What do you look for when you review my personal loan application?

Here are some questions to ask yourself before you apply for a personal loan – they could help put you in a stronger position to get your application approved.

1. Do I meet the eligibility criteria?

You’ll need to:

  • Be at least 18 years of age
  • Be a permanent Australian resident
  • Have a regular income of over $20,000 a year
  • If you’re applying for a Secured Car Loan, you must own or be buying a car that’s worth at least $10,000 or is less than seven years old.

Note that all applications are subject to credit approval.

2. Could I comfortably cover repayments for the loan amount I want?

That is, would you still be able to cover your current living expenses while paying off the loan? It’s something we’ll take into account when we’re assessing your application, so it’s a good idea to consider what your regular monthly expenses already are.

You can use our personal loan repayments calculator to get an idea of what your repayments might be. If you don’t think you’ll be able to cover the repayments, you could think about reducing the loan amount or extending the loan term, so you’d be making smaller repayments over a longer period of time. You can adjust the loan amount and loan term in our calculator.

3. What’s my credit rating like?

We’ll look at your credit rating (also known as your credit score) when we’re assessing your application. It’s based on things like applications you’ve made for credit in the past, how much you’ve borrowed in the past, and if you’ve missed payments in the past on things like credit cards, bills or loans.

You can check your credit score on ASIC’s MoneySmart website – and even get tips on how to improve your credit score.

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...and find one to suit you.