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Check Your Credit Score and Borrow More - Part 11

Heidi Armstrong explains everything about your credit file and how it affects how much your lender will lend to you when shopping for a home loan.

By understanding how your credit file is created and updated, you can make sure you keep it looking good. Heidi also explains how a lender calculates your borrowing power.

The live session is divided into 11 videos, packed with information you need before applying for a home loan in Australia.

Part 11 of 11
Check your credit score and borrow more
Heidi Armstrong, Director of Operations, State Custodians
Heidi Armstrong:  You have to do, at the end of the day you have to do your research and you have to get the right advice from a lender.  This is my opinion.  You need to get an advice from the lender, who not just knows their own products and knows their own situation in the market, but also knows how they stack up to others.  One thing we do at State Custodians Mortgage Company is realise that people are coming to us, yes they want our product ideally because it’s really good, but they want a solution.  
They want the house and they are not going to forego the house, because they can’t get the loan with us, they want the house with us.  So what we do at State Custodians is, we will say, ‘yes look ideal situation because our loans are such a whole standard, then ideally if you can fit our loans, that’s great.”  But what we will say is, “you know the reality is you could borrow a lot more with Bank A, B, C or D.”  And we will let you know about that.
Because if you can go back to your credit report, if you come and you go to Bank A and get knocked back from Bank A and then go to Bank B and get knocked back from Bank B and it’s not till Bank D is the one with the right policy that’s aligned with your situation, you are having a credit hit every time, you go to a different bank.  That’s mortgage brokers serve a really great purpose.  Good mortgage brokers serve a really good purpose.  
Because you might not get approved when you  finally go to Bank D because of all the hits on your credit report leading up to that situation.  But if you go on to Bank D or non-bank D straightaway then different story.  They would be much more comfortable, they haven’t seen all those hits on your credit file, much more comfortable about giving you the loan because you do fit their policy.  
So you know definitely you want to talk a lender I believe that does understand their own situation, understands their own risks, but also understands that you need a solution and what your solution might be is not their solution.  Also on our website we have a lot of free tools.  The property report here we offer free.  
If you are looking at buying in a particular suburb, you can do this report online and it will show you all those properties that actually have sold in that area and it will also give you information about the median price, the demographics and so forth.  We have Loan Videos, My Blog, on my blog on what I speaking of this sort of information today and calculators and now Video Advice as well.  
Thank you very much for your time today.  I hope that’s been helpful.  Don’t hesitate to come over and say hi.  Thanks so much.

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