Deanna Ezzy - More than Mortgages - cindog media humanise business newsletter - February 2023
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Загружено: 2023-02-02
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Deanna Ezzy - More than Mortgages - cindog media humanise business newsletter - February 2023
Deanna - [email protected] / https://morethanmortgages.com.au/ / https://morethanmortgages.com.au/contact / 02 6188 4555
/This month we have a chat with Deanna Ezzy. She's the top 100 broker/nationally out of approximately 23,000 brokers for eight years in a row./She has twelve years in the industry. She's number one female broker in Canberra/for five years. Winner of 2022 Act Broker of the Year Specialist Finance/Group. Winner of 2021 best regional broker the Advisor better Business and winner/of 2019 BX Excellence, BX networking Australia. More than Mortgages is/the winner of the 2022 ACT Brokerage of the Year Specialist Finance Group./Started five years ago with a team of two. Now there's eleven in the/team and 98 five star Google reviews.////We're going to just go through some questions that customers might ask you when they come and approach you for a home loan or/investment loan or so forth. So what are some things that people need to be/aware of when getting a home loan?/There's so much that people don't know that I often say/really should probably be taught in schools. The first thing that comes to/mind is everyone has their own credit report. Probably 50% of people I speak/to don't even know this, and every time someone logs online and looks/at, enquires on a credit card, they tick a box. Those terms and conditions/that they've just agreed to, that they of course, haven't read, lodges an enquiry/on their credit report. As a result, if you do that too often, your/credit score will come down. And if it comes, if it falls below 650,/which is usually the cut off for most banks, their systems will just auto/decline a home loan so that most people have no idea. So, my first/conversation with people, I've already done a credit report on them. I/pull it up, I show them. Tell them if it's a great score, why/it's a great score, and what they've been doing to make it great. And/if it's a bit of a low score, I'll explain why and how they/can fix it. So there's just so much that's probably the first thing that/comes to mind./Just on that, just from personal experience and what you just said. And/I'm curious about this as well. There's a tool online, I think. It's called/Credit simple. So I just signed up and then./You can get your credit score./And I was just monitoring it. It went up, up, up, and then most/recently, I applied for a credit card. After about five years, I'm reconciling my/kind of, my connection with money and going, okay, credit is okay if you/manage it all right. And it chipped away a little bit. It was at/800 something, and it went down to, you know, just just above 800. Why/is that? Why does it go down when someone inquired about you./So typically an inquiry, whether you proceed or not with it, will show/up. And prior to about two years ago, there's a lot more information now/on a credit report than there ever has been before. But two plus years/ago, all you would see is the inquiry. So the bank never knew if/you were actually going ahead with it or not, so they assume, worst case/scenario. Yeah, you're going ahead with it. I think it's a weird one,/because if someone's got no credit history, they'll have a really low score,/typically. And so sometimes I'll say to people, especially first home buyers, if/they're young, they've never had any credit. I'll say, go and get a/really small credit card, like $500 limit, cut it up, put it in a/draw, or use it and pay it back on time. And what that will/do. Now, over the last sort of 24, maybe 36 months, there's what's called/comprehensive credit reporting. So for every credit facility that you've got/that's open, there's 24 months of history that shows. So it'll tell them each/month where the payments been made on time. You have to be more than/two weeks late for it to show up, as one will show up between/two and four weeks late. So if you do get a credit card and/you're up to date with your repayments, then that will actually boost your score./So you get a good score, but the initial inquiry on it or proceeding/with it usually will drop the score a little bit. I don't really know/what the logic I get it. I know what the logic is. If you're/applying for multiple cards over and over again, and there was this phase where/everyone was applying for Qantas points, or they go, I've just got to/keep this card for three months, and then I cut it up and get/another one. And they were doing that every three months. They'd come to me/after twelve months of doing this, asking for a home loan, not having any/idea that their credit score was severely damaged./Yeah./What that looks like to a bank is you've borrowed 15 grand, or whatever/the credit card limit is, you can't afford to pay it back, so you've/had to do a balance transfer to another credit card, and so on and/so forth./Right. So on paper it looks very different....
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