FAQs / Applying for a home loan

How and when will my credit history be affected when I start an application?

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How and when will my credit history be affected when I start an application?

Once you get to the personal details section of our application and agree with our Privacy Policy and Credit Guide, our platform will trigger a credit check from the two main credit reporting bodies in Australia: Equifax and Illion.

How does a lender get my credit score?

Credit scores generally range from 0 to 1200, with higher scores suggesting lower risk to the lender. They are calculated by the credit reporting bodies using information in your credit report, including your repayment history; length of credit history, how much debt you have and the types of credit you've applied for.

Higher credit scores are an indicator that you’ve demonstrated responsible credit behaviour, making lenders more likely to lend to you, while lower scores may make it harder for you to qualify for a loan or get a lower interest rate.

You can improve your credit score by making your repayments on time, paying off your debts quickly, keeping your credit card balance well below the limit and only applying for credit when you're serious.

Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan. Our enquiry remains on your file, which is like having a post-it that says "Applied for a Tic:Toc home loan". This is a standard check that all lenders do for both pre-approval and full approval.

Do multiple loan applications affect my credit rating?

Having multiple credit enquiries on your file can impact your score negatively, particularly when made in a short period of time, because it can look like you're shopping around for lots of different loans. Lenders may ask you to explain recent enquiries on your credit report if they cannot reconcile them to your existing credit commitments.

If I have a good credit score will I automatically get approved?

A good credit score isn't the only thing lenders use when assessing your application. There are many other factors that lenders need to consider, and each lender has their own requirements.

If you're interested in learning more about how credit reporting works or to check your credit score, you can visit:

Home Loan Guide

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