Save
Revealed: Which generation has the worst credit scores?
Credit scores are key to securing finance in Australia, particularly a mortgage. A recent dive in 14,000 credit reports revealed which generations are performing well and which are raising red flags.
Revealed: Which generation has the worst credit scores?
Credit scores are key to securing finance in Australia, particularly a mortgage. A recent dive in 14,000 credit reports revealed which generations are performing well and which are raising red flags.
Comparison site Finder found that Millennials have the worst credit score of any generation, with an average score of 666 out of a possible 1000.
According to Finder’s analysis, Baby Boomers have the highest of any generation with an average rating of 759.
Other research by Finder also showed 61 per cent of Australians don’t know their credit score. Of that 61 per cent, 13 per cent don’t know how to access it, and 6 per cent don’t know what credit score is.
Finder’s assessment of the findings is that Australians in their 30s will spend most of the decade “correcting the financial mistakes of their 20s”.
“Many Australians may be wondering how the banking royal commission will impact their ability to borrow. A good first step is to make sure your credit score is in good shape,” said Kate Browne of Finder.
“A poor credit score at 30 is particularly troubling as it could make it more difficult to take out a loan for a house, car or even a personal loan for a wedding.”
The outlook for 2019
After the banking regulator lifted its cap on interest-only lending in January, the mortgage broking community generally agreed that the market for finance would be easier to access in 2019.
However, in this post-royal commission environment, lenders are more stringent than usual with their checks and balances for each new loan applicant.
This was evidenced in , released this month, which showed total home loan commitments fell by 4.4 per cent in December, getting 2019 off to a soft start.
Click here for a breakdown of the spending and savings habits lenders will be scrutinising in 2019.
RELATED ARTICLES
Debt Consolidation
Winning the price war when sellers hold the cards: A negotiation case study for Australian operators
In heated markets, speed and savvy beat brute force. Borrowing tactics from Australia’s property scene and blending them with procurement science, this case study shows how one composite mid-market ...Read more
Debt Consolidation
From broker to brokerage: Why the Better Business Summit 2026 is a litmus test for AI‑ready mortgage firms
Australia’s flagship broking roadshow lands at a pivotal moment: competition is intensifying across residential, commercial and specialist finance, customer acquisition is dominated by a handful of ...Read more
Debt Consolidation
Mortgage stress hits a three‑year low — a window for strategy, not complacency
Australian borrowers are breathing a little easier, with mortgage stress at its lowest point since early 2023. The reprieve narrows near‑term credit risk and steadies household spending, but ...Read more
Debt Consolidation
Sydney's 10-year ban signals compliance as the new edge in mortgage broking
ASIC’s decade-long prohibition of a former Sydney mortgage broker is more than a personal sanction—it’s a market signal. With brokers writing the majority of new home loans, an enforcement step-change ...Read more
Debt Consolidation
APRA’s debt-to-income cap: a strategy reset for investor lending, not a market shock
Australia’s prudential cap on high debt-to-income (DTI) loans is unlikely to trigger a price correction, but it will rewire investor strategies, product design and lender competition. In a tight ...Read more
Debt Consolidation
How debunking credit myths transformed hardship into a strategic advantage for lenders
Amidst rising inflation and interest rates, many Australians are finding themselves under increasing financial pressure. This scenario has led to a common misconception that reaching out to banks ...Read more
Debt Consolidation
Aussie lenders cash in on mortgage bounce with clever strategies
A cut in the cash rate has flicked the switch on mortgage demand, with applications climbing sharply and broker sentiment surging. But the winners aren’t just riding the cycle—they’re rewiring ...Read more
Debt Consolidation
Escaping mortgage prison how brokers policy tweaks and data are breaking Australia's refinance logjam
A surge in refinancing—despite higher rates—signals a structural shift in Australia’s mortgage market. Brokers, armed with granular borrower data and sharpened retention strategies, are helping ...Read more
Debt Consolidation
Winning the price war when sellers hold the cards: A negotiation case study for Australian operators
In heated markets, speed and savvy beat brute force. Borrowing tactics from Australia’s property scene and blending them with procurement science, this case study shows how one composite mid-market ...Read more
Debt Consolidation
From broker to brokerage: Why the Better Business Summit 2026 is a litmus test for AI‑ready mortgage firms
Australia’s flagship broking roadshow lands at a pivotal moment: competition is intensifying across residential, commercial and specialist finance, customer acquisition is dominated by a handful of ...Read more
Debt Consolidation
Mortgage stress hits a three‑year low — a window for strategy, not complacency
Australian borrowers are breathing a little easier, with mortgage stress at its lowest point since early 2023. The reprieve narrows near‑term credit risk and steadies household spending, but ...Read more
Debt Consolidation
Sydney's 10-year ban signals compliance as the new edge in mortgage broking
ASIC’s decade-long prohibition of a former Sydney mortgage broker is more than a personal sanction—it’s a market signal. With brokers writing the majority of new home loans, an enforcement step-change ...Read more
Debt Consolidation
APRA’s debt-to-income cap: a strategy reset for investor lending, not a market shock
Australia’s prudential cap on high debt-to-income (DTI) loans is unlikely to trigger a price correction, but it will rewire investor strategies, product design and lender competition. In a tight ...Read more
Debt Consolidation
How debunking credit myths transformed hardship into a strategic advantage for lenders
Amidst rising inflation and interest rates, many Australians are finding themselves under increasing financial pressure. This scenario has led to a common misconception that reaching out to banks ...Read more
Debt Consolidation
Aussie lenders cash in on mortgage bounce with clever strategies
A cut in the cash rate has flicked the switch on mortgage demand, with applications climbing sharply and broker sentiment surging. But the winners aren’t just riding the cycle—they’re rewiring ...Read more
Debt Consolidation
Escaping mortgage prison how brokers policy tweaks and data are breaking Australia's refinance logjam
A surge in refinancing—despite higher rates—signals a structural shift in Australia’s mortgage market. Brokers, armed with granular borrower data and sharpened retention strategies, are helping ...Read more
More articles
OUR PLATFORMS AND BRANDS
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Lawyers Weekly 30 Under 30 Awards
- Commerical Finance Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.