Fixon Homes

4 Things to Do to Improve Your Credit Score

If you’re setting the goal of purchasing a home in the coming year, it might be time to start getting your financials in order ahead of time.

One of the most important and often overlooked steps is to make sure you have a solid credit score. A credit score is a number that represents how you’ve managed debt in the past.

Every time you apply for credit it impacts your credit score, however, when you do things right – like pay your bills on time – it helps lift your rating.

Lenders will automatically decline borrowers who don’t meet their criteria for what they consider to be an acceptable credit score. This is why it’s important to get that side of your money management in order, well before applying for a home loan or even seeking a pre-approval.

Here’s some things you can do.

4 Things to Do to Improve Your Credit Score

Get Your Credit Report

 

In Australia, it’s possible to get a copy of your credit report and assess your rating. It’s free to do and there are a number of agencies that you can get the information through.

Once you have it, you need to check that there are no errors. That might be things like bills that you paid but aren’t reflected accurately in your credit report.

These mistakes will weigh down your credit score and could impact your ability to find a lender.

 

Make Sure Everything is Paid

 

If you have any outstanding bills, it’s important to take care of those debts straight away. Lenders can default loans on payments of $150 or more that are more than 60 days overdue.

The sooner you can tidy up anything that you owe, the faster you can start improving your score.

 

Pay Your Bills Early

 

The data credit agencies have on you is very detailed and they can tell not just if you pay your bills, but when you typically pay them too.

If you’re always a few days late, this will be reflected in your credit score. When you’re trying to repair your credit, you should get into the habit of paying your bills the moment they are received.

Even if you pay them on the due date, they will normally end up taking a few days to process through the various payment platforms, which means you are effectively still making late payments.

 

Be Mindful of Debt

 

Every time you apply for any form of credit, your credit score drops. All those seemingly small purchases that you make using credit can eventually impact you in a negative manner.

The same thing applies when you want to get a home loan. If you apply to multiple lenders and keep getting rejected, it will not reflect favourably on your credit report.

That is why it’s always best to work with a mortgage broker who can independently assess your credit report and compare the most suitable lenders for your personal situation. Brokers will also look at other options to improve your financial position with processes such as debt consolidation.

By |February 5, 2022|Categories: Fixon Homes|Tags: |0 Comments

Prime Rents Surge Across the Country

Prime industrial rents surged by double digits in most capital city markets in 2021 as tenants were pushed to compete for the small amount of available space on the market.

According to JLL, the highest prime effective rental increases occurred in Perth (up 14.6 percent), Melbourne (14 percent) and Adelaide (13 percent) over 2021.

In the secondary market, effective rents rose 16 percent in Brisbane and Melbourne and 10 percent in Sydney.

Prime Rents Surge Across the Country

Around the country, a record 4.4 million square metres of warehouse space was taken up in 2021. This is a 52 percent rise on the 2.9 million square metres taken up in 2020.

The data from JLL shows that prime industrial rents increased by more than 10 percent in most capital city markets, fuelled by the acceleration of online retailing and supply chain disruptions.

JLL believe the completion of 1.3 million square metres of new logistics facilities in the next six months will ease pressure on companies needing warehouse space and create a more normalised rental market. Two-thirds of this new supply is already accounted for in leasing pre-commitments.

Fourth-quarter 2021 figures from JLL show 877,200 square metres of space was leased over the last three months of the year. The majority of this activity was in Melbourne (39 per cent) and Sydney (33 percent).

Last year, JLL says 1.47 million square metres of new space was developed nationally, which was in line with the 10-year annual average. The full-year gross take-up total (4.4 million square metres) was 82 percent higher than the long-term annual average.

JLL still expects above-average growth in the major markets in 2022 with many owner-occupiers requiring immediate access to more space.

By |February 5, 2022|Categories: Fixon Homes|Tags: |0 Comments

Housing values end the year 22.1% higher

House prices across Australia have had an outstanding 12 months and have finished the year 22.1% higher according to the latest data from CoreLogic.

Housing values end the year 22.1% higher

In the past 12 months, Hobart was the best-performed capital city housing market in the country, gaining in value by 28.1%.

 

Brisbane and Sydney dwelling values increased by 27.4% and 25.3% respectively.

 

Regional Australia also had an excellent 12 months, outpacing the capital cities and increasing in value by 25.9%.

By |January 18, 2022|Categories: Fixon Homes, Property|Tags: |0 Comments
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