Graeme Butler’s Budget Busters: Find out the ‘key’ to unlock lower interest rates and quick home loan approval

7NEWS presenter Graeme Butler has revealed “the magic number” which can lower your interest rates and get your home loan approved.

Speaking on his Butler’s Budget Busters segment this week, he explained how a good credit score can lead to big savings.

It can also be “the key to unlocking a better interest rate,” he said.

Butler spoke to We Money financial wellness platform CEO Dan Jovevski, who confirmed your credit score “could impact your chances of being approved to buy a home”.

“If you have a low credit score you may be prevented from accessing credit or paying higher forms of credit, but you can leverage a high score to get a lower rate on financial products and services,” he said.

For those who have made financial slip-ups in the past, Jovevski has good news.

“Any blemish on your credit file only stays there for a period of five years and then it gets removed, with the exception of bankruptcy,” he said.

Butler said: “as a general rule, a credit score of over 800 is considered excellent and under 500 could require you to do some work”.

To find out how to look up your credit score for free and what can impact your “magic number” watch the footage at the top of the page.