Lenders Mortgage Insurance is a one-off payment that is usually payable by a borrower who does not have a 20% deposit. There are some variations to this but these are rare. The only benefit of Mortgage Insurance to a borrower is that it allows people who do not have 20% savings to buy whereas years ago, you had to have a 20% deposit. Not so now. But most importantly, Mortgage Insurance is not mortgage protection insurance. It does not provide any benefit to the borrower and is only there to protect the lender if the borrower defaults on their loan.

There are many factors that affect your ability to get a Home Loan with one of these being the dreaded credit card. Back in the olden days, most lenders took the overall credit limit of your cards and took 3% of the limit and treated this as a monthly commitment that you must cover. So a $20,000 credit limit means that you are treated as having a monthly commitment of $600 – regardless of whether you actually owe any money on the card! The only shining light was that some lenders actually ignored the credit card if you paid it

Comprehensive Credit Reporting It’s not wise to be even one day late with your repayments – even more so now! If you’re of the opinion that it’s OK to be a few days late with your loan or credit card payments because no one is on your back about it, then it is time to rethink. Before March 2014, credit reporting content consisted of ‘negative’ information about a customer’s credit history. It would basically show credit applications made, loan defaults, bankruptcy, court orders and judgements but did not contain any positive information for borrowers who were managing their credit well.