Waiting for a favourable, buyers’ market to buy a home is a frugal idea to be sure, but don’t waste time when the market goes that way. The swing of the market from buyers to owners revolves quickly with some specialists predicting a 60 percent residential property increase between 2009 and 2014. Best start planning now for your
home loan.
The new National Credit Act allows consumers to obtain a free copy of the credit report. When applying for a home loan, your financier will first check your credit history and rating before considering whether or not to give you a lone, never mind how much. This is the main factor in deciding whether or not to grant you credit, so best you check it before the bank does.
The credit rating will determine whether there are any outstanding credit payments, or items that adversely affect your risk as a debtor. Check whether there are any incorrect amounts, blacklistings or out-of-date records listed. If anything needs to be amended, contact the credit bureau with documentation to support your claims.
If they respond in an unreasonable manner, you can approach the credit ombudsman for mediation. This process may take a long time, so spend your time waiting for the market to change by getting your credit listing up to date. The market is already starting to swing towards the owner.