Checking your credit report / Planning for additional costs / Page 7 02. Planning for additional costs. Be sure to cover these costs with your bank or broker to ensure that you have no hidden surprises that may leave you short of funding. These include costs such as pest and building inspections, stamp duty, conveyancing, legal fees and of course, any renovating costs. Factors that influence these numbers include the state or territory the property is in, its value, whether you’re a first home buyer, and if it’s a new build, an established home, or vacant land. Again, your bank or broker can assist with answering this information. 03. It can pay to check your credit score before the bank or broker does to ensure there are no black marks against your name, which could hinder your loan approval. Legally, banks have access to detailed information regarding your credit history. You can use free credit reporting services to check it yourself before you apply for a loan, such as the credit reporting agency Equifax. Often it can pay to consult a financial expert to assess what you can do to improve your credit rating. Checking your credit report.
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