Join Australia's most dynamic and respected property investment community

Credit scores

Discussion in 'Property Finance' started by Wukong, 5th Dec, 2015.

  1. Wukong

    Wukong Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    211
    Location:
    NSW
    Subscribed to credit savvy. How does the scores impact your loan applications?

    At what score level does the banks deem you uncreditworthy? :eek::cool:
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,161
    Location:
    Gold Coast
    Isn that simple

    Most lenders have their own scoring engine.

    While there are some commonalities I have seen clients with a 700 + score have issues because for eg their lender holds more data than the general market, either on past history or performance, or geogrpahic location or security type have caused an issue.

    If you have a great general market score and are looking and have minimal genuine savings and are looking at say a 90 % lend, you will need to choose your lenders and LMI providers carefully.

    ta
    rolf
     
  3. Wukong

    Wukong Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    211
    Location:
    NSW