Renovation Loans

What does my 'credit situation' mean?

The way we set interest rates is to look at your overall credit situation - a combination of your credit history, income, living situation and current financial commitments, so we can work out the right loan amount for your financial situation.

The simple first step in our process of checking your loan eligibility and likely rate is for you to provide your assessment of your credit situation with this calculator as either: excellent, good or average. That lets us give you a quick indication of your potential borrowing options based on the information you have provided.

What the selections mean.

Excellent - You have a stable long-term job and residence [you’ve lived where you are for more than 2 years] with a completely clean credit bureau history.

Good - You have a stable long-term job and residence with an active [notes from records of activities like previous assessment requests] but clean credit bureau history.

Average - You are gainfully employed and have a stable residence however you may have a very active credit file or experienced a prior adverse credit or loan default event.

The calculator is only an indicative guide. The results don’t represent a formal offer. And it’s not intended to be a substitute for professional financial advice.

Any formal offer– if we make one – is provided after a full assessment has been conducted by our credit team. This can mean the calculator interest rate result you get and the interest rate we offer may be different. But it will be an interest rate based on the full situation.

We may still be able to help a higher risk profile customer – for example one with credit history issues – however, the interest rate we offer may be higher. We also look carefully at whether paying back the loan will be manageable for you. That’s because our job is to help – not to create hardship.

This quick assessment has no impact on your official credit score.