Finance advice
Warren Dworcan

New comprehensive credit reporting: What it means for you

By Warren Dworcan

Australia changed to a new Comprehensive Credit Reporting system on March 12 this year. There will be some significant changes which will impact the home loan process. By understanding the reforms early you can improve your chances of getting a better mortgage.

Blogger: Warren Dworcan, managing director, Rate Detective Finance

Australia previously operated under a negative credit reporting system, which means that only credit enquiries and credit infringements are recorded. Basically meaning only “bad” information about the person are recorded. This has made it difficult to assess the risk of borrowers with good histories, as a minor infringement, such as a single missed telephone bill years ago, could result in a higher risk rating than they deserve.

The new reforms will result in Australia moving to a positive system, called Comprehensive Credit Reporting. Lenders will be able to see your payment history on all your open accounts including rent, mobile phone, energy and water bills, credit card payments, personal loan, mortgage repayments and so on. This gives them a much clearer picture of the borrower to reduce their risk of you defaulting. In the long run this should result in lower interest rates for everyone.

Credit providers will also be able to review your repayment history from December 2012. So this change is of greatest benefit to those borrowers who have a good record as lenders will now be able to see that they are not a risk. Although more information will be collected the result will be that people can establish a positive credit rating quickly and show that they have recovered from negative events. Hopefully, another benefit of the change is that it should encourage households to keep track of their finances and budget better, while also preventing borrowers from over extending themselves.

If you haven’t done so already, it is important you get your finances in order. The sooner you do so the better to take full advantage of the reform and get a loan application accepted.

Our tips to help manage your credit rating:
-    Make a budget and note key repayment dates
-    Pay all repayments and bills on time
-    Use your banks automatic payment system to pay bills where possible
-    Get a copy of your credit report
-    Cancel any accounts you do not use

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About the Blogger

Warren Dworcan

Warren Dworcan

Warren Dworcan is the Managing Director of Rate Detective Finance, which provides information to consumers about home loans, credit cards, personal loans and personal insurance.

Successfully assisting thousands of Australians with loan enquiries in excess of more than $1 billion, Warren alongside his highly qualified and dedicated staff are equipped to deal with all aspects and complexities associated with the mortgage market.

Over the last two years Warren has been dedicated to growing the business into becoming one of the leading independent brokerages in Australia.

Recently recognised as one of the top brokers in Australia, Warren was awarded the coveted Australian Broker of the Year award in both 2012 and 2013 at the Australian Broking Awards in Sydney.

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!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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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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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

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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!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

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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