Banks profile you
Did you know that the banks profile you according to your spending habits every time you swipe your credit card? Even mentioning that you’re pregnant can result in it being recorded on your file!
It may sound crazy but seemingly little things can and will affect your chances of getting approved for a home loan!
They record your history
Your bank also keeps a record of your history with them. This means that even if you missed a payment ages ago and it is not on your credit file any more, the bank will still remember this and include it when assessing your loan application.
Your neighbours’ history too?!
The banks even look at your neighbours’ history when assessing you and will treat you similarly. That means that if your neighbours have been unreliable customers, you should expect to get treated in similar manner by the banks. This may seem like an insane amount of tracking but – wait for it – they even track the frequency of your ATM withdrawals!
What should you do?
With the banks spending so much time profiling you, how can you hope to get a home loan?
Well, the best way to increase your chances of getting approved is to find out your credit score. This will give you an idea of where you stand with the banks and exactly what they will take an issue with.
Get the experts on your side
Our mortgage brokers are credit experts and we know how to best present your situation to the lenders. Call us on 1300 889 743 or enquire online and we can help you with your home loan.