Credit checks

When you apply for a home loan the lender will check your credit rating. This gives them an idea of what type of borrower you are. Have you ever defaulted on a loan or been late in making a repayment? If you have and it happened less than five years ago, you might have a black mark against your name when it comes to your credit worthiness.

The key credit rating agency in Australia, Credit Advantage, will have this information on record (assuming the loan company reported it). It's a good idea to check your credit rating before you apply for mortgage finance, if have a less than healthy credit rating be upfront about it with your potential mortgage lender, they will appreciate it and you will appear responsible. Obtaining your personal credit record is free, although if you want it within 24 hours it will cost $17.60.

Visit Credit Advantage to obtain your credit record.