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If you’re thinking about applying for a loan or credit card, you’re probably also wondering what is a good credit score in Australia. It’s hard to give an exact number or rating because each credit reporting agency has its own way to calculate credit scores. But in general, their credit score rating ranges from 0 and 1,000 or 0 and 1,200, depending on the credit reporting agency.
It typically follows a simple rule: the higher the credit score range, the greater the likelihood of getting your loan or credit card application approved.
But the questions remain: What is a credit score and why is it so important?
It’s a very simple concept. A credit score, also called 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.
Many people wonder how is a 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 give 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.
To calculate your credit score and establish ‘what is a good credit score in Australia’, credit reporting agencies typically use the following factors:
To give you an idea of ‘What is a good credit score in Australia?’, illion defines an 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.
Now that you have an idea of what is a good credit score in Australia, the next step is to know how to improve your credit score through positive financial activities that are explained below:
Aside from the question, ‘What is a good credit score in Australia?’ borrowers are also curious about how to obtain their credit scores. There are three main credit reporting bodies that gather and store your financial data: illion, Equifax, and Experian. They use this data to create your credit report and determine your credit score, and this rating helps lenders figure out your risk level as a borrower.
Once every three months, you can ask for your credit report from each of these reporting bodies for free.
If you’re interested in a simpler way to track your score, look no further than MONEYME. With us, you can use our Credit Score tool on the MONEYME mobile app to get a free and quick personalised credit check.
You’ll see the same data that banks and lenders use to evaluate your creditworthiness. Plus, you’ll get tips and tricks to improve your score and access to special offers. To get your score, just download the MONEYME app from the Apple or Google Play Store and provide some basic information like your name, contact number, email, DOB, address, and driver’s licence number (optional).
What Is a Good Credit Score in Australia
JayceenemoAug 09, 2023
Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.
BGCJun 13, 2023
Simple process, easy to follow application, quick response time and good support.
BradMay 31, 2023
I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.
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