Buying a House – Your Credit File

Your credit file will be accessed in order to assess your application for a home loan. Both your Australian and New Zealand credit files will be checked. If you have any debts, both in Australia and New Zealand, there is a good chance that your lender will find out about them. You should obtain both your VEDA Advantage Australia and VEDA Advantage New Zealand credit files prior to applying for a home loan if you are unsure of your credit standing.

Every time a lender accesses your credit file it affects your rating so don’t keep applying for loans if you are denied one or apply for multiple loans at the same time. If you are using a mortgage broker ensure that they DO NOT apply to multiple lenders at the same time. If you are denied the loan from one lender you should look at your loan application and consider what information contained in it might be affecting your ability to borrow. Sometimes it can just be a matter of waiting a few weeks. The banks and mortgage insurers are very wary if there are black marks or too many credit enquiries on your credit file.