Buying a property is one of the biggest financial steps most of us take. With so much paperwork and planning involved, it's easy to overlook your credit report.

But what's on your credit report plays a key role in whether your application is accepted, and on what terms.

Preparing to apply#

Make sure the information is accurate and current. Even small things cause delays or affect your terms. Look for:

  • Incorrect personal details. Double-check your name, address history and date of birth. Even a small spelling mistake causes problems.
  • Out-of-date account information. Confirm all open and closed credit accounts are accurate.
  • Missed or late payments. If a payment has been marked late by mistake, contact the lender to get it removed.
  • Financial associations. If you're still linked to someone you no longer share credit with — a former partner or housemate — get them removed. Their credit behaviour otherwise influences how lenders see you, since negative markers on their report suggest you might have to help repay their debt.

Also monitor your credit utilisation rate. A high rate reads as risky, because using most or all of your limit suggests dependence on credit.

And only apply for credit if it genuinely suits your situation. Every application records an application search on your report. Too many in a short period suggests over-reliance on credit — and because lenders can see applications but not outcomes, they could conclude you've been repeatedly declined, or approved with several new commitments to juggle.

During the process#

Once your application is under way, lenders often run additional checks — called drawdown checks — just before releasing the funds.

These confirm nothing significant has changed since you applied. A new credit card, or a missed payment on an existing loan, could affect the final decision.

Checking your report at this stage lets you:

  • Confirm recent credit activity is being reported accurately
  • Spot unexpected changes or searches you don't recognise
  • Monitor your credit utilisation

If anything looks new or unexpected, speak to your lender promptly. They can advise whether more information is needed before the application is finalised. A quick check here saves last-minute surprises.

Once the keys are in the door#

Your credit report deserves a final look once the dust settles. Check that:

  • Your address has updated correctly across all open accounts
  • Your Electoral Roll information is current at the new property — worth doing even if you don't intend to vote
  • New accounts are showing correctly, including your mortgage and any related credit such as a loan or utility contract
  • Any previous mortgage has been resolved

Keeping an eye on it afterwards also puts you in good stead for whatever comes next, whether that's a renovation or a new appliance.

The key things to remember#

  • Check at three points: before applying, during the process, and after moving in.
  • Small errors in name, address or date of birth cause real delays.
  • Remove financial associations with people you no longer share credit with.
  • Lenders run drawdown checks just before releasing funds.
  • New credit or a missed payment mid-process can change the final decision.
  • Update your address and Electoral Roll registration once you've moved.
  • Confirm any previous mortgage shows as resolved.