When applying for financing to purchase a property, there are many things that can affect your ability to gain credit. If you fall behind in payments in certain areas you may find yourself unable to procure the loan you wanted. However, this isn’t the end of the world – businesses like Redrock offer a range of bad credit mortgages that enable you to get onto the property ladder even with a credit score that is less than ideal.
In the build-up to applying for a mortgage, here are three common household payments to keep an eye on to gauge your credit health.
Any Australian will tell you that the cost of living is a major impost on their day to day life, and power bills are a large part of this. Between peak usage and poles and wires costs, there can be a lot of additions to bills throughout the year.
Professional services group Ernst & Young noted that one in three Australians missed an electricity payment in the past year – anyone in this group could find working with Redrock’s mortgages a very viable option.
Credit card payments
Whether for shopping, a holiday, or perhaps even to cover other payments, many Australians use a credit card. Previous Roy Morgan research showed there was a total of 10.2 million credit cards on issue in Australia! Getting behind on these payments can lead to bad credit as well – be sure to check up on your financial health.
Mobile phone plans
Roy Morgan also said earlier this year that there were 16 million consumer mobile phones in the country. With this level of activity, phone bills are another payment to stay on top of lest you fall into debt!
Even if you find yourself behind on these plans, a low documentation or bad credit mortgage can help you buy property. Speak to a Redrock broker for more information!