We have had our home loan with Pepper for 2 years after having a small credit issue. The rate is 5.2% and we would like to know if we have options to refinance. Is 2 years long enough?
Graham Doessel - CEO - MyCRA (Specialist Credit Repair) Lawyers (LPH)
Current Rating: 4.65 / 5
Generally two years will be fine if the credit issue has since been cleared up by dropping off five years after being added, or having the default or Judgment removed. If you'd like more information about removing a default or Judgment, feel free to call my offices for a chat. The number is 1300 667 218.
If you're not sure about your credit score now, pop on over to https://lph.la/SIU7 to get a free list of where to get up to 5 free credit reports in Australia and New Zealand.
It depends what the default was. If it was a finance company you will need a good explanation and you will still be affected by your credit report. If it was a utility or telco and you paid it off, you have mainstream options available.
If you would like to discuss, please give me a call anytime 0435.474.498
It all depends on the nature of the default, if it has been paid and the amount. Preferably the default should have been removed from your credit file; either by a reputable Credit Repair company or by naturally dropping off your file after 5 years have elapsed.
Happy to discuss with you if required. You can contact me on 0414 727 308 to arrange a credit check.
South West Lending Solutions
Good on you for moving down the path with pepper and reconciling your credit situation. It’s actually quite timely given most lenders are now moving down the path of positive credit reporting and your contact on your paper loan will go along way towards assisting you achieve a better outcome, financially, and lenderwise.
You may be aware that positive credit reporting will come into play by July this year so many lenders will be looking at your conduct of your facility and providing a rating on your timeliness of payment and enable them to assess you are a good client that they should do more business with.
As a guide, I have been successful in obtaining clients,who have had previous blemishes on their credit file, rates as low as 3.79%
A really good starting point for you would be to et a copy of your credit file & share it with an experienced broker so they can let you know what options may be available for you.
You can get your credit file from mycreditfile.com.au
I trust this provides some clarity around your question - yes, you can do better than that rate.