Thread: house loan .

I have a copy of my credit record and the phone bill has done the damage . I have a black mark .

Originally Posted by Sleepy

How did you go today?

Things look pretty positive at the moment even with the mark against my name . Just need to have a talk with the guarantor in the next few days . Fingers crossed guys

Originally Posted by Fusion

Things look pretty positive at the moment even with the mark against my name . Just need to have a talk with the guarantor in the next few days . Fingers crossed guys

good luck mate!

Get rid of your credit cards before seeing the broker.

If you have a card with a $5000 limit (even if unused), that reduces what you can borrow by ten times as much, i.e., $50,000.

As an aside, I wouldn't consider going guarantor for anyone, not even my kids.

A credit card limit is taken into account but not to the value of 10 times.
Its actually worked out at what the max limit is and what could those payments be at if it was maxxed out.
So say a $5000 card the max payment may be $160p/m.
They take that $160`p/m as a possible outgoing into account and quite often if budget is tight will ask you to decrease the limit or get rid of it alltogether.

Loan serviceability is calculated at a percentage of total monthly household income versus expenses.

This changes bank to bank but 40% is around the mark for loan payment from net monthly income.

Hope it goes all well with the banks.