https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Sat, 04 Apr 2026 16:41:51 +0000 Fri, 22 Aug 2008 14:10:40 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=20232 https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472802&title=debt#472802 Author: babyone
Subject: 20232
Posted: 22 August 2008 at 2:10pm

KylahsMum wrote: We are plannin on having a $30,000 - $50,000 deposit, we will keep saving after the $30g untill we find the perfect place for us. So after 7 years they get wiped even if they are not paid? Can the morgage people see those still?

they definitely have to be paid I'm afradi :O(]]> Fri, 22 Aug 2008 14:10:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472802&title=debt#472802 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472119&title=debt#472119 Author: muppet
Subject: 20232
Posted: 21 August 2008 at 3:30pm

We're in the process of buying a house (putting an offer in today!) and we had nowhere near 10%. We're just under 5% actually. There are more conditions if you're borrowing more than 95% of the price, like a low equity fee (ours varied between $1500 and $5000 depending on bank), other conditions like we have to pay off our car debt. But all 4 major banks that our broker approached were more than happy to give us a mortgage for between $380000-$440000 (of course how much they will give you depends on your incomes). Our assests aren't huge either.

10% deposit would be great, but for us there was no way we were going to get near that for another 5-10 years!]]> Thu, 21 Aug 2008 15:30:59 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472119&title=debt#472119 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472114&title=debt#472114 Author: jaz
Subject: 20232
Posted: 21 August 2008 at 3:24pm

BaileyandAstin wrote: this is probably a stupid question but do assets make a huge difference to the outcome??? We only have $19,000 assets which is apparently quite low

Most banks require a 10% deposit. ]]> Thu, 21 Aug 2008 15:24:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472114&title=debt#472114 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472075&title=debt#472075 Author: BaAsKa
Subject: 20232
Posted: 21 August 2008 at 2:40pm

jaz wrote: He said the people that got declined generally had no deposit and lots of debts and wanted to borrow enough to buy a house on 100% finance plus clear all their debts. The banks have no assets to chase if you default so generally decline. ).

this is probably a stupid question but do assets make a huge difference to the outcome??? We only have $19,000 assets which is apparently quite low ]]> Thu, 21 Aug 2008 14:40:56 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=472075&title=debt#472075 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471614&title=debt#471614 Author: caliandjack
Subject: 20232
Posted: 20 August 2008 at 7:10pm

Pay off the debt with baycorp, you will still have a record with them it was from 2001 and we borrowed in 2006.
I have a record with them, when going for mortgage finance I had to explain what the debt was for and that it was now paid.
Apart from that the rest of our credit history is good, and we had a good deposit and no probs getting finance.]]> Wed, 20 Aug 2008 19:10:32 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471614&title=debt#471614 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471522&title=debt#471522 Author: jaz
Subject: 20232
Posted: 20 August 2008 at 4:52pm

A year ago I worked with a guy who had just sold his Mike Pero mortgage brokership and he said the banks were all competing with each other to lend money so as long as debts could be explained they were ok.

For example, you thought you cancelled SKY TV/GYM membership and had paid everything up but got a bill and you had moved house so didn't receive it so it was sent to Baycorp. You didn't know about this debt until you applied for the mortgage. You can explain the reason for the debt, intend to pay or dispute the debt, and the banks are happy and approve your mortgage. Apparently this happens a lot.

Or - you ran up some debts in your younger days (last year), have sorted yourself out, cleared the debts, built up some savings and turned over a new leaf.

He said the people that got declined generally had no deposit and lots of debts and wanted to borrow enough to buy a house on 100% finance plus clear all their debts. The banks have no assets to chase if you default so generally decline.

His advise was clear your debts, stay within your (low) credit card and overdraft limits and establish a good savings pattern (regular money going into a separate savings account will do it).]]> Wed, 20 Aug 2008 16:52:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471522&title=debt#471522 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471440&title=debt#471440 Author: clover
Subject: 20232
Posted: 20 August 2008 at 3:30pm

My brother unfortunately has the same name as a very shady real estate agent, they have different dates of birth but similar years. It turns out that baycorp have lodged a whole of of defaults against my brother that aren't even his.]]> Wed, 20 Aug 2008 15:30:09 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471440&title=debt#471440 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471297&title=debt#471297 Author: BaAsKa
Subject: 20232
Posted: 20 August 2008 at 1:33pm

yup my DH had a debt on his rating that we knew nothing about! so i rung that company and they had no record of why it was lodged so it was removed! (as it blimmin should be!) BUT i had to ring them 3 times to get them to sort it out!

I have just rung the bank we are trying to get home loan with and she said that i have to write a letter with proof of why we defaulted which is no probs and then they will review.

She also said "as long as there isnt too many and spanning over a long time then banks may consider"

Edited by BaileyandAstin]]> Wed, 20 Aug 2008 13:33:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471297&title=debt#471297 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471282&title=debt#471282 Author: Bombshell
Subject: 20232
Posted: 20 August 2008 at 1:25pm

if it was a debt sold to a credit company then they will ke relisting it.

it can stay on BC for 7 years each time...even if shown as paid.

Youd be best to pay them all...chase up BC and the company to ensure they show as paid (banks like to see that even if debt shows) and then ensure at 7 year mark it comes off...DONT leave it to BC cause it does not autmoatically drop off.

BTW if of a certain amount it can also affect travel...had a person call once begging me to send a fax to confirm paid BC debt while they were at airport being held up! ugh.....dont even beleive anything BC say - always get a new report done if paid etc....]]> Wed, 20 Aug 2008 13:25:30 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471282&title=debt#471282 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471198&title=debt#471198 Author: ohanlon82
Subject: 20232
Posted: 20 August 2008 at 12:28pm

yeah they are held on file for 7 years.. yip all banks etc can see these files..

as everyone has said just keep a good savings record up and i am sure it will be fine.. some banks won't go near it but then you will find some that will..

good luck

]]> Wed, 20 Aug 2008 12:28:44 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471198&title=debt#471198 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471105&title=debt#471105 Author: ginger
Subject: 20232
Posted: 20 August 2008 at 10:37am

At the moment, Banks seem to be being very, very careful about lending, and even squeeky clean people are having trouble. I guess it's the economy, the tight money market, and all those factors coming into play. My suggestion would be that if you are going to try and get lending with previous black marks against you go through a mortgage broker - they know how to play the banks and put the right spin on things, and are far more likely to succeed in getting you a loan than you are.

KylahsMum - the best steps you can take are pay the debt off, keep yourself clear from here on, and get yourself a savings history. That's REALLY important. Even if it's $5 a week, if it's consistent, banks love to see savings efforts. ]]> Wed, 20 Aug 2008 10:37:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471105&title=debt#471105 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471071&title=debt#471071 Author: BaAsKa
Subject: 20232
Posted: 20 August 2008 at 10:17am

Im wondering this because both DH and i have 1 mark against our names from when he had his accident but they are paid...

Im just worried that it wont matter to the bank and they will still say no! im also worried that they will be weary as it was only a few years ago

aaarrrggghhh!!! the lesson is to make sure we stay out of trouble i guess! ]]> Wed, 20 Aug 2008 10:17:27 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471071&title=debt#471071 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471061&title=debt#471061 Author: MissCandice
Subject: 20232
Posted: 20 August 2008 at 10:07am

We are plannin on having a $30,000 - $50,000 deposit, we will keep saving after the $30g untill we find the perfect place for us. So after 7 years they get wiped even if they are not paid? Can the morgage people see those still?]]> Wed, 20 Aug 2008 10:07:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471061&title=debt#471061 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471057&title=debt#471057 Author: minik8e
Subject: 20232
Posted: 20 August 2008 at 10:05am

If you want a mortgage, the debts usually must be paid before they'll give you approval. They stay on your record for 7 years and then disappear, paid or not. Some banks won't touch you if you've had stuff with Baycorp (e.g. Westpac) even if they've been paid but others look at this history behind it, how long ago, whether it's paid etc. They also seem to look a little kinder when you've got some form of deposit or savings, even a minimal sum.]]> Wed, 20 Aug 2008 10:05:05 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471057&title=debt#471057 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471033&title=debt#471033 Author: lilfatty
Subject: 20232
Posted: 20 August 2008 at 9:45am

As far as I can remember from when I worked at a finance company the debt stays listed for a number of years (but is marked as paid).

We used to take it into consideration but weigh up factors such as ..

Who the debt was with and how much
How long it took to repay
History post debt

So as long as you keep your nose clean I cant imagine it as a big problem.

]]> Wed, 20 Aug 2008 09:45:05 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471033&title=debt#471033 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471027&title=debt#471027 Author: MissCandice
Subject: 20232
Posted: 20 August 2008 at 9:39am

I have a few debts with baycorp. But i want to buy a house in a couple of years, if i pay baycorp, how will that effect it? Does anyone know?]]> Wed, 20 Aug 2008 09:39:09 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20232&PID=471027&title=debt#471027