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Helping your mortgage chances

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There are many factors that can make you either attractive or unattractive to lenders when it comes to securing a loan.

Of course, most of us know to pay down debts and be careful with our credit card repayments, but there are still a few other little things you can avoid doing to help increase the likelihood of getting approval for a mortgage.

We’ve hashed them out here for you so you can make sure you don’t unintentionally harm your chances.

Not paying bills on time
Surely you know this already, but this one is a biggie – and can concern anything from a phone bill, energy bill or a tax bill. Play it safe and make sure all bills are paid off before the due date, or you could risk harming your credit score for up to five years. 

Not keeping on top of your credit card
Whether you use your credit card for small purchases or large, ensure you make your repayments on time. And try to pay the balance where possible.

Applying for credit multiple times
If you are refused a loan by one lender, your first instinct is naturally to apply elsewhere straight away. Or perhaps you are thinking of applying for loans at several different lenders at once – either of these plans is potentially damaging for your credit report, so just be aware that failed or incomplete applications for credit never look good on your record.
 
Neglecting your credit report
You can’t assume that your credit profile is just taking care of itself while you go about your business. There’s no need to go overboard and check it very regularly, but it’s worth having a look before you apply for a loan.

This can increase your confidence that you can successfully apply for a loan, and also make you aware of any potential problems with your credit report.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Will Keall

Will Keall, iMortgage’s general manager, has a wealth of marketing and business development experience gained in Australia and the United Kingdom. These include high level roles in a range of sectors such as financial services, insurance, travel and tourism, motoring and professional services.

Will played a pivotal role in the successful establishment of iMortgage. His dedication and passion for the mortgage industry have won Will the utmost respect as an integral part of the iMortgage brand.

A self confessed “numbers and brand geek”, Will calls himself a conservative investor with a long-term philosophy. He also believes it’s important to “love where you live.”

Will is a cricket and football tragic, who also enjoys running.

www.imortgage.com.au

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