It is a challenge for everyone to acquire the most important necessities like shelter without having to rely on financial assistance programs like loans. Acquiring the loan is one thing, but paying it back is another different matter. This is because mortgage loans take a long time to process and an even longer time to pay back, assuming you settled for a long-term monthly payment scheme. If it is your first time to apply for a loan, or if it is your first time to be in debt to a bank or agency, you may want to pay attention to these few tips.
First, you need to get your credit report. If you are from Australia, you can get your credit report Australia from your government or from any credit report agencies. This will show how credit-worthy you are in the eyes of the creditor. Second, be sure to pay your monthly dues on time. This also applies to utility bills, like water and electricity, as it may reflect on your credit history. Third, do not close any existing bank accounts that you have, regardless if it is a savings or checking account. Closing accounts will cause your credit score to plummet, so be sure to keep them open even if they are no longer used.