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What Is a Good Credit Score in Australia

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7.64 %

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Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. Any calculations made by you using this calculator is intended as a guide only.

What Is a Good Credit Score in Australia?

If you’re thinking about applying for a loan or credit card, you’d probably wonder what is a good credit score in Australia. It’s hard to tell an exact number or rating because each credit reporting agency has its own way to calculate credit score. But in general, their credit score rating is between zero and 1,000 or 1,200 and follows a rather simple rule: the higher the credit score range, the more likelihood of getting your loan or credit card application approved.

At MoneyMe, borrowers with good to excellent credit score average can enjoy not just a higher approval rate but also more favourable repayment terms and lower rates. Furthermore, our same-day application and approval process is purely done online, meaning no lengthy paperwork, in-person or phone interview, and other time-consuming procedures. In fact, once you fill out the online application form with your personal and bank details, you only need to wait a few minutes to know if your loan or line of credit has been approved. 

Now, let’s go back to the most pressing questions: ‘What is a credit score’ and ‘What is a good credit score in Australia?’ 

A credit score, also known as credit score range or credit rating, predicts how likely you are to repay your loan or debt on time. Thus, lenders use it to decide whether to approve your application and use it to compute your interest rates. In general, the higher your score, the higher approval rate and better rates you may get to enjoy. 

As of this writing, most Australian lenders use the scoring chart from three major reporting agencies, namely, illion, Experian, and Equifax.

What affects your credit score?

Many people wonder how is credit score calculated and how it affects their ability to access loans and lines of credit, especially those with favourable rates and repayment terms. Again, it’s hard to tell an exact number because credit reporting bureaus use different criteria to assess your reliability to pay back the borrowed money based on your previous repayment activities. But to give you an idea, illion defines average credit score as anything between 500 and 699, while anything above this range is considered good and excellent. Meanwhile, anyone with a perfect score of 1,000 is considered a financial unicorn since only around 3.5% of Australian borrowers belong to this exclusive group. 

To calculate your credit score and establish ‘what is a good credit score in Australia’, credit reporting bureaus use the following factors: 

  • Your past and present debts, including defaults and late payments, will have a significant impact on your credit score range.
  • Your credit score chart is also based on your past and current loans, including personal and business loans. Credit reporting agencies also take into account whether you’ve been a guarantor for someone in the past. 
  • The agencies consider your existing credit limit, which is the maximum amount of credit card that a bank or any financial institution extends to you. 
  • Your credit cards and store cards, particularly how you repay your balance, influence your personal credit rating. 
  • The bureaus also review your closed and existing accounts.

Any history of bankruptcy or any default judgment against you has a negative effect on your credit score range.

How to improve your credit score?

Now that you have an idea of what is a good credit score in Australia, the next step is to know how to improve credit score through positive financial activities that are explained below:

  • Make sure that you always pay on time. If you occasionally overlook your due dates because of your busy schedule, it’s highly advisable to automate your payment or set up a direct debit from your bank account. 
  • Don’t apply for too many loans and lines of credit. Aside from what is a good credit score in Australia, many borrowers are also confused about ‘how many is too many’ when it comes to credit enquiries. Lenders generally interpret that applying for six or more enquiries in a short period is a sign that someone is struggling to get approved or experiencing some financial woes. 
  • Once you learn how to check credit score, the next step is to compare your credit score and history based on the ratings of the three major credit reporting agencies in Australia. And if you see anything that stands out or looks like an error, ask them about it and possibly have it corrected immediately. 

How to get credit score?

Aside from the question ‘what is a good credit score in Australia’, borrowers are also curious about how to obtain their credit score. It’s important to note that any credit reporting agency should give you access to your consumer credit report for free at least once every three months. 

Equifax, Experian, and illion may have different information about your credit score; so you may need to request a copy or use a credit score finder from each of them. 

As an innovative financial service provider, the application process at MoneyMe is done entirely online. Also, our approval process only takes a few minutes after you fill out our online application form. Apply today, and once approved, your funds are immediately sent to your bank account. 

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What Is a Good Credit Score in Australia

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After 5 to 10 minutes of filling up my application, my loan has been approved and the money was in my bank account. I had a great experience that is why I'm giving them a 5-star rating. Excellent service. Thank you very much, MoneyMe.

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simple pricing

Interest rate

6.25 %
to 19.95 %

Comparison rate*

7.64 %
to 21.32 %

Establishment fee

$295 for loans between $2,100 and $5,000

$395 for loans between $5,001 and $15,000

$495 for loans between $15,001 and $50,000

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Loan terms

Minimum 1 year

Maximum 5 years

Early exit fees


*This comparison rate is based on an unsecured personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. A $495 establishment fee and $10 monthly fee applies.

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