lending criteria.

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Can I use equity to buy an investment
Depending on the balance of your existing home loan, many borrowers choose to use the equity in their home to buy an investment property. Equity is the difference between how much your home is worth and how much you owe on it. For example, if your home is worth $700,000 and you owe $400,000 you are left with $300,000 in equity. The more you pay off your mortgage, the larger your equity balance grows. Many borrowers will use this equity as a deposit for an investment property. Subject to approval criteria, equity can also be used to make additional purchases such as a new car, holiday, or home renovations.
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I missed some repayments, can I still get a loan or refinance?
Have you had late or missed payments on your mortgage? Over limits on credit cards? Late or missed payments on personal or car loans? A bank may say no based on poor conduct on current debts. This could have been because you were juggling and it was hard, it could be because there was a misunderstanding. Whatever the reason, it does need to be talked about. A good explanation is crucial to being able to help when there are missed or late payments on debts. A WhiteStar loan specialist will discuss what has been going on with your payments, then with their experience, they will review your situation to find the solution for you. The most important recommendation we can make is do not ignore these problems. Get onto them early so you can understand what your options are. The longer you struggle the harder it can be to fix it. Our team is non-judgmental, friendly and confidential.
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I can't prove my income, should I still apply?
Having trouble proving your income for a home loan or refinancing? Heard “NO” from banks and feeling helpless? Don’t be! Talk to us and we can guide you with the loan process. WhiteStar will talk you through what paperwork will be used depending on the different lenders. Not all banks have the same lending criteria, some are more flexible than others. Talk to us about what you are trying to achieve and we’ll help steer you in the right direction.
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Can you help me with a family pledge loan?
Yes! We help many clients get a new home loan with a guarantor. A family pledge loan (also called a family guarantee loan) uses the equity in the home of a family member, usually your parents, as a limited security against the loan. When you apply for a family pledge loan, you still need to meet lending eligibility criteria and you are completely liable for servicing the full loan. One key benefit of using a family pledge loan is that you may be able to buy your first home sooner.
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What is the benefit of using a mortgage broker instead of going directly to the bank?
Almost 54% of all loans in Australia are facilitated by brokers in Australia. Brokers offer a personalised service which is often hard to find when you deal with a big bank. When you apply directly with the bank how do you know that you are getting the best rate possible? Chances are you don’t. When you work with a broker, you benefit because your broker will help you compare loans from different types of banks, big and small. Brokers also have the inside knowledge and experience to inform you which loan will give you the best chance of getting approved.
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