Couple applying for a loan

Joint application personal loans

Rates and Fees verified correct on April 26th, 2017

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.

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.

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.
  • 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? These are the things you will need to think about when taking on the responsibility of a loan.

Compare joint application personal loans

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

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
ANZ Fixed Rate Personal Loan
From 13.95% (fixed)
14.81%
$5,000
1 to 7 years
$150
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
ANZ Variable Rate Personal Loan
From 14.69% (variable)
15.55%
$5,000
1 to 7 years
$150
A variable rate loan that lets you make and redraw additional repayments.
Bank of Melbourne Secured Personal Loan
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
Bank of Melbourne Unsecured Personal Loan
From 12.99% (variable)
13.87%
$3,000
1 to 7 years
$195
An unsecured personal loan that gives you a choice between a fixed or variable rate.
Bank of Melbourne Get Set Loan - Line of Credit
From 17% (variable)
$5,000
$150
This is a flexible line of credit loan from Bank of Melbourne.
BankSA Unsecured Personal Loan
From 12.99% (variable)
13.87%
$3,000
1 to 7 years
$195
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
BankSA Fixed Rate Car Loan
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
Apply for a fixed rate car loan from multi-award winning BankSA.
BankSA Get Set Loan
From 17% (variable)
$5,000
$150
The BankSA Get Set Loan is a line of credit offering flexible payment options.
CUA Discount Variable Personal Loan (Loans over $30,000)
From 10.89% (variable)
10.89%
$30,000
1 to 7 years
$0
Apply for a loan over $30,000 and enjoy a discounted interest rate
CUA Discount Fixed Personal Loan (Loans over $30,000)
From 10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
CUA Fixed Rate Car Loan
From 6.79% (fixed)
6.92%
$15,000
1 to 7 years
$0
A competitive car loan that offers flexible repayment options and no account keeping fees.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
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.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
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.
Max Finance Personal Loan
From (fixed)
$1,600
0.5 to 1 years
$0
Get a decision in 5 mins with your money on the same day if you're eligible.Bad credit borrowers are considered.
NAB Personal Loan Unsecured Variable Rate
From 14.69% (variable)
15.55%
$5,000
1 to 7 years
$150
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
NAB Personal Loan Unsecured Fixed
From 14.99% (fixed)
15.85%
$5,000
1 to 7 years
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
RACV Car Loans
From 7.99% (fixed)
8.53%
$15,000
1 to 7 years
$378
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
St.George Get Set Loan Personal Loan
From 17% (variable)
$5,000
$150
A revolving line of credit that lets you access your funds as and when you need to.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
St.George Secured Personal Loan - Variable Rate
From 12.74% (variable)
13.62%
$3,000
1 to 7 years
$195
A lower interest rate personal loan with flexible repayment options.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
13.87%
$3,000
1 to 5 years
$195
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
St.George Unsecured Personal Loan - Variable Rate
From 12.99% (variable)
13.87%
$3,000
1 to 7 years
$195
The Variable Rate Unsecured Personal Loan St.George lets you borrow up to $40,000 for a period of up to 7 years.

Compare up to 4 providers

What are the benefits of applying with another person?

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.

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.

Picture: Shutterstock

Was this content helpful to you? No  Yes

Related Posts

Citi Personal Loan Plus

Borrow up to $75,000 with this personal loan offer from Citi.

ANZ Variable Rate Personal Loan

A variable rate loan that lets you make and redraw additional repayments.

NAB Personal Loan Unsecured Variable Rate

An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.

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.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback