Credit Score Calculator

Have you ever wondered how a lender sees your home loan application? This calculator can estimate the risk rating or “credit score” of your loan. The calculator uses a similar method to that used by the banks and Lenders Mortgage Insurers to assess loans. Although of course some lenders believe particular aspects of your loan are a higher or lower risk, you will find that this calculator is an excellent guide to help you understand why a bank may decline your loan.

Instructions

If there is more than one person applying for the loan and you both have different answers to one of the questions then please enter the “worst” option. For the recent credit enquiries question this includes all finance types including mobile phones, electricity accounts, credit cards, store cards, interest free consumer finance (GE / Harvey Norman etc), home loans & personal loans.

1. What are you using the loan for?
  To buy a home
To buy an investment property
To refinance a home
To refinance investment property
To consolidate debt
To help fund my business
2. Are you applying for a loan on your own?
  Yes
No
3. How long have you lived at your current address?
  < 6 months
> 6 months but < 2 yrs
> 2 yrs
4. How long have you been in your job?
  I’m on probation
< 6 months
> 6 months but < 2 yrs
> 2 yrs
5. How are you employed?
  I’m self employed for more than 2yrs
I’m self employed for less than 2 yrs
I’m permanent full time or part time
I’m casual
I’m a contractor
I’m employed by an agency
6. How many credit enquiries are on your credit file in the last 6 months (how many loans have you applied for)?
  6 or more
More than 2 but less than 6
2 or less
7. Do you have any credit problems such as judgements or defaults?
  I am bankrupt
I am a discharged bankrupt
I have more than 2 defaults OR my defaults are over $1,000 in total OR my defaults are not yet paid
I have 2 or less defaults AND my defaults total less than $1,000 AND they have been paid
My credit history is clear!
8. Have you missed payments on your current debts?
  Yes, however it was more than 6 months ago
Yes within the last 6 months
No, I never miss repayments
9. How much are you borrowing?
  $0 to $300,000
$300,001 to $500,000
$500,001 to $750,000
$750,001 to $1,000,000
> $1,000,000
10. What percentage of the property value (LVR) are you borrowing?
  Less than 60%
Between 60% and 80%
80.1% to 85%
85.1% to 90%
90.1% to 95%
11. Do you ahve any genuine savings or shares (gifts are not included)?
  I have more than 10% of the purchase price in savings
I have more than 5% of the purchase price in savings
I have 3% of the purchase price in savings
I have no savings
12. What is your net asset position (assets minus liabilities) like?
  > $1,000,000
> $100,000
> $50,000
> $25,000
$0 to $25,000
I own nothing!
I own nothing and I am on an income over $50,000
My liabilities are more than my assets