Couple applying for a loan

Joint application personal loans

Rates and Fees verified correct on December 7th, 2016

Get your application over the line or assume equal responsibility for finance. Find out the benefits of applying for joint personal loans.

Whether you’re looking to finance a car, home renovations or a holiday, there isn’t only one way to secure that financing. Applying for a personal loan as part of a joint application can help you tick more eligibility boxes than you can on your own. It’s also a way for you and your partner to assume equal financial responsibility for a large purchase.

Several lenders offer joint applicant personal loans. This guide will shed some light on these loans and how this type of financing works.

Joint applicant personal loan comparisons

Use the table below to compare a range of loans you can jointly apply for.

Rates last updated December 7th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
Bank of Melbourne Secured Personal Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Secured Car Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Unsecured Personal Loan
An unsecured personal loan that gives you a choice between a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
Bank of Melbourne Get Set Loan - Line of Credit
This is a flexible line of credit loan from Bank of Melbourne.
From 17% (variable) $5,000 $150 Go to site More
BankSA Unsecured Personal Loan
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
BankSA Fixed Rate Car Loan
Apply for a fixed rate car loan from multi-award winning BankSA.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
BankSA Get Set Loan
The BankSA Get Set Loan is a line of credit offering flexible payment options.
From 17% (variable) $5,000 $150 Go to site More
CUA Discount Variable Personal Loan (Loans over $30,000)
Apply for a loan over $30,000 and enjoy a discounted interest rate
From 10.89% (variable) 10.89% $30,000 1 to 7 years $0 Go to site More
CUA Discount Fixed Personal Loan (Loans over $30,000)
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
From 10.99% (fixed) 10.99% $30,000 1 to 7 years $0 Go to site More
CUA Fixed Rate Car Loan
A competitive car loan that offers flexible repayment options and no account keeping fees.
From 6.79% (fixed) 6.92% $15,000 1 to 7 years $0 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
IMB Secured Personal Loan
A secured loan from IMB with flexible repayment features
From 7.39% (fixed) 7.67% $2,000 1 to 5 years $199 Go to site More
Max Finance Personal Loan
Get a decision in 5 mins with your money on the same day if you're eligible.Bad credit borrowers are considered.
From (fixed) $1,600 0.5 to 1 years $0 Go to site More
RACV Car Loans
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
St.George Get Set Loan Personal Loan
A revolving line of credit that lets you access your funds as and when you need to.
From 17% (variable) $5,000 $150 Go to site More
St.George Secured Personal Loan - Fixed Rate
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
St.George Secured Personal Loan - Variable Rate
A lower interest rate personal loan with flexible repayment options.
From 12.74% (variable) 13.62% $3,000 1 to 7 years $195 Go to site More
St.George Unsecured Personal Loan - Fixed Rate
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
From 12.99% (fixed) 13.87% $3,000 1 to 5 years $195 ($0 for existing customers) Go to site More
St.George Unsecured Personal Loan - Variable Rate
The Variable Rate Unsecured Personal Loan St.George lets you borrow up to $40,000 for a period of up to 7 years.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More

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. This may be done in one application or in separate sections. The lender will consider the application details as a whole when considering both your eligibilities for the loan.

The types of personal loans you can apply for with a joint application

You have a few options available when it comes to joint application personal loans, including:

  • Secured personal loans. If you want to purchase a vehicle or hold equity in your home and want to use it as a guarantee, a secured personal loan can be an option to consider. These loans let you use an asset you already own or one you are looking to purchase as security for the loan.
  • Unsecured personal loans. Joint applicant personal loans are available without security as well. These loans tend to come with higher interest rates and stricter eligibility criteria, as they are considered by the lender to be more risky.  A joint application is one way to reduce this risk.
  • Personal overdrafts. Joint accounts are common for people living under the same roof, as they provide a convenient way to manage monthly bills. To avoid the fees associated with overdrawn accounts, personal overdrafts applied for with joint accounts are a convenient option.

Here are the features of joint application personal loans

These loans are an option for several reasons, and they provide a variety of benefits. Here are some of the features:

  • 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 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. Consider your own personal situation to decide what will work best for you.
  • Be eligible for 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 when deciding how much to lend you.
  • Consolidate large debts. If you and your partner have large debts separately, you can both save by applying for a joint debt consolidation personal loan. Split the monthly repayment according to how much debt you contributed to the loan and benefit from the reduced interest and fees.

What are the important points to remember about these loans?

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.
  • Lenders have specific conditions that need to be met for joint personal loan applications. These need to be reviewed before you apply – take a look at the table below to compare conditions of lenders.
  • 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? These are the things you will need to think about when taking on the responsibility of a loan.

Which lenders offer joint applicant personal loans, and are there any conditions?

LenderJoint applications accepted?What personal loans can you apply for jointly?What conditions are there?
 act.transparent--green-tickSecured and unsecured personal loansYou must be listed on the loan as a borrower to apply online and there can't be more than two applicants.
 ANZtransparent--green-tickFixed rate, variable rate loans and car loansAll applications are subject to ANZ's normal credit approval criteria.
Aussietransparent--green-tickDebt consolidation, home renovation and car loansYou can apply as a married couple or a de facto couple.
Bankwesttransparent--green-tickCar loans and unsecured personal loansUp to two people can apply.
Bank of Melbournetransparent--green-tickSecured and unsecured loans, personal overdrafts and lines of creditIf the car you are using as security for the loan is in two names, you need to apply for the loan in the same two names.
BankSAtransparent--green-tickSecured and unsecured loans, personal overdrafts and lines of creditIf the car you are using as security for the loan is in two names, you need to apply for the loan in the same two names.
CashfirstUnsecured and secured loans for bad credit and self-employed
Citibanktransparent-red-cross --
CommBank transparent--green-tickVariable rate, fixed rate and secured car loansThe joint applicant must be someone who will directly benefit from the loan.
 CUA transparent--green-tickFixed and variable rate personal loans.Up to four people can apply.
Fair Go Finance transparent-red-cross --
Gateway Credit Union transparent--green-tickSecured car loan and unsecured personal loanYou can apply, but you need to download and fax the application or call Gateway.
 Latitude Financial Services transparent--green-tickSecured and unsecured personal loansUp to two people can apply.
 IMB transparent--green-tickNew car loans, unsecured and secured personal loansYou need to be applying as married or de facto joint borrowers.
loans.com.autransparent--green-tickCar loansUp to two people can apply.
Max Financetransparent--green-tickBad credit personal loansJoint applications accepted.
ME Banktransparent--green-tickUnsecured personal loan or car financeUp to two people can apply.
NABtransparent--green-tickUnsecured fixed and variable rate loans and car loansUp to two people can apply.
NRMAtransparent--green-tickCar loansUp to two people can apply.
RACVtransparent--green-tickCar loans, personal loans and debt consolidation loansUp to two people can apply.
RateSettertransparent-red-cross--
Society Onetransparent-red-cross--
St.George transparent--green-tickSecured and unsecured loans, personal overdrafts and lines of creditBoth applicants must personally benefit from the loan.

Joint personal loans can be a convenient option, no matter what reason you’re applying for. Think about who you are entering into the agreement with, both you and their ability to manage the loan, and whether you’re taking on the right loan for the both of you.

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Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

SocietyOne Unsecured Personal Loan

Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

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