Brokers at aggregators FAST and National Mortgage Brokers (nMB) will be able to check the credit worthiness of their clients prior to submitting a mortgage application, after both signed agreements with credit bureau, Veda Advantage.
David O'Toole, national sales manager at FAST, said credit reports, along with subsidised property reports provided by Residex and RP Data, would help its brokers deal with two issues coming up when banks assess mortgage applications, namely, the credit history of applicant and the property valuation.
O'Toole said a credit check would help brokers satisfy the first two of the three C's required by lenders and mortgage insurers - character, credit history (the third being capacity to pay).
nMB said the subsidised Veda Advantage service would give members the opportunity to address any credit defaults or irregularities prior to submitting the application to the lender.
Sal Cinque, director of sales and marketing at nMB, said early feedback from brokers had been extremely positive.
"Our brokers view this initiative as a positive step in improving their day-to-day efficiency and acknowledge nMB's commitment to further improving submission quality," he said.
Both FAST and nMB brokers will also have to obtain the consent of their clients before ordering the credit checks.
FAST's equipment finance program lifts settlements to $2m - FAST has seen the rewards of their support program for brokers branching out into the equipment finance sphere, achieving an estimated $2 million worth of equipment finance settlements during the month of July and an estimated $3 million dollars since launching in January this year.