Are you considering the purchase of a new home in Melbourne? Your credit history could affect your ability to get approved for the mortgage to buy the property. Those with strong credit and considerable cash reserves that they can use as a down payment have a higher likelihood of getting approved for a good mortgage. If you’re concerned about your eligibility to gain approval, consider the following questions:

1. Do you frequently pay your credit card and other bills late?

2. Do you have any substantial balances pending on your credit cards?

3. Have you ever fallen into default on a loan?

4. Do you have a fresh copy of your credit report from all of the credit reporting agencies, and can you find any black marks on your record?

5. Have you found your credit reports to be inaccurate? Perhaps you paid a certain bill, but the credit reporting agency has yet to update your report.

6. Do you have any large loans that will take a long time to pay off?

7. Have you frequently paid your rent late?

8. Have you ever been subjected to a property repossession?

9. Have you ever been subjected to a home foreclosure?

10. Has a creditor ever turned your debt over to a collection agency?

11. Did you ever fail to pay a court-ordered monetary judgment?

12. Have you ever filed for bankruptcy?

If you answered yes to any of the above questions, these issues could affect your ability to qualify for a home mortgage. Go through the list above and consider whether you can resolve the issue. Resolving the matter could help you tremendously in your quest to purchase a new home for your family.