Do you know what your ‘financial footprint’ looks like? 



Whether you want to or not, at some point you will need to borrow money from a bank. It may be to buy a car, a home, an investment property or share portfolio, but no matter what it is, there's a fundamental question you must ask yourself!

"Is this something that will bring me a happy, prosperous future or will I end up struggling along financially through life?"

As soon as you start making financial decisions, your actions today are moulding your financial footprint, so what can you do to create a better future?


Understanding Your Credit Rating

With more than 70% of Australian's owning a credit card, it's very likely that you have a credit history and credit rating! Improving your credit rating can lead to lower interest rates, meaning more manageable repayments each month and a lighter financial footprint. So, what can you do to change and improve your credit rating to create a better financial footprint and therefore a better financial future?

The system of credit ratings in Australia is changing and will either be a great help or horrible hindrance, depending on your existing ‘financial footprint’.

For example, if you've had a credit card or a loan and always made your repayments on time, your individual record will now begin to show this.  Equally, for those who haven't always made payments on time, there is a record of this too.

In the past, while your bank had all the records on your repayment record for your mortgage, credit card and personal loan, this information wasn't shared with other banks.  So, if you had great record of repayments with Bank A, Bank B could not check this and give you preferential pricing on your new loan. So, why is this important to you? Well, a good credit rating can now help you to obtain a better interest rate which in turn means that to repay the loan, you actually pay back less money. Sounds like a better deal doesn't it.

The changes that are now being shared are part of a new system called Comprehensive Credit Reporting. In addition to lenders knowing more about your past, they will also be using this information to determine your future interest rate.

Sounds good?

If you are curious to understand what your current ‘financial footprint’ looks like and how this can be improved, simply apply online, pick a time for us to call and let’s get started. The road to financial benefit is waiting for you. You just need to take the first step.

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