Finance advice
Otto Dargan

New credit scoring system will catch out investors

By Otto Dargan

In March 2014 your credit file will include more information. What can you do to make sure you can still qualify for a mortgage?

Blogger: Otto Dargan, director, homeloanexperts.com.au 

A long time ago banks were reluctant to lend to people that they didn’t know. I mean, would you lend $500,000 to a stranger?

If you weren’t an existing customer of a bank they simply weren’t interested as they didn’t have the information they needed to make an accurate decision.

In modern times we all have a credit file which records the loans we have applied for and also if we have had any serious problems with repaying those debts.

Unlike in other countries, such as the USA, our credit files held by Veda Advantage don’t have any positive information. We only have negative information recorded such as being over 60 days late with a debt (known as a default), court judgements and bankruptcy history.

This is all about to change!

What does Veda Advantage now know about you?

The banks have already begun sending more information to Veda Advantage showing if you were on time with your repayments each and every month.

In the past if you were late every month, yet kept in contact with the bank and worked with them, then you may not have a default recorded on your file for a very long time. I have seen a client who was behind for over two years without a default ever being noted on his file!

In March 2014 Veda will begin including this repayment information in your credit file. Banks will not just see payment defaults, they will also see the repayment history for the last two years for all of your mortgages, personal loans, credit cards and some other types of credit.

This means that banks will know as much about you as they would for an existing customer.

How will investors be affected?

If you are well behaved and make every payment on time then this will be fantastic news! Your credit score will increase significantly. Your credit score is an automatic score given to your loan application when it is assessed by a bank, so your loan is more likely to be approved.

If you occasionally miss payments or are late then you will see a drop in your score. Banks will be able to see periods of hardship in the last two years or if you are a little slack with your payments.

They will also know exactly which debts you have. Some investors try to hide debts from their bank to increase their borrowing power. The banks are already very good at detecting this, however in the future they are going to know exactly which debts you have.

The good news is that some banks may no longer need statements for each of your debts when applying for a mortgage. If they can see your repayment history on your credit file then there is less of a need to see a statement. That’s great for anyone who has built a sizeable investment property portfolio.

What if you have defaults on your credit file already? If you have made all of your payments on time in the last two years then this may be great evidence that you had a problem in the past, yet you are now on your feet and you are a good borrower. It is possible that banks will be more likely to help you after this change.

Ultimately banks are going to rely more on credit scoring, and less on common sense and lending guidelines to assess loans.

What do you need to do to prepare?
To make sure that you are a winner from this change, take the following steps:
•    Make every repayment on time, every time
•    Set up direct debits for all of your debts and bill
•    Keep money on standby so you don’t miss payments when life throws you a curveball
•    Don’t apply for credit if you don’t need it (e.g. store cards / credit cards)

If you are concerned about your credit file you can ask your mortgage broker or you can obtain a copy from Veda Advantage. If you want to see how they have scored your file (known as VedaScore) then you will need to use their paid service.

 

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About the Blogger

Otto Dargan

Otto Dargan

Otto Dargan is a two-time winner of St George Bank's 'Australia’s Brightest Broker' competition and the managing director of specialist mortgage broker homeloanexperts.com.au

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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