Quick answer: Potentially. Missed repayments can be visible as repayment history even without a formal default. OAIC says repayment history remains for two years and a payment more than 14 days late can be recorded as missed. Lenders then consider recency, severity, cause and whether the account is current now.
The real versions of the question were closer to:
- “I was only late a few times and the loan is now paid — why is my next application failing?”
- “I found old missed payments on a credit card that I thought was closed.”
- “My illness caused two months of missed payments — will another lender automatically decline me?”
Missed repayment is not the same as default
A default has a separate threshold and notice process.
Repayment history can show monthly arrears well before that.
Recency matters
A lender can distinguish:
- one older isolated late payment;
- several recent missed payments;
- an escalating pattern;
- current unresolved arrears.
Timing problem versus affordability problem
If salary moved from weekly to monthly and a debit repeatedly missed by a few days, that is different from not having enough money to meet the repayment.
Evidence matters.
Is the account current now?
This is one of the first practical questions.
If the applicant is still behind, the new personal loan may be unsuitable unless it is a genuine consolidation/restructure that fixes the position.
How long does RHI stay?
OAIC says repayment history information remains for two years.
There is no useful strategy in making repeated applications while the recent conduct is still deteriorating.
General information only. Approval, pricing, fees and eligibility depend on the lender, borrower circumstances and contract.
Frequently asked questions
How late does a payment need to be before RHI can show it?
OAIC says a payment more than 14 days late can be recorded as missed.
How long does RHI remain?
Two years.
Is RHI the same as a default?
No. They are separate credit-reporting concepts.
Does paying the loan out delete past RHI?
No. Historical repayment information can remain for its reporting period.
Should I wait after recent missed repayments?
A period of clean conduct can strengthen the file, but lender policy and urgency matter.
Sources and verification
Related GPS Finance resources
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