If you do not service your home loan regularly in the same way you service your car you could be missing out on thousands of dollars of savings.

By doing your research on what other offers exist, it could save you thousands of dollars to enjoy later in life, or at the very least, offer you peace of mind that your existing home loan is working well for you.

It’s surprising many people don’t even know the ‘basics’ of what is undoubtedly the largest financial transaction of their life. Small changes to interest rates and fees can make a huge difference.

Refinancing your more expensive home loan is often a very simple process and the thousands of dollars of potential savings are well worth the effort.
CHECK YOUR HOME LOAN CHECK LIST

Am I paying an unreasonably high interest rate?
Am I frustrated by inadequate service?
Does my loan give me the features I need?
Am I paying for features I don’t use?
Have my financial circumstances changed?

To make your life easier, we can assist by advising you on your borrowing capacity as well as your repayments. In addition to that, we can advise on other important cost involved such as Stamp duty, LMI, as well as any fees and charges applicable to various lenders.

Although basic calculators exist on various websites, we strongly advise that you contact us to assist you on this process. As we are the experts in this area, we’ll be able to advise your current situation from a credit assessor’s perspective. Using our specialised software, we’ll be able to determine not just the best rate, but other features which are most appropriate for your financial objective.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. We’ll be able to take the stress and legwork out of this process and get it done in the shortest amount of time possible. We’ll keep you updated throughout the entire process so that you can get on with your life, knowing that someone is looking after your best interest.

What is comprehensive credit reporting?

In recent years, we’ve seen big changes around what information is shared about your credit history thanks to Comprehensive Credit Reporting. It means positive information can now be used alongside negative information in your credit report, helping give lenders a more complete view of your credit history. This can potentially make it easier – or harder – to secure finance when you next apply for credit.

A credit report is a record of your credit history. It includes your credit score, which is a number that measures your attractiveness as a borrower. Lenders use your credit score when deciding whether to give you credit and in shaping your offer.

Comprehensive Credit Reporting (CCR) was introduced to help lenders make more informed decisions when assessing credit applications. It does this by allowing more comprehensive information to be shared about a potential borrower’s credit history.

Prior to CCR, Australia operated under a negative reporting system. This meant that credit reports were only based on negative data such as late or overdue payments, the number of credit enquiries, and defaults. Following the introduction of CCR, credit reports now also include positive data, such as repayment history. This has helped give lenders a more complete view of an individual’s creditworthiness.

Examples of positive data
Repayment history of accounts such as credit cards, loans, and bills
Types of credit accounts opened including Buy Now Pay Later products.
The name of the lender where you have applied for credit.
The dates you’ve applied for, opened, and closed credit accounts.
The current limits on your credit products.

The inclusion of positive data in your credit report may have a positive or negative influence on your credit score.

If you make repayments on time, limit applications for unsecured credit, and use reputable lenders, this is considered positive credit behaviour and may boost your credit score.

If you have a history of late payments, frequently rely on short-term loans, and have a high number of recent credit applications, this is considered negative behaviour and may drive down your credit score.

Your credit score will help determine two things:

Whether or not you will be approved for credit.

If you are approved, the rate and conditions that come with it.

This means if you’re planning to apply for credit, it could be worthwhile knowing what your credit score is and the key factors behind it – so you can take steps to improve it. This is where the Equifax new generation score can help.

If you’re concerned about your credit score and wish to obtain a copy prior to obtaining a loan, please give us a call

As a valued customer, we will provide you with a detailed, comprehensive guide which is absolutely free. The reports are generated by CoreLogic RP Data, the leading property data solution used by property professionals as well as the major lending institutions in Australia. With coverage of 98% of the Australian property market, this powerful property database will be invaluable whether you’re thinking of buying or selling your property, refinancing, or simply researching into a specific local area or address.

This comprehensive report will provide details of the following:

Valuation estimate and range
The property sale and rental history
Similar recently sold properties as well as current sales
Similar properties for available for rental
Insights into the local area.

With this powerful tool in hand, you’ll never want to make another decision on your property without consulting it.