INTEREST RATE HIKES
1
property market . Three steps that can fast-track you to ensure that get an approval :
Check your Credit Score
A credit score is used to determine your creditworthiness , says Dyer . Factors such as your credit history , the types of loans that you have taken out , the total debt owed and how well you pay your bills all culminate in one score that the banks use to determine whether you are a financial risk and whether to grant you a mortgage or not .
2
Banks will consider a credit score of 610 to 649 to be fair , with 650 to 699 deemed as good ; 700 to 749 deemed as very good and
750-plus is deemed excellent .
In cases where your credit score is too low , Dyer adds that you can take steps to bolster it and check it again in three months ’ time . Avenues that one can take include paying your debt back on time each month , reducing the amount of credit cards and store accounts linked to your name and re-prioritising your spending .
Understand your Affordability
Use an wealth affordability
SA Real Estate Investor Magazine JUNE / JULY 2023 66