Shopping for the best home loan rates can be daunting. Tasks such as arranging meetings with different lenders to organising all the paperwork mean that new home loan customers have to go through a long process of choosing the right lender and then finalising the loan. As you go through this process, you’ll find that lenders are looking to learn more about your financial status, including your credit score.
A healthy credit score is a great first step to finding the perfect home loan rate. Joust uses your Equifax Credit Score to help determine whether or not you are eligible to Joust. Your credit score is a number that represents the information contained in your credit report. It will give lenders an idea of how financially responsible you are. Your Equifax Credit Score is a credit rating between 1 and 1200 summarising the information in your credit report into one easy-to-understand number.
Factors like your credit liability, length of credit history, types of credit in use, credit-seeking activity, and repayment history contribute to your Equifax Credit Score.
If you check your credit score and notice that it could be better, don’t despair. Over time, your credit score will improve with good financial behaviour. You can read more about improving your credit score here.
Equifax operates the leading credit bureau in Australia and has been the trusted custodian of Australians' credit histories for over 47 years. Equifax offers the most comprehensive and current data source for more than 16 million active consumer credit files. An Equifax Credit Score provides the most complete picture of a person's creditworthiness and has been used by the vast majority of credit providers for almost two decades.
Joust requires that customers have a minimum Equifax credit score of 500.
Joust offers the easiest, most transparent, and most comprehensive online home loan interest rate shopping experience. Joust helps you to find the best home loan rate by creating a competitive environment for lenders to win your business. In order to keep the competition high, we only accept your Joust if you qualify.
Whilst you are inputting your personal information, you will authorise Joust to retrieve your Equifax credit score. Joust requires that you have a minimum Equifax credit score of 500, in addition to a steady income and a minimum 5% deposit or equity in the owner occupier home property you are purchasing or refinancing. Joust uses credit score bands to represent your credit quality so that lenders can easily identify the type of customer they’re looking for.
If your credit score is below 500, Joust may still be able to assist in your best home loan interest rate search. While credit scores are used to judge a customer’s ability to pay their debts, some individuals may have unique circumstances that make them good customers for specific lenders. You may want to speak to a mortgage broker direct to further discuss your options if you don’t qualify for a Joust. Joust has an arrangement with national broking group Keylend to accommodate these circumstances, where the process will be explained in detail once you attempt to submit your Joust.