Credit Score

Credit Score Rating

Your credit score rating is used by your potential lender to determine the risk of offering a loan to you. This is an automated rating system and based on your credit file as well as the information you have provided in your application.

Understanding how credit score works is important because it’s always used in the evaluation of your loan application. If the lender declines your application because of low credit score, it may be better not to apply again for another loan in the short term. If multiple lenders decline your application it will result in an even lower credit score. The best thing to do if you have a low credit score is to fix it through the help of a credit repair professional or if you really need a home loan, you can apply for a bad credit home loan.

Even though there can be several reasons why you may end up with a bad credit rating, some of the most common are:

  • poor credit record
  • lack of substantial savings
  • loan default in the past
  • frequent changes in your address or employment.

Make sure that you can identify the factors affecting your credit score and improve them, so you can increase your chances forhome loan approval in future. Below are some of the measures that you can take to fix your credit score:

  • Pay your dues and bills on time
  • Watch out for the overdraw limit of your credit card and do not go beyond it
  • Settle the outstanding balances in your credit file if you have any
  • Try not to change employer too much and limit moving to other residential address
  • Establish your savings and make regular deposits to your bank accounts

Even if you think that your credit score rating may not help you secure approval for your home loan, there are still lenders out there that can still help you. Even though most primary lenders in Australia require a good credit score, Express Mortgage Market has access to non-conforming lenders who are offering finance pretty much regardless of credit rating.

If you wish to consult an Express Mortgage broker to learn more about credit score, please call us on