Can you believe that Christmas is just around the corner? I’ve been noticing that lots places have been offering interest-free payments such as Afterpay, Exi-pay, Openpay and zipMoney. These new fintech companies offer you a way to purchase an item and pay it off in instalments, similar to layby. However, in true fintech fashion, these products are not like traditional forms of credit. Many of these company’s reserve the right to perform a credit enquiry on you. All of these credit enquiries will appear on your credit report and may affect your credit score. When you have too many enquiries, it may have a detrimental affect on a more substantial enquiry such as a home loan or car loan. As a general rule of thumb, you definitely don’t want any more than 6 enquiries per twelve months. Don’t forget if you change phones companies, electricity providers etc they will do a credit enquiry too.
The after effects of After Pay.
Have a question?
MC Mortgage Solutions would love the opportunity to discuss your circumstances with you. Whether you have found a house or are just in the planning stages it's never to early or late to make sure your finance is right for you.
Book an appointmentMC Mortgage Solutions
MC Mortgages was established with one clear goal: to be more than just brokers. With this compelling vision in mind, we have created a brokerage that is focused on looking beyond the customer’s initial request and taking a holistic approach to all their needs.
Recent Articles
What is a Mortgage Agreement?
A mortgage agreement represents more than just paperwork in your home-buying journey – it’s a legally binding contract that forms the cornerstone of property ownership. Understanding this crucial document helps…
More..National Vs. Local Mortgage Lenders: Which is Right for Your Home Loan?
Choosing between national and local lenders for your mortgage is one of the most significant financial decisions you’ll make. While the big four banks dominate the lending landscape, a growing…
More..Do Mortgage Brokers Get Better Rates?
In today’s dynamic lending landscape, finding the best mortgage rate can feel like searching for a needle in a haystack. With interest rates fluctuating and lending criteria becoming increasingly complex,…
More..
