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Find out where you stand and you could be $10,000* closer to your home deposit goal!
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Easy to understand insights to help you improve your score

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See how your score improves over time with our score tracker

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Register for your FREE credit score by October 31 to go in the draw to win $10,000*
You could use it to go towards your home deposit or home improvement project.
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* For full terms and conditions click here

Frequently Asked Questions

What is the best credit score to buy a house?

The minimum credit score needed for a home loan varies from lender to lender, and they don’t publish their credit criteria so it is difficult to know the exact score. However, here is a rough guide based on the Experian scoring criteria.

  • Below 625 – If you fall below 625, you may not qualify for a home loan.
  • 625 to 699 – You may have trouble finding a mortgage with low interest since mortgage lenders may see you as risky.
  • 700 to 799 – Good standing to apply for personal loan, however, you may need to save for a larger deposit for a home loan.
  • 800 to 899 – At this range you are deemed as creditworthy and most lenders will consider your application.
  • 900 to 100 – At this stage you are a good quality borrower and approving your home loan will be easier.

How is my credit score calculated?

Your credit score is calculated using data from a number of different sources, such as public databases, financial institutions and utility providers. A number of factors play their part in determining your score, including:

  • The number of times you’ve made credit enquiries and the types of credit providers you've enquired with.
  • The types of credit products you’ve previously applied for.
  • Your repayment history.
  • Any negative credit events, such as missed repayments, account defaults and bankruptcies.
  • Your credit score is not affected by your bank balances, race or origins, beliefs or affiliations, sexual orientation, lifestyle or medical history.

What credit score do I need to get a personal loan?

The minimum credit score does vary from lender to lender. However, a score between 700 to 799 is considered to be a good range to apply for a personal loan.

How do I improve my credit score?

There are a number of ways that you can improve your credit score, including:

  • Ensuring you make your payments on time.
  • Avoiding negative credit events, such as defaults, court judgments and bankruptcies.
  • Limiting the number of credit enquiries you make over a short period of time. Look for lenders who can give you a quote without impacting your credit score.

If you are already doing all of the above and getting a good score, well done! Keep going to keep your credit file healthy. Note that these actions may not necessarily improve your already high score. Over time, age of file increase or events such as credit enquiries drop off the credit file, your score may improve.

Why is my credit score different to what I have seen elsewhere?

Your credit profile may appear differently between credit score providers as each credit bureau collects different information and uses their own method of calculating a credit score.

There are three different credit bureaus, Experian, Equifax and Illion, currently operating in Australia, each with their own way of calculating your credit score. SocietyOne’s credit score calculations are powered by Experian, meaning that your score may differ from those powered by Illion and Equifax.

Now you know where you stand, don't waste the opportunity to get a personalised deal.

Take control over your finances by consolidating your debts

Consolidating your debts into a low rate personal loan could increase your serviceability if you’re applying for a new home loan or refinancing.

At SocietyOne, we reward good credit with great low rates, so if you have a strong credit history you could save thousands in interest. Plus, the fixed repayments make it easy to manage your budget and no ongoing monthly or early repayment fees means you have more control and less surprises.
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A personal loan can help you with

Home acquisition costs such as covering stamp duty fees.
Moving costs.
New furniture, kitchen, fencing etc.
Those little improvements before you move in or to improve the value of a property you’re selling.
Purchasing raw materials for home improvement.
Electrical, plumbing costs etc.
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