If you have a bad credit history, you may have already experienced what it is like to be declined for a loan.

Once you have a default on your credit report, this black mark will be recorded against your credit history for five years! And, regardless of whether you end up paying the default, credit providers may still reject your finance application.

In rare cases you may be able to get approval for a home loan, however, it may not be through a first tier bank. This means that you would have to apply to a second tier lender who may charge you higher deposit fees and higher interest rates.

Improving your credit history through credit restoration may put you in a better position to get a better deal -you could get approved for finance quicker and at lower interest rates, which could save you thousands in high interest rates.

Even if you have a Very Good credit score, it is still worth investing in getting to an Excellent score, as you will be able to negotiate an ever better rate!