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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.
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.
Before you start your application, there are a few things to consider:
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NAB offers a fixed interest rate loan. Use your loan for a holiday, home improvement, a special project or even a wedding. It’s even a smart way to take control of your credit card debt.
Use the table below to compare a range of loans you can jointly apply for.
These loans are an option for several reasons, and they provide a variety of benefits. Here are some of the features:
Lender | Joint applications accepted? | 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 inbranch. |
Bankwest | ![]() | Car loans and unsecured personal loans | Up to two people can apply. |
Bank of Melbourne | ![]() | - | - |
BankSA | ![]() | - | - |
Citibank | ![]() | - | - |
CommBank | ![]() | Variable rate, fixed rate and secured car loans | To be eligible you must apply over the phone or inbranch. |
CUA | ![]() | Fixed and variable rate personal loans. | Up to four 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 two 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 two people can apply. |
ME Bank | ![]() | Unsecured personal loan or car finance | Up to two people can apply. |
NAB | ![]() | Unsecured fixed and variable rate loans and car loans | Up to two people can apply. |
NRMA | ![]() | Car loans | Up to two people can apply. |
Plenti | ![]() | - | - |
RACV | ![]() | Car loans, personal loans and debt consolidation loans | Up to two people can apply. |
SocietyOne | ![]() | - | - |
St.George | ![]() | - | - |
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.
Picture: GettyImages
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