Understanding your credit score can put you on the path to a better home loan rate.
In the US and the UK, most people know their credit score and they use it to negotiate better home loan terms. But right now in Australia, we’re way behind. Very few Australians know what their credit score is nor how to use it to their advantage when it comes to getting a better home loan.
So what’s a good credit score and how could it help you? Read on to find out.
What is a good credit score?
Your credit score is based on your personal and financial information and is essentially a combination of your credit history. It’s calculated by the amount of money you’ve borrowed, the number of credit applications you’ve made, and whether you pay back your loans on time. All this detail is kept in your credit report and is scored from zero to 1,000, with a higher number indicating a better credit score.
Where can I check my credit rating?
There are many other credit score services, but it’s wise to use a source of information that’s considered trustworthy. Take a look at the Money Smart website for more tips.
How you can use your good credit score to your advantage
If you’ve been looking for a home loan, or think you’re paying too much with your current lender, knowing your credit score can come in handy. Banks love ‘good’ customers with an excellent payment record. Through Joust – you can be rewarded for your good credit rating with live bidding resulting in discounted interest rates offered on home loans.
Borrowers with a good credit score can test this out for themselves by simply plugging their details into Joust and within minutes have lenders and brokers around Australia bidding for their home loan business – straight to their mobile.
Here at Joust, we’re extremely proud of our world-first technology that creates a digital marketplace for home loan customers and lenders in Australia. So get on and use your good credit score to your advantage.
Joust is leading the next revolution in retail lending in Australia. To find out more about how Joust works, click here.