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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts to talk through the biggest stories regarding property, financial wellness and investing.

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Steve Waters, director of Right Property Group, chats about the end of lockdowns in Sydney and Melbourne and the impact on property. Steve admits to being pleasantly surprised by Victoria’s recent record-breaking house price growth and gives his thoughts on possible tax changes ahead of the federal election.

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, chats about the soaring NFT market and what measures might be required in the future to create a robust and efficient system for NFTs.

Lastly, our regular tax and super expert, Timothy Munro, discusses the meaning and importance of financial wellness and why young people in particular may need to alter their financial behaviours.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-10-19 23:32:57" ["slug"]=> string(124) "17540:how-the-post-lockdown-period-will-influence-property-what-the-soaring-nft-market-means-and-defining-financial-wellness" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(137) "/resources/podcast/how-the-post-lockdown-period-will-influence-property-what-the-soaring-nft-market-means-and-defining-financial-wellness" ["image"]=> string(65) "images/podcasts/230321_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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Credit score know-how protects against ‘borrower’s remorse’

By Grace Ormsby

August 23 2019
Share

Borrow

Credit score know-how protects against ‘borrower’s remorse’

By Grace Ormsby
August 23 2019

While almost 80 per cent of Australians think that owning a home is the biggest goal for achieving financial success, a majority aren’t aware of the important role a credit score plays in ensuring they can secure their future property.

Credit score know-how protects against ‘borrower’s remorse’

By Grace Ormsby

August 23 2019
Share

A recent Credit Card Compare survey has found that despite four in five Australians considering themselves to be good with finance, nearly 60 per cent (58 per cent) are not aware of their credit actions, or the role a credit score plays for an individual’s borrowing power.

According to the survey, such a gap in awareness and knowledge puts Australians at risk of “borrower’s remorse”.

This is because they are “largely unaware of the way in which credit actions affect their financial position, and how building credit now can help their borrowing power in later life".

According to Indigo Finance’s credit and lending adviser, Melanie Cunliffe, a big barrier to borrowing for Australians is “a misunderstanding of the important role credit plays in the way they are assessed”.

“Australians think they are doing everything right – building savings, paying phone bills on time, tightening up on their budgets or even avoiding store-bought coffees for instance,” she outlined.

“But there is a disconnect, because the reality is, it’s often not until people visit the mortgage broker or bank that they realise there are some simple additional steps they should have considered,” Ms Cunliffe continued.

The adviser said that “chief among these is understanding early the role of having a good credit score and how this can affect your financial future”.

“The reality is that credit files are confusing,” Ms Cunliffe stated.

“Australians don’t understand that it is more than just credit card data that is filed, with lay-by services and interest-free facilities also affecting a credit score.”

She pointed to the research which indicated that more than half of respondents reflected that if they knew having a strong credit score would improve their borrowing power in the future, they would have managed their approach to credit differently.

What is a credit score?

Credit Card Compare’s research found that only half of the Australian population knows what a credit score is and how they can check their individual score.

nestgg has compiled a handy guide on credit scores.

Commenting on the statistic, the comparison site’s CEO, David Boyd, said, “Checking your credit score is actually far easier than most people realise, with a simple and free online tool helping Australians quickly understand their financial position and future borrowing power.”

He also showed concern for the research, revealing that “less than one in 10 Australians are monitoring their credit score, which is worrying considering the direct impact that a credit score has on the financial security and future of individuals”.

“We are urging all Australians to connect with the importance of their credit score and do whatever they need to do to ensure they understand it and are making positive choices around it to inform their ability to realise their financial and life goals in the future,” Mr Boyd concluded.

For Ms Cunliffe, “It’s never been more important to ensure you fully understand how you can impact your future borrowing power through your everyday actions.”

nestegg has previously reported on the impact that late payments may have on an individual’s credit score.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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