Equifax Score 600 — Personal Loan Options in Australia

An Equifax score of 600 puts your application in the Possible — lender dependent band. You are above the 500 threshold that triggers Unlikely — needs improvement, and below the 650 threshold that reaches Strong likelihood. That position means some lenders will assess your application in full; others will not proceed below 650. The interest rate you are looking at in this band is 14–20% for homeowners and 16–22% for non-homeowners — higher than the standard market rate, but not the ceiling. Here is exactly what this means and what you can do about it.

Where 600 sits on the scale

A score of 600 sits in the 550–649 band. On the credit score dimension, this maps to Possible — lender dependent in most cases. The nuance — explained below — is that if every other factor in your application is completely clean, some lenders may still place your application in the Strong likelihood band despite a 600 score. But that requires zero other adverse factors, which is worth understanding before you assume it applies to you. For a full explanation of how the Equifax 0–1,200 scale works and what goes into your score, see Equifax Credit Score Australia Explained.

Definition — Possible — lender dependent: This outcome means your application has a path through, but only with lenders whose criteria are more flexible for your score range. It is not a hard refusal — it means the right lender, typically identified through a broker with a wide panel, will assess your full profile where others will not look past the score.

What Possible means at a score of 600

Possible — lender dependent is not the same as "unlikely to be approved." It means the lender field narrows. Broadly:

• Mainstream banks and most tier-one lenders draw their line at 650. A score of 600 will not proceed past their automated first check.
• Specialist and second-tier lenders operate in the 500–649 range. These lenders will assess your income, employment, DTI (debt-to-income ratio), and bank statement history in full — your 600 score is not an automatic stop, but it is a signal they factor into their risk assessment and their rate.
• The rate applied by lenders in this band reflects the credit risk at your score level. That rate is higher than what a 700+ score would attract.

The practical implication: applying directly to mainstream lenders with a score of 600 will generate declined applications and hard enquiries on your credit file for no benefit. Routing through a broker who knows which lenders assess the 550–649 band — and what they need to see — avoids wasting enquiries.

The nuance: when 600 can still reach Strong likelihood

The rule engine works like this for the 550–649 band:

• 600 with zero adverse factors → some lenders place this in Strong likelihood. Zero adverse factors means: stable PAYG full-time employment at 3+ months, DTI below 50%, no payday loans, no wage advances, no defaults, no BNPL affordability issue, ATM/gambling/crypto below 25% of net income.
• 600 with any one adverse factor → Possible — lender dependent. One adverse factor anywhere in the application is enough.

The most common factors that keep a 600 score in the Possible band:

If any of the above apply, your outcome is Possible — lender dependent regardless of whether your score is 600 or 648. The score is one dimension; the others apply in parallel.

The rate range at a score of 600

A score of 600 sits in the 500–649 band on the T1 rate table. The rates that apply in this band:

Where within this range a specific lender places you depends on the full picture of your application — your employment stability, income, DTI, and bank statement history. A 600-score applicant with stable PAYG income, clean bank statements, and a DTI of 35% will be placed towards the lower end of the band. A 600-score applicant with casual employment and a borderline DTI will be placed towards the higher end.

What this means in dollars:

A $15,000 loan over 4 years:

• At 14%: approximately $411/month, total cost approximately $19,700
• At 20%: approximately $455/month, total cost approximately $21,800

The difference between the floor and ceiling of the band on a $15,000 loan is approximately $2,100 over the life of the loan. Strengthening the rest of your application — clean bank statements, stable employment, controlled DTI — does not change your rate band, but it influences where within the band a lender places you.

Moving your score from 600 to 650 moves you into the 650–699 band (12–16% homeowner, 14–18% non-homeowner) — a meaningful improvement in rate floor.

See your full approval likelihood at your current score

The Loan Approval Calculator takes your Equifax score alongside your employment type and duration, income, DTI, and bank statement inputs — and returns your outcome classification with an explanation of which factors are helping and which are holding you back.

See your full approval likelihood at your current score — use the Loan Approval Calculator →

Use the Loan Repayment Calculator to model what different rate scenarios cost at your loan amount and term — enter 14% and 20% to see the range.

What moves a 600 score toward 650 — and how long it takes

The path from 600 to 650 depends on what is keeping the score at 600. There is no single answer, but here are the most common scenarios and realistic timeframes:

Scenario 1 — Cluster of hard enquiries from recent applications

Multiple applications in the last 12 months each left a hard enquiry on your file. The impact of each enquiry fades as new positive history accumulates.

Action: Stop all new credit applications immediately. Let existing accounts demonstrate on-time repayments. Timeframe: The score benefit from stopping new enquiries is gradual — expect 3–6 months before meaningful improvement, 12–18 months for full recovery from a cluster.

Scenario 2 — Thin repayment history (not enough positive data)

Your score is 600 not because of negatives, but because your credit file is relatively thin — a few accounts, not much history for Equifax to assess.

Action: Consistent on-time repayments on every active account. Set up direct debits for minimum repayments. Do not close existing accounts. Timeframe: Thin-file scores typically respond faster to positive history than damaged files — 3–6 months of consistent on-time payments can produce a 30–50 point improvement in this scenario.

Scenario 3 — Paid default dragging the score

A default that has been paid but remains on file is reducing your score. Paid defaults stay on file for 5 years from listing date.

Action: The default cannot be removed (it was correctly listed). Focus on on-time repayments on all active accounts to accumulate positive history alongside the default. Check the listing date — defaults carry less weight after year 3–4 of the 5-year window. Timeframe: If the paid default is 2+ years old, the additional positive history from 6–12 months of on-time repayments is likely to push the score meaningfully. A recently listed paid default will take longer.

Scenario 4 — High credit card utilisation

Consistently using your credit cards close to their limits is flagging financial pressure and depressing your score.

Action: Pay card balances down below 30–50% of the limit. Consider paying twice a month if spending is high — the balance reported to Equifax is the statement balance. Timeframe: Reflected on the next monthly credit report after the lower balance is reported — potentially within 30 days.

For a complete ranked action plan covering all scenarios, see How to Improve Your Credit Score for a Personal Loan.

What not to do at a score of 600

Do not apply to multiple lenders hoping one says yes. Each application adds a hard enquiry to your Equifax file. At a score of 600, multiple enquiries in a 90-day window compound the effect on your score and make each subsequent application harder. One enquiry to the right lender — routed through a broker who knows the 550–649 market — is better than three failed direct applications.

Do not assume your score is the only issue. At 600, the score puts you in the Possible band. But if you also have payday loan activity on your bank statements, or casual employment under 4 months, those are separate Possible triggers. Fixing only the score — if it were even possible quickly — does not move your outcome if other factors remain adverse. Use the Loan Approval Calculator to see the full picture.

Do not close old accounts to "start fresh." Closing long-standing credit accounts shortens your credit history and removes positive repayment records. The account closure appears on your file and can mildly reduce your score. Leave old accounts open, even if you do not actively use them.

Browse all credit score articles in the credit score hub.

Ready for a direct assessment?

If your score is 600 and you want to know specifically which lenders will assess your full profile — and what they need to see — a broker with the right panel can give you a direct answer without putting an enquiry on your file.

Speak to a specialist →

Frequently asked questions

Can I get a personal loan with a 600 Equifax score in Australia?

Yes — some lenders will assess a personal loan application with a score of 600. Your outcome sits in the Possible — lender dependent band, which means you have a path through the right lender but not through all lenders. The interest rate applied in this band (14–20% for homeowners, 16–22% for non-homeowners) is higher than standard market rates. Routing through a broker who works with specialist lenders is the most effective approach — applying directly to mainstream lenders with a 600 score typically results in declined applications and wasted hard enquiries.

Is 600 a bad Equifax score?

It is a below-average position for personal loan purposes, but not the worst. A score of 600 is above the 500 threshold — below which very few standard lenders will proceed at all. The practical effect is that lender options are limited and the rate applied is higher. It is not a permanent position: most people with a 600 score can reach 650 within 3–12 months depending on what is keeping the score at that level.

What interest rate will I pay with a 600 Equifax score?

The rate range for the 500–649 Equifax band is 14–20% per annum for homeowners and 16–22% for non-homeowners. Where within that range a lender places you depends on your employment stability, income, DTI, and bank statement history — the score sets the band, but the rest of your application influences where in the band you land. Moving your score above 650 takes you into the 650–699 band, with a floor rate of 12% (homeowner) — a meaningful improvement.

How do I improve from 600 to 650?

The fastest paths are: stopping new credit applications (prevents further enquiry damage), paying down credit card balances (can improve within one billing cycle), and consistent on-time repayments on all accounts (builds positive history over 3–6 months). If a paid default is on file, the improvement is slower but still achievable over 6–12 months. Check your Equifax credit file first to identify exactly what is dragging the score — the fix depends on the cause. Full detail at How to Improve Your Credit Score for a Personal Loan.

Does my 600 score mean I will definitely pay the highest rate in the band?

Not necessarily. Lenders in the 500–649 band set rates based on your full profile, not the score alone. A 600-score applicant with stable full-time employment for 2+ years, a clean DTI of 35%, and 3 months of clean bank statements is a very different risk from a 600-score applicant with casual employment and borderline bank statements — even though both have the same Equifax score. The score band sets the floor and ceiling; your broader profile determines where within it the rate is set.

A score of 600 is a specific, fixable position on a scale you can understand. You are above the Unlikely floor and working toward the Strong likelihood threshold. The path from 600 to 650 is real, takes 3–12 months depending on the cause, and each milestone along the way — improving bank statements, reducing DTI, building repayment history — strengthens your application even before the score number changes.

This is general information only and not financial advice. Results are indicative and may vary by lender.