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Smart Guide: How to apply for a Personal Loan


Posted July 15th, 2009

If you consider doing a personal loans application then the following tips will help you get organised. Often when an application gets refused it is because applicants are not organised enough – they fail to provide the required documents in a reasonable amount of time.


Before you can even think of applying for a personal loan you need to be 18 years of age or older. You also need to be an Australian resident with a minimum income of $25,000 which should be at least $28,276 according to the Australian government’s Fair-pay website.


Further to meeting above stipulations you also need to be in a position to repay your personal loan. To find out what type of personal loan is right for you we invite you to take a look at our personal loan comparison article.

For amounts smaller than $5,000 other rules apply. Most lending institutions approve your personal loan ap within one day up to one week, sometimes even faster.


To do a personal loan application you need the following:

  • Your employers details, address and phone number: Usually these are recorded on your pay slip anyway. See below.
  • Your income slip: You need to present your three most recent pay slips whether you are paid weekly, fortnightly or monthly. If you are self-employed lenders need to see financial statements (tax info) for the previous two years of trading.
  • Proof of any assets you might have: These could be savings, term deposits or managed funds. or else you might be an existing home owner with existing equity.
  • On overview of your expenses and financial liabilities: Statements of your credit card, charge card and any other loan liabilities you have will need to be provided.
  • Your drivers licence or any other form of identification: Under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 lenders will require to see the original document of identification or a certified copy thereof. This is to prevent any potential abuse.
  • Proof or residence: If you are renting a rent receipt or tenancy agreement will do the trick, home owners can supply the last rates notice or a home loan statement. If you board then you need to provide a written statement.


How to apply for a personal loan?

A personal loan application is easy and straightforward if you have all the above documents prepared and ready at hand. Depending who you deal with you might not even need them all, but it helps to be prepared for sure.

You can do a personal loan application:

  • Over the phone with a friendly loan consultant.
  • In person: This is favourable if you opt to go with your bank and want things to roll quickly.
  • Apply for a Personal Loan Online: Often the easiest way but having said this you might have to visit the branch anyway to produce your documentation.

As you can see, a personal loan application is do-able with the right preparation and knowledge. All your lender really wants to see is whether you have the financial means to pay back the loan and if you are the person you are pretending to be.



Related posts:

  1. Car Loan Comparison: Compare & Apply For A Car Loan Online
  2. St George Unsecured Personal Loan – Details & Application
  3. Car Loan Comparison: Compare & Apply For A Car Loan Online
  4. St George Secured Personal Loan – Details and Application
  5. Aussie Personal Loans – Loan Application & Details



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