Good Credit Rating = Good Mortgage Terms

November 07, 2017
Lisa Stromborg

Do you know your credit rating?  If you've never checked your credit score or read your credit report, I strongly urge you to do so.

The way it works: The higher your credit score, the easier it will be to qualify for a home loan, and the better the terms of the mortage will be.  If there are issues in your credit report, you can take steps to fix them before applying for a mortgage.  In many cases, minor credit problems can be cleared simply and easily.

Your credit history includes:

  • Credit application and enquiries made
  • Open credit accounts; including credit cards, personal & car loans
  • Overdue credit payments
  • Past bankruptcy information
  • Court judgements

Improving your credit rating starts with looking at your current financial situation and ways to improve it. Getting into a good credit position before you apply for a loan can help increase the likelihood of you getting approved.

You can improve your credit score by:

  • lowering your credit card limits
  • consolidating multiple personal loans and/or credit cards
  • limiting your credit enquiries
  • paying your rent and bills on time
  • paying your mortgage and other loans on time
  • paying your credit card off in full each month

A great place to start your credit rating research is ASIC's MoneySmart site.

As your Mortgage Choice broker, I can review your credit history and help you to establish a plan to improve your financial history. If you need any assistance in this matter please don’t hesitate to call us on 02 9653 9333, email: or click HERE to arrange a meeting.

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Posted in: Home loans

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