Could your Credit File be Affecting your ability to get Finance for your Next Property?

Could your Credit File be Affecting your ability to get Finance for your Next Property?

One way that that lenders assess your loan application is by examining your credit file or credit score.  Many people are not sure what this is.  Every time you make an application for credit, say for a credit card or a loan, or default on payments a note is made in your credit file.  When a potential lender reviews your file, they assess the information it contains.  You can find your credit score here.

There are many things you can do to keep your credit sore healthy:

1. Pay your bills on time

2. Make all loan repayments on time

3. Limit debts, such as credit card limits

4. Make as few applications for credit as possible, and be reasonably sure that any applications made will be approved

A stable income, high credit score and the correct choice of property will assist banks to assess your credit rating favourably.

Melissa Maimann is a Licensed Real Estate Agent and Buyer's Agent in Sydney. She assists home owners and investors alike with a responsive, accurate and affordable service that empowers property buyers to make informed purchase decisions. Melissa's service is diligent, efficient and accurate. If you need expert knowledge and advice for your next purchase, don't hesitate to make contact.