Home News Changes to Credit Reporting System

Changes to Credit Reporting System

Font size :
Q. I have heard that there are going to be some changes to the credit report system and was wondering what information the lenders will be able to see when I apply for a home loan?


A.  The Australian credit reporting system will be changing on March 12, 2014. At the moment, Australia operates under a negative credit reporting system, which means that credit providers can only see defaults and credit enquiries. However, once this change comes into effect, they will be able to see a lot more information on your credit report. Besides defaults and credit enquiries, lenders will also  have access to the past 24 months of your repayment history. This means they will be able to see when you made repayments on your bills and if they were on time or late.

If you have missed a repayment deadline multiple times, it could affect your chances of obtaining a home loan. Lenders want to be able to see that you can handle ongoing repayments.
 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Why choosing the right mortgage is hard for first-home buyers Why choosing the right mortgage is hard for first-home buyers

Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates ... Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

More mortgage news and articles

Sponsored Links

Monday, Jul 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords