Credit Report Veda
2010
Would a mortgage in NZ affect my loan application in Australia?
I have a mortgage in NZ that I have been paying for the past five years. I came to
Australia four years ago and have maintained a good credit report in Australia and NZ. I now wish to apply for a home loan in Australia, will my NZ mortgage affect my credit report?
1) I ask because my application for a home loan has been declined by the lenders mortgage insurance, They said that my credit report had problems.
2) I went to VEDA and got a credit report and found only an enquiry on the credit report. I am confused please advise.
****I was wondering if the NZ mortgage was being considered by the credit bureau, I am using a mortgage broker and I haven`t told him or the bank anything about the NZ mortgage.****
The best thing you can do, is be upfront with your lender. If they find out that you have lied on your application, why would they trust you with their money?
Because you have a commitment to pay the loan in NZ, that will affect what you can borrow in Australia. Are you receiving rental income for the NZ house, if so, that will help offset the debt and would increase your borrowing power. Additionally, if you have loan statements for that house, you can show these to the lender, to confirm that you meet your commitments and make your payments on time. The NZ house will also strengthen your personal balance sheet by showing an asset, offset by the loan.
Ask for clarification from the lender, regarding the lenders mortgage insurance being declined.
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