Our credit history isn’t good because of a struggling business but all debts have been cleared. I have had a full time job for 2 and half years and my wife for 18 months and we want to see if we can buy a new home. Will our credit history stop us from getting a loan, what deposit will we need as we have around $60,000?

Jordan. Good morning. I would be happy to meet with you and discuss your requirements. Your credit history may not prevent you from getting a loan, however it may not be at prime interest rates. Keep in mind that if you pay a higher rate for now to get into the market, it does not have to be forever, you can refinance to better rates when the history is clear.
I would need to know more information as to whether your credit history involves just defaults, court judgements or bankruptcy.
Please give me a call if you would like to chat / arrange an appointment.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

Hi Jordan,
There are too many factors that will influence your position to be able to give you an answer here. Give Ken a call and be prepared to lay everything out on the table so that he can find you the most suitable lender and product to get you moving.
It is possible, subject to qualifying criteria to borrow 95% plus LMI for an owner occupied property
Best of luck
Scott

Hi Jordan,
Ken is right. There are many factors that affect your ability to borrow and while your credit history is VERY important, even people with clean credit histories are often declined for finance.

I am happy to have a look at your credit files (yes you have more than one) for you at no charge and point you in the right direction. You may (and probably do) have options you were unaware of...

Do you have a current copy of your credit files? (I can help you get them if you don't yet have a copy)
The three main ones you should be aware of right now are:
1.) Equifax (formerly Veda Advantage)
2.) Dun & Bradstreet
3.) Experian
I see you are in NSW so unless you have lived in Melbourne or Tasmania, there is little likelihood that you will have, or need to check TASCOL, the fourth credit reporting body.

Once we know what's on your credit files, (And Ken needs to know also if he was going to help you) I can point you in the right direction so you know what your options are.

As a starting point, here's a little info about bad credit:
Defaults stay on your credit file for five years from the listing date
Judgments stay on your credit file for five years also.
Serious Credit Infringements (also known as clearouts, which you won't have any of) are on there for seven years
Part IX or Part X agreements are a little less clear but they too have limited life spans.
Credit enquiries stay on your credit report for five years but have less impact after 12 months than other listing types...

There are a number of other issues you might like to be aware of Jordan and if you would like to chat when you're ready now is as good a time as any to know your true positions and learn your options.

click on my name to see my profile and we can have a quick chat when you're ready.

Either way, good luck and I hope you get into your home soon.

Graham