When it comes to getting a home loan, a strong credit score is critical and a poor score can be a major setback.
However, according to new analysis by finder.com.au, 65 per cent of Australians don’t know their credit score.
“Even though buying a house might be 10 years down the track, it’s important to know your score early. That way if it’s not the best shape, you can improve it for future needs.”
But Australians living in some suburbs likely have better credit scores than others, fnder analysis of 14,000 credit scores reveals.
Residents of Chatswood on Sydney’s lower north shore have the best average credit scores in the country with an average score of 807.
Credit scores generally range from 0 to 1,000 with a score above 800 considered excellent.
Explains finder, this sort of score “means lenders will look at your application more favourably.”
The riverfront postcode of 4171 in Brisbane is home to Balmoral, Bulimba and Hawthorne and has an average credit score of 806.
At the other end of the spectrum, postcode 2333 in the upper Hunter Region in New South Wales is home to one of the lowest average credit score, with a rating of 433.
In 2333 suburb, Muswellbrook, the median house price is $300,000 – significantly lower than the median $2.2 million in Chatswood – a suburb in Australia’s highest scoring postcode.
The figures come as Australia’s declining property market shows signs of bottoming out. While buyers have been in the driving seat for the last few months, a potential rate cut next week could return some power to sellers.
Source by Yahoo Australia