If you want to get onto the property ladder it can be frustrating to learn you have a payment default which has been left on file that could impact lending. It can be even more infuriating if you realise it should have been cleared years ago.
That was the case for Beata, who was looking to buy a house in Esperance with her partner Geoff.
Fortunately, we were able to help them secure a mortgage even though there were a few challenges along the way.
From Esperance to Perth
The couple and their six-year-old son Gabriel moved to Esperance in March 2020. They’d enjoyed a holiday over the Christmas period and were struck by its beauty.
“We came for a break and fell in love with the place. As luck would have it, I saw a job being advertised as a front-of-house manager in a restaurant. I secured the job, and we moved from Perth to Esperance,” Beata explains.
Even luckier, they managed to move into a rented property before lockdown took hold. Geoff worked for Australia Post and was hoping for a transfer, but coronavirus meant he ended up on jobseeker payments. Beata worked for one of Esperance’s most prestigious restaurants - Taylor St Quarters. It offered a takeaway service during the pandemic.
Consequences of my credit card default
In July when COVID-19 had passed, Beata’s thoughts turned to securing a mortgage. On the advice of the restaurant manager who used our services before, she came to see our Mortgage Adviser James Durrant at TV Financial Services.
“Initially I was looking at a property with Keystart, but because Geoff didn’t have six months’ service in his new job it wasn’t viable. Plus, it meant a bigger deposit.’’
The couple subsequently found another home.
“James went out of his way to accommodate us, scheduling meetings at 5pm when we both had finished work. He always kept us up to date with any information.’’
It was while James was searching for the best lender that details emerged about credit card payments that had been missed five years ago.
‘’I’d gone back to Poland because of my visa situation and missed some payments. On my return I paid off my credit card, but it didn’t get removed from the credit bureau. James was extremely helpful advising me how I could rectify the problem and I actioned it straight away so my file should soon be clear,’’ outlines Beata.
Buying on a rising property market
Beata and Geoff decided not to wait forty days to clear the credit file because they didn’t want to risk losing the house. James was still able to find them a home loan.
“It’s an affordable mortgage and it’s a hot property market now, so I’m glad we bought when we did. It’s got huge windows, an open planned kitchen, so always feels nice and bright.”
The 3 X 1 house is in Castletown on a 650 square metre block with parks close by and is perfect for the family and their Dalmatian, Merlin. In addition, it’s a stone’s throw from the primary school for their son, Gabriel.
“TV Financial Services were flexible, friendly and diligent. James kept us updated throughout the process. I never imagined the credit default was still on file, but it should be cleared soon.’’
We were so pleased we could help Beata and Geoff become homeowners.
‘’Esperance is such a small place. Both James and owner Tamara have dined at the restaurant, and they are always so friendly. I love being part of this community. It’s really connected and I wouldn’t hesitate to recommend TV Financial Services to others.’’