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Refinancing Your Mortgage: When & Why in 2025 Thinking about refinancing your mortgage in Australia? Refinancing can be a great way to reduce your interest rates, lower monthly payments, and access more favorable terms. But how do you know when it's the right time to make the move in 2025? This guide will help you understand when and why refinancing could be your best financial decision. What Is Mortgage Refinancing? Mortgage refinancing is the process of replacing your existing mortgage with a new loan, typically with better terms. This can allow you to lock in a lower interest rate, change your loan term, or access equity in your home for other financial goals. Why Should You Refinance? Lower interest rates: If interest rates have dropped since you first got your mortgage, refinancing may help you save money. Change your loan terms: Refinancing gives you the flexibility to switch from a variable to a fixed-rate loan, or change your loan length. Access equit...

Minimum Credit Score for Home Loans in Australia | 2025 Guide Minimum Credit Score for Home Loans in Australia Thinking about buying a home in Australia? One of the most important factors lenders will consider is your credit score. But what exactly is the minimum credit score required to secure a mortgage in 2025? Let’s break it down. What Is a Credit Score and Why Does It Matter? Your credit score is a number that reflects your creditworthiness. It tells lenders how likely you are to repay borrowed money. In Australia, credit scores typically range from 0 to 1,200 (Experian/Equifax) or 0 to 1,000 (illion). Credit Score Ranges (Experian Example) 800 – 1,200: Excellent 700 – 799: Very Good 625 – 699: Good 550 – 624: Fair 0 – 549: Poor What Is the Minimum Credit Score for a Home Loan in 2025? While there is no universal "cut-off" score, most Australian lenders require a credit score of at least 620 to 660 to consider you for a ...

Can You Buy a House with Bad Credit in Australia? Buying a home is a dream for many Australians — but if you have a bad credit score, it might feel out of reach. The good news? You might still qualify for a home loan, even in 2025. Here’s what you need to know. What Is Considered Bad Credit? In Australia, a credit score below 600 is often considered “subprime” by lenders. Missed payments, defaults, bankruptcies, or too many credit applications can all drag your score down. Can You Still Get a Loan? Yes, but it’s not easy. Some lenders, especially non-conforming or specialist lenders, offer “bad credit home loans” — often with stricter terms and higher interest. What Lenders Look For Stable employment and income Larger deposit (at least 20% preferred) Explanation of your credit history (e.g. illness, divorce) Improved recent repayment behavior Tips to Increase Your Chances Pay off existing debts and clean up your credit file Save a higher deposit — it sh...

Minimum Credit Score for Home Loans in Australia Applying for a home loan in Australia? Your credit score could make or break your chances. In 2025, lenders are paying even more attention to your financial profile. Let’s explore what credit score you need — and how to boost it. What Is a Credit Score? In Australia, credit scores range from 0 to 1,200 depending on the credit reporting agency (Equifax, Experian, illion). A higher score means lower risk for lenders. Minimum Credit Score for Different Lenders Lender Type Minimum Score Notes Major Banks (e.g., CBA, NAB) 650+ Prefer stable income & history Online Lenders 500–600 More flexible but higher interest Non-Conforming Lenders Below 500 For poor credit, expect higher fees How to Improve Your Credit Before Applying Pay down existing debts Make bill payments on time Don’t apply for new credit months before applying for the mortg...