Finance advice

How your Credit History Affects Your Mortgage Application

By Neil Carstairs

When assessing your mortgage application, lenders decide whether or not and how much to lend you based on many factors including:

SPONSORED BY Blogger: Neil Carstairs, Director & Senior Lending Specialist, Mortgage Corp 

  • your income including bonuses, allowances, rental income, etc.
  • your employment history
  • how many places you have lived in the last few years
  • your savings history
  • your loan repayment history
  • your credit history and credit score

In this post I will explain what lenders can see about your credit history and how to make sure your credit history isn’t getting in the way of getting that property of your dream.

 

What is a credit report and a credit score?

A credit report/ credit file (or credit history report) provides a snapshot of your borrowing history. Every time you apply for a credit card, loan or mortgage payment, information about these repayments is stored as part of your credit history.

The information in your credit report is used to work out your credit score (or credit rating).  Your credit score is ranked anywhere from 0 to 1200 – with 0 being the worst, and 1200 being excellent.  This score essentially ranks your credit history against other Australians.

 

How do lenders access your credit history?

The two main reporting agencies that lenders in Australia use for credit reporting services are Veda and Dun & Bradstreet (DnB).  These agencies collect data from many sources including all types of lenders, telco’s (phone contracts are a form of credit) and debt collection services.

A credit report can only be accessed with your permission through signing a privacy request form with a lender.  Alternatively, you can contact a credit reporting agency directly to obtain the report.

 

What lenders can see about your financial history

  • How many applications for credit you have made
  • How much credit you have applied for
  • Who you applied for finance with
  • When you applied for finance
  • Information you declared at the time of making a credit application e.g. your employment details, income and where you live
  • Any bad credit notes or defaults
  • Your credit score

 

How to make sure your credit history is clean

We always recommend clients subscribe to a credit file or identity monitoring service such as Veda Access or Identity Watch.  This costs around $100 per year but gives you peace of mind that your credit history isn’t reflecting something that it shouldn’t.

In the off-chance you are notified of a change being made without your knowledge, you can promptly take action to fix the mistake rather than being surprised when your loan application is rejected!

Also, always be careful of companies offering FREE credit checks or credit scores as you don’t know who you are giving your personal information to.  We would generally recommend dealing only with Veda and DnB to access your credit file.

It’s also important not to take a ‘scattergun’ approach when applying for loans as this can impact your chances of success.  For example, don’t go to three banks within three weeks and hope someone gives you a loan – all of your applications will be visible to each bank!

A good mortgage broker will do the hard work first and single out the most suitable option before applying for finance, to maximise your chances of approval based on the correct info you provide at your appointment. 

 

Does having a bad credit rating mean you can’t get finance?

Answer: not always!

We deal with lenders who specialise in this area, and whilst the rates and fees might be a little higher, this may be the best option for you.

 

There are a number of companies out there which offer services to clean up a bad credit file – BE VERY WARY OF THEM!  These companies will often charge excessive fees and not guarantee any results.  In many cases, it’s more worthwhile speaking to a good broker/lawyer first.

Your Credit file is essentially a snapshot of you and your position financially therefore protect it and get good advice from a reputable mortgage broker when applying for finance, this will save you any hassles and make the process smooth.

An experienced mortgage broker like Mortgage Corp can help guide you towards the next steps of either cleaning up your credit history or finding a suitable lender for your circumstances.

 

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If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

" ["fulltext"]=> string(2718) "

Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

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:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment
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Jillian Stewart's investment journey began in 2009 with a property loan being used for anything but - and the purchase of half a house. And while she claims to have done everything wrong along the way, her current portfolio boasting 15 (and a half) properties, suggests otherwise.

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On this episode of the Smart Property Investment Show, Jillian joins host Phil Tarrant to unpack her portfolio and explain the reasoning behind her investment decisions. She discusses her plan to purchase through the company and reveals the link between her properties, earth moving and cotton farming.

One of Jillian's daughters joins in briefly to discuss the value in educating children about money, and how another is just about ready to purchase her first property - while still at school! They also reveal how Jillian encourages her children to grow wealth in a move that many kids might not be too happy about.

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:

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AREAS MENTIONED:

Moree
Inverell
Walgett
Come By Chance
Sydney
Stuarts Point
Kempsey
Northam
H
exham
Hervey Bay
Craignish
Nurrumba
Dysart
Inverell
Tannum Sands
Mackay
B
oomi
Goondiwindi
Deception Bay

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Half a house to more than 15 in 8 years
object(stdClass)#1205 (52) {
  ["id"]=>
  string(5) "18251"
  ["title"]=>
  string(58) "Where the major off-the-plan hotspots are around Australia"
  ["alias"]=>
  string(58) "where-the-major-off-the-plan-hotspots-are-around-australia"
  ["introtext"]=>
  string(231) "

Buying off-the-plan can be lucrative in the long run, if you can get over the risk factor. If you want to minimise the risk and maximise your chances at profitability, these suburbs might be just what you’re looking for.

" ["fulltext"]=> string(3007) "

Outlined in The Australian Off The Plan Sentiment Report, published by Investorist, Domain’s data scientist Dr Nicola Powell has outlined where in major markets investors should focus their efforts when purchasing property off-the-plan:

Sydney

The south-west region of Sydney has seen an increase of interest in new developments, with Leppington, Austral and Edmondson Park, as well as Marsden Park, which all offer the widest variety of developments available to buy into, according to Domain data.

Sydney was also the most popular capital city for off-the-plan interest, with Domain recording over 2 million views for the property type.

Brisbane

The increased number of new developments has impacted on price growth in the unit market with supply stronger than demand, yet off-the-plan listing prices remain higher than listing prices for all new developments.

The full extent of the market however is yet to be seen, as it is adjusting with the fall of new development commencements and completed developments slide from the peak. Boutique developments in the inner city, targeted towards owner-occupiers, have the potential to show signs of improvement amid underperforming inner city Brisbane units.

Canberra

The key area in all of Canberra is Gungahlin, which according to Dr Powell contains numerous opportunities for buyers, as the area has seen a “significant transformation”.

Gungahlin currently is Canberra’s fastest growing area, seeing its population double in the last 10 years, there is a light rail project under construction and the first commonwealth government agency is scheduled to relocate to the area. Moncrieff is the most popular Gungahlin suburb, with the most development listings and views according to Domain data and has continued to remain popular even with other developments undergoing construction in Throsby, Taylor and Kenny.

Melbourne

Out of all the property types, new house and land packages topped Domain’s list for Victoria in 2017 with 1.8 million views, showing there is high demand for them due to employment opportunities getting stronger and affordability hurdles getting lower. There is also a solid chance for growth, as the strong demand saw prices for new house and land packages rise over 2017.

West Melbourne was the most popular region for off-the-plan supply and demand with the most listings and views, with popular suburbs including Tarneit, Werribee and Rockbank.

Perth

Demand for new house and land packages were proportionally high, making up 87.5 per cent of all listing views, with the majority of listings stemming from south-west and south-east regions of Perth, with the suburbs Baldivis, Piara Waters, Wellard and Hilbert ranking at the top.

There was also strong demand for listings in the north, which include the north-east suburb of Morley and the north west suburb of Doubleview.

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Where the major off-the-plan hotspots are around Australia

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