How do lenders use my Equifax score?

Any general questions you might have in regards to loans and finance.
Robyn24
Posts: 2
Joined: Wed Mar 13, 2019 7:27 pm

How do lenders use my Equifax score?

Postby Robyn24 » Wed Mar 13, 2019 7:31 pm

Hey there,

I’m looking to purchase a property that’s worth $650,000. This is the first time I’m buying a property and I feel like I need some help. I’ve been asking around and almost everyone says that I need to have a good Equifax score first. I was wondering if you could tell me what it means and why it’s so important?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: How do lenders use my Equifax score?

Postby Otto Dargan » Wed Mar 13, 2019 7:38 pm

Hi Robyn,

Welcome to the forums.

An Equifax Score is a score which compares you as a borrower to the rest of the Australian population.

It can be found on your credit file that’s held by Equifax (formerly known as Veda Advantage).

It is one of the factors lenders consider when they assess your mortgage application.

As part of your home loan application, we obtain a copy of your credit file from Equifax.

The score provides us with a good indication of your strength as a borrower.

Please call us on 1300 889 743 or fill in our free assessment form so that one of our expert mortgage brokers can assist you through the home loan process.


Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Robyn24
Posts: 2
Joined: Wed Mar 13, 2019 7:27 pm

Re: How do lenders use my Equifax score?

Postby Robyn24 » Wed Mar 13, 2019 7:44 pm

Oh! Okay! Can you tell me tell me where and how I can find out my Equifax score?

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Otto Dargan
Mortgage Specialist
Posts: 7585
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How do lenders use my Equifax score?

Postby Otto Dargan » Wed Mar 13, 2019 8:16 pm

Hey Robyn,

You can find your Equifax Score /VedaScore when you apply for a home loan with one of our mortgage brokers.

Unfortunately, we cannot provide you with a copy.

If you’re curious about your score, you can order a copy by contacting Equifax.

Their Starter Pack starts at just under $80 and includes your full credit report.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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