What is a Credit Assessment?
It is always advisable to undertake a full Credit Assessment before you start making an offer for your next property purchase. The Credit Assessment will determine your borrowing power based on your current financial position,
Obtaining Credit Advice or applying for a Home Loan facility carries legal compliance obligations for the customer and the lender. In order to meet these legislative obligations it is important for you to complete the following procedure (this is basically our initial step in assisting you toward completing your Home Loan acquisition due diligence process).
Requesting a Credit Assessment is quite simple, you need to provide your current financial information such as income, assets and liabilities as required by law in order to obtain Credit Assistance. Please note, that when completing the on-line form (by clicking on the next button below) you have the option to save your form completion process. Once saved, you will receive an email message providing a link that allows you to return to your partially completed form.
This is NOT an application for finance and it is only used for the purpose of deriving your borrowing capacity. It will not access your CRRA record. Your record will be accessed only when you submit a loan application to a bank.
Once you complete the online Credit Assistance Request form your Medic Private Manager will provide you with the Preliminary Credit Assessment Report; the purpose of this report is twofold:
1. It aims at identifying your financial numbers in context of bank’s risk underwriting assessment policy criteria to determine your borrowing capacity in terms of your financial stress by looking at your personal BEN Financial Stress Score rating which measures your Financial Stress position and Borrowing Capacity.
2. To assess and identify a loan product and loan architecture that meets with your borrowing needs.
Once you have considered the detailed information contained in your customised Preliminary Credit Assessment Report you can then instruct us to undertake a Home Loan Application submission to the selected Bank for Final Verification and Final Credit Assessment in order to obtain a Formal Loan
Please note that the Preliminary Credit Assessment is provided at the discretion of your Medic Private Manager.