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How Having A Good Credit Score Can Affect Your Home Loan

Larni Spillsbury-Vatselia is a credit repair expert and Director of Wipe Credit Clean, a company focused on assisting people to repair or improve their credit score.

Today, you’ll hear about all things credit scores. A topic that’s not often discussed but one that can have an important role in your ability to get your home loan. We’ll explore what a credit score is, why your credit score is so important and what to do if you have a bad credit score.

Episode Outline
00:00Disclaimer 00:14Introduction 01:38Getting to know Larni Spilsbury-Vatselia 02:19What is credit score? 02:45What is a good, average, and poor credit score? 03:12Reasons why a credit score can be low 04:33What is an enquiry? 06:22Equifax and other credit reporting bodies in Australia 06:51What is a default and hoes does it impact your credit file? 08:50Can defaults be removed? 10:52What is repayment history? 12:09Why is a credit score important? 12:32How do you check your credit score? 14:27How long does a default last on a credit file? 15:28Can repayment history be removed from the credit file? 16:03Does removing the default automatically increase one’s credit score? 16:41Tips for first home buyers on how to keep their credit score healthy 20:42When to apply for a credit report? 21:11Case study of a first home buyer with a bad credit score 24:41Are there people who do not have an available credit report? 26:25Top 3 tips for first home buyers when it comes to their credit score 27:23Get in touch with Larni Spilsbury-Vatselia

Show Notes

As a mortgage broker and having spent lots of time talking to first home buyers, one of their biggest worries on top of savings is their credit score. On the other hand, a considerable percentage of homebuyers are unaware of what a credit score is and how it impacts their home loan.

That is why we are so very lucky to have Larni Spilsbury-Vatselia in today’s podcast episode to explain to our listeners out there the important things that we all need to know about credit score. Larni is the Director of Wipe Credit Clean, a specialist when it comes to credit restoration. Wipe Credit Clean has one of the highest removal rates in the industry and receives referrals from reputable and trusted brokers, banks, insurance companies, builders, property developers, real estate, business owners, accountants, lawyers, etc.

Larni tells us in this episode that having bad credit is not a dead end. You can still get funding from a lender, but only if you are willing to take steps like having a financial check, fixing and organising how you spend and pay your financial obligations, carefully reviewing your credit file with a credit restoration specialist or a financial advisor, and effectively disputing defaults if needed.

But responsible spending and smart money management top all these, of course. You would be able to avoid a bad credit score if you are only spending what you can afford, if you are diligently paying your bills before they are due, if you are not making rash decisions when it comes to purchases and loans, or if you work hand in hand with your billers in situations when you think you cannot make the next payment.

To check your credit score, Larni recommends that you visit these 3 top websites:

I am sure that first home buyers and others seeking to borrow for their next home or investment will pick up a lot of helpful information from this episode. For questions that you might have regarding credit restoration, feel free to get in touch with Larni and Wipe Credit Clean using the contact details listed below. Make sure to visit their website to know more about their services.

Lastly, this episode of The Home Run Podcast was produced by Lendstreet Mortgage Brokers. They specialise in home loans, and they have a wide range of first home loan success stories in their portfolio. If you are planning to apply for a loan for your dream home, they might be able to help. Get started by clicking this link.

Get in touch with Larni Spilsbury-Vatselia

Director at Wipe Credit Clean
Phone: 07 5607 6745