Credit Savvy

Credit Savvy is a new digital initiative that aims to help Australians make savvy financial decisions by understanding their credit status and how credit works. Credit Savvy provides consumers with free access to their credit score, credit file information, credit monitoring & practical tools. It works with global credit provider Experian. Credit Savvy is a fully owned subsidiary of Aussie Home loans. 1 According to APRA, as of March 2015, borrowing on personal loans in Australia totalled $59.7 billion. The average interest rate across 100 typical personal loans is 11% p.a (loans tracked by Credit Savvy). The average interest rate across 3 providers that offer risk-based pricing for a good credit score is 9% - Citibank, SocietyOne, RateSetter. With a difference of 2% p.a. (11%-9%), hundreds of millions in savings on $59.7 billion could theoretically be achieved.