When looking to open a new home loan with a lender in Australia, there are several quotas that must be reached in order to meet loan eligibility criteria. One of the core quotas in this criterion is a suitable credit score, which must be over a certain rating in order for you to be considered financially secure and responsible enough to manage a home loan.
This raises the question of what is the minimum credit score for home loan in Australia? Knowing what number will allow you to easily apply for a new mortgage, and what will disqualify you, can help you prepare appropriately for the application process and make changes to your credit rating if needed.
What is credit score (or credit rating)?
Credit score, also referred to as credit rating, is a number that is determined by your accumulated borrowing and repayment history, as well as how regularly you have shopped around for credit.
Disclaimer: This article is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered Australian legal practitioner or financial or investment advisor.
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