What Is a Good Credit Score in Australia? (Equifax, Experian, illion)
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Contents
A “good” credit score in Australia means different things depending on which of the three credit agencies you are looking at — Equifax, Experian, or illion. Each uses a different scale, so a score of 700 is interpreted differently depending on the source.
Here is what the score bands mean in practice.
Credit Score Bands by Agency
Equifax (scale: 0–1,200)
| Band | Score range | What it means |
|---|---|---|
| Below average | 0–459 | High likelihood of adverse event in next 12 months |
| Average | 460–660 | Some risk — may face scrutiny on applications |
| Good | 661–734 | Below average risk |
| Very good | 735–852 | Low risk |
| Excellent | 853–1,200 | Very low risk — strong application position |
Experian (scale: 0–1,000)
| Band | Score range | What it means |
|---|---|---|
| Very poor | 0–549 | Very high risk |
| Poor | 550–624 | High risk |
| Fair | 625–699 | Medium risk |
| Good | 700–799 | Low risk |
| Excellent | 800–1,000 | Very low risk |
illion (scale: 0–1,000)
| Band | Score range | What it means |
|---|---|---|
| Low | 0–299 | Very high risk |
| Medium | 300–499 | High risk |
| Good | 500–699 | Average risk |
| Great | 700–799 | Low risk |
| Excellent | 800–1,000 | Very low risk |
What Score Do You Need for a Mortgage?
Most lenders do not publish a minimum credit score threshold. What matters is whether your overall application — including income, employment stability, deposit size, expenses, and credit file — meets their lending criteria.
That said, as a general guide:
- A Good or above score at any agency gives you access to mainstream lender products
- A Very Good or Excellent score may help you secure better rates or approval for higher loan amounts
- A Below Average or Poor score may lead to declined applications with mainstream lenders, but specialist or non-conforming lenders may still approve your application at higher rates
Having no credit history (never having held a credit product) can also make approval harder, as lenders have no repayment history to assess.
What Score Do You Need for a Credit Card?
Credit card approval also depends on your overall financial picture, not just your score. Generally:
- A Fair or Good score and stable income should qualify you for most standard credit cards
- Premium rewards cards with high limits may require a Very Good or Excellent score plus high income
- If you have a Poor score, you may be limited to secured credit products or cards with low limits
Why You Might Have Different Scores at Different Agencies
Your score at Equifax may differ significantly from your score at Experian or illion because:
- Different agencies receive data from different lenders — not all lenders report to all three agencies
- Different scoring models — each agency uses a proprietary model with different weightings
- Different timing — some data is updated monthly; delays in reporting can cause temporary discrepancies
For a comprehensive view of your credit health, check your report from all three agencies periodically.
How to Improve a Low Score
See: How to Improve Your Credit Score in Australia
FAQ
Is 700 a good credit score in Australia? It depends on the agency. At Experian (scale 0–1,000), 700 is in the “Good” band. At Equifax (scale 0–1,200), 700 is in the “Very Good” band. At illion (0–1,000), 700 falls in the “Great” band. Context matters — always look at the band, not just the number.
What score does CommBank/ANZ/Westpac/NAB require? Australian banks do not publish minimum score requirements publicly. They assess loan applications holistically — income, employment, debts, deposit, and credit file all factor in. A low score alone does not guarantee rejection; a high score alone does not guarantee approval.
Does a credit card improve my credit score? Having a credit card and making regular on-time payments can improve your score over time. However, applying for multiple cards, carrying a high utilisation rate, or missing payments will reduce your score.
See also: Credit Score Australia — How It Works | How to Check Your Credit Score for Free
For personalised advice, speak with a licensed financial adviser via MoneySmart.