It’s handy to know that each time you submit a home loan application, the lender runs a credit check immediately – regardless of whether or not you’re applying with the same lender or another bank or financial institution.
So, with every application for credit being recorded on your credit file, numerous inquiries over the past six to 12 months can be detrimental to your chances of getting a loan. This is because when you do finally make a genuine application, lenders view excessive applications for credit as ‘shopping’ for credit, which can be regarded by the lender as ‘risky behavior’.
If you’re just curious about the potential savings or benefits of switching from one lender to another, you can easily make those inquiries with your mortgage broker at Joy Finance – and this is not recorded on your credit file.
Also, if you’re interested in learning more about what’s on your credit file and what this means to you when you do submit a loan application, your mortgage broker at Joy Finance will guide you where to go to obtain your credit history.
Joy Finance has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.joyfinance.com.au/calculators/