The positive side of credit reporting

If you are over 18 and have ever applied for any form of credit then you have a credit record. This can occur seamlessly and without you realizing it. Your credit record may be of little interest to you until you decide to apply for some form of finance. Worse still, you may be in the …

A loan guarantor will not solve all borrowing problems

It is true that often borrowers are able to breach the gap between their borrowing needs and the loan qualification criteria of lenders, by using a loan guarantor. However guarantors can only be helpful in some borrowing situations, while in others they can either add nothing to a transaction, or perhaps not even be allowed to …

Credit repair is not what it seems to be

Given the intense regulation of all financial product marketing in Australia I continue to be surprised at what “is allowed” when it comes to promoting credit repair services. Advertisements promise to wash away your bad credit, creating the impression that all you need is to take up the offered service and your bad credit will be …

Do’s and Don’ts of borrowing

Unfortunately not having an adequate understanding of the Australian credit system and the basic mistakes that can easily be made by the unwary, has led many individuals down the path of excessive, unaffordable debts, and impaired credit history. This information is not really taught in schools. Those of us whole parents are good financial managers will …

Credit options after bankruptcy

We often speak to individuals who have recently been discharged from bankruptcy and who are looking to borrow some money either in the way of an unsecured personal loan, a car loan or a home loan. Unfortunately your bad credit stays with you even beyond bankruptcy discharge and will affect your ability to borrow for …

Borrowing while in a debt agreement

We regularly hear from people who are in an undischarged debt agreement and would like to gain access to some unsecured finance. Although a debt agreement goes a long way in assisting individuals to bring under control unaffordable unsecured debts, it can prevent you from being able to qualify for any finance before the agreement …

Bad credit vs Repayment history indicators

It will not come as a surprise to any reader that borrowers with a history of bad credit may have a difficult time qualifying for any form of finance and may have to pay a higher rate of interest should they find a lendr who is prepared to approve their loan application. In March 2014 …

What does it take to qualify for finance

I am convinced that for many Australians finance is a complete mistery. They see some adds on television, hear satisfied borrowers on the radio, and they too start believing in the impossible. Reality is of-course very different. Finance is not a hit-and-miss game where you simply keep applying until you find the lender who will …

Incompatible mortgage circumstances

Home loan applicants need to understand that there are certain personal and financial circumstances that are incompatible when applying for a mortgage and can result in an application decline. While borrowers can often qualify for a mortgage without a saved deposit, with some bad credit history, without full financials, and even straight out of bankruptcy …