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Joint Personal Loans

A joint application personal loan makes it easier to get approved, and could let you borrow even more. You can apply with a parent, sibling, partner or friend.

By

Elizabeth Barry

Reviewed by

Richard Whitten

Updated

Feb 12, 2024

Fact checked

1 - 7 of 55

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket Personal Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $627.42	Go to site More Info Compare
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $615.26	Go to site More Info Compare
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to site More Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
OurMoneyMarket Secured Personal Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $627.42	Go to site More Info Compare
Citi Personal Loan Plus Variable3 - 5 Years $2,000 - $55,000	Interest Rate (p.a.) 10.90%	Comp. Rate (p.a.) 11.19%	Application Fee $199	Monthly Fee $10	Monthly Repayment $670.33	Go to site More Info Compare	Special Offer: Monthly Fee of $10 waived for applications submitted before 30 June 2024.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $632.08	Go to site More Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $632.08	Go to site More Info Compare

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What are joint personal loans?

A joint personal loan means 2 borrowers apply for a loan together. They complete a joint application and both people assume responsibility for repaying the loan.

If one borrower stops making repayments, the other borrower will have to cover the costs. This is the biggest risk of a joint personal loan.

Why take out a joint personal loan?

Borrowing money with a joint personal loan can:

Increase your chances of getting a loan approved.
Let you borrow more than you could by yourself.
Make it easier to cover the repayments.

Borrowers who haven't built up much credit history, or who can't meet a lender's eligibility criteria alone, may find it much easier to apply for a personal loan with a partner, friend or family member.

What do I need to know before applying for a joint personal loan?

Before you start your application, there are a few things to consider:

If you are approved, you will assume equal responsibility for the loan with the person you are applying with. This means if either one of you becomes unable to repay, the other is still responsible for the repayments.
Both applicants will need to meet the criteria for the personal loan.
You may be eligible for a higher loan amount when submitting a joint personal loan application. It's important not to take on more of a loan than you need or can afford, even if you are approved for it.
Joint personal loans are a serious responsibility. Consider the relationship you have with the person you're applying with and their financial situation. Is their job stable? What is their credit history like? Are they likely to default?

Before taking out a joint personal loan, it's a good idea to have a clear agreement about who will pay what. You could divide the repayments equally, or any way you like.

Make a plan before you apply, and budget for the loan costs. This includes monthly fees and the loan repayments.

How do you apply for a joint personal loan?

You and the person you’re applying with will provide personal, employment and financial details as part of the application. The lender will consider the application details as a whole when considering both your eligibilities for the loan.

Pros and cons of joint personal loans

Here are some of the pros and cons:

Pros

Increase your chances of approval. If you are on a lower income, self-employed or just want to bolster your application, a joint personal loan can be a way to do it. The details of both applicants will be considered by the lender.
Share an asset. If you're planning to share the asset you're purchasing, such as buying a car with your partner, a joint application could make more sense than one of you applying by yourself.
Get a larger loan. You may be eligible for a larger loan if you apply with a partner. As you both agree to manage the repayments, the lender will consider the income and financial situation of both applicants.
Consolidate large debts. If you and your partner have large debts separately, you could both save by applying for a joint debt consolidation personal loan. Just make sure the new loan's fees and repayments work out cheaper than the original debts.

Cons

Joint responsibility. If your co-borrower refuses to or is unable to meet repayments, you will likely have sole responsibility for paying back the loan.
Risk of over-borrowing. Just because you can borrow more with a joint application doesn't mean you should. Do not borrower more than you can comfortably afford to repay.
Relationship tension. Money can cause problems within any relationship. It's important to ensure that the person you are borrowing with is capable of repaying the loan alongside you, and emotionally responsible enough to share a debt with.
Credit at risk. If you or your loan partner defaults on the repayments it could impact both your credit scores. This makes it harder to get a loan in future.

Who can I apply for a joint loan with?

You can apply jointly for a personal loan with anyone as long as they're willing.

A parent. Getting a joint personal loan with a parent can help younger people to build their credit rating, while making it easier for them to qualify for finance. However, if you would prefer to have your own loan, but with the help of a parent, a guarantor personal loan could also be an option.
Your sibling or relative. If you want to make a large joint purchase, or perhaps go on holiday with a sibling or other relative, you can take out a joint application personal loan with them to help you both cover the cost.
A friend. There's nothing to prevent you from getting a joint personal loan with a friend. However, be aware that finances can cause a strain on relationships, and it can be risky to get a loan with a friend.
Your partner. Getting a loan with your spouse or romantic partner is the most common form of joint personal loan.

Lender	What personal loans can you apply for jointly?	What conditions are there?
ANZ	Fixed rate, variable rate loans and car loans	To be eligible you must apply over the phone or in a branch.
Bankwest	Car loans and unsecured personal loans	Up to 2 people can apply.
Bank of Melbourne	-	-
BankSA	-	-
Citi	-	-
CommBank	Variable rate, fixed rate and secured car loans	To be eligible you must apply over the phone or in a branch.
CUA	Fixed and variable rate personal loans.	Up to 4 people can apply.
Fair Go Finance	-	-
Gateway Bank	Secured car loan and unsecured personal loan	You can apply, but you need to download and fax the application or call Gateway.
Latitude Financial Services	Secured and unsecured personal loans	Up to 2 people can apply.
IMB	New car loans, unsecured and secured personal loans	You need to be applying as married or de facto joint borrowers.
loans.com.au	Car loans	Up to 2 people can apply.
ME Bank	Unsecured personal loan or car finance	Up to 2 people can apply.
NAB	Unsecured fixed and variable rate loans and car loans	Up to 2 people can apply.
NRMA	Car loans	Up to 2 people can apply.
Plenti	-	-
RACV	Car loans, personal loans and debt consolidation loans	Up to 2 people can apply.
SocietyOne	-	-
St.George	-	-
Westpac	-	-

Why compare personal loans with Finder?

We're free

Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.

We're experts

We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independent

We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).

Elizabeth Barry

Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.

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Joint Personal Loans

A joint application personal loan makes it easier to get approved, and could let you borrow even more. You can apply with a parent, sibling, partner or friend.