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Discussion in 'Finance & Banking' started by joltz, 19th Sep, 2009.

  1. joltz

    joltz New Member

    Joined:
    19th Sep, 2009
    Posts:
    2
    Location:
    sydney
    Hi guys, I have a small problem, ive had bad credit for a while, but in reality it has never bothered me because my family is quite well off, im in a decent job that really helps me pass the time and im quite good at saving.

    However, Im thinking of changing my circumstances and this is what I now face.
    I had a 37k judgment on credit file, i settled it for 18k a few months ago and I have 2 paid defaults both utility bills for approx $500.

    My father has offered me a business property, which he no longer wants to look after, it has a 3 year lease with a 3 year option (so pretty much a 6 year lease), the tennant pays rent of around 2.4k a month and it increases every year with CPI.
    The property with the tennant in the lease is valued at around 300k however my father said he will give it to me for 250k.

    I dont want this property to leave our family either and Id rather buy it, Im pretty sure that a 250k loan to buy this, the rent alone is more than enough for the repayments.

    I have no deposit as I decided to pay my defaults and spent a few k on a recent trip to China, I currently earn a shade under 50k from work, is there any chance I can get a loan for this from any lender/broker?

    If so, where do I start?
    Many thanks :)
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Joltz,

    Do you have a deposit?

    Cheers,

    Dan
     
  3. joltz

    joltz New Member

    Joined:
    19th Sep, 2009
    Posts:
    2
    Location:
    sydney
    Hi Dan,

    No I dont at the moment.

    Thanks :)
     
  4. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    then get yor family to lend to you. Write a legal document and off you go. Banks want good credit history plus a deposit