@westside.capital: What happens if your partner has a low credit score?
It's not uncommon for one party in a couple to have a less than ideal credit report.
For whatever reasons, some were reckless when they were young and/or just didn't understand how to manage their loans and the impact it had on their credit file.
In these cases, we generally explore all options available to them.
Either they can apply only in the name of the party that has the better credit score. The downside is that the borrowing capacity may not be achieved if both applicants are working and we require their income for servicing.
The other option is to apply with what we call non-conforming lender, who lends to those with blemished credit scores. However, these loans carry more risk to the lender so they do charge more on rates and fees. Disclaimer: this is not financial advice and only for educational purposes #mortgage #mortgagetips #mortgageadvice #mortgages #mortgagelender #mortgagebrokeraustralia #homeloanspecialist #homeloantips #sydney
