In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Credit Check
A broker and lender will complete a credit check on each applicant. Your credit score is based on personal and financial information about you that's kept in your credit report. This check produces a credit score and contains information about existing and past repayments and types of loans and other liabilities the applicant has.
credit score is calculated based on what's in your credit report. For example:
- the amount of money you’ve borrowed
- the number of credit applications you’ve made
- whether you pay on time
Depending on the credit reporting agency, your score will be between zero and either 1,000 or 1,200.
A higher score means the lender will consider you less risky. This could mean getting a better deal and saving money.
A lower score will affect your ability to get a loan or credit.
Australian lenders reject roughly half of all home loan applications. If you are among the 50%, this rejection not only lowers your credit score but also has an impact on future home loan applications. Understanding the eligibility criteria for mortgage approval before applying for a home loan will increase the likelihood of your application being approved.
Everyone is entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus by visiting www.annualcreditreport.com.
