Couple applying for a loan

Joint application personal loans

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.

HSBC Personal Loan

HSBC Personal Loan

From

9.50 % p.a.

fixed rate

From

10.06 % p.a.

comparison rate

  • Competitive interest rate
  • Additional payments OK
  • Borrow up to $50,000
Security Logo

100% confidential application

HSBC Personal Loan

A flexible personal loan from HSBC with a tailored interest rate between 9.5% p.a. and 15.99% p.a. based on your risk profile. Early and additional repayments allowed.

  • Interest rate from: 9.50% p.a.
  • Comparison rate: 10.06% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
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Compare joint application personal loans

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

Rates last updated October 24th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
St.George Unsecured Personal Loan - Variable Rate
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$12
$195
You'll receive a variable rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.

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?

Lender Joint applications accepted? What personal loans can you apply for jointly? What conditions are there?
ANZ transparent--green-tick Fixed rate, variable rate loans and car loans All applications are subject to ANZ's normal credit approval criteria.
Aussie transparent--green-tick Debt consolidation, home renovation and car loans You can apply as a married couple or a de facto couple.
Bankwest transparent--green-tick Car loans and unsecured personal loans Up to two people can apply.
Bank of Melbourne transparent--green-tick Secured and unsecured loans, personal overdrafts and lines of credit If 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.
BankSA transparent--green-tick Secured and unsecured loans, personal overdrafts and lines of credit If 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.
Cashfirst Unsecured and secured loans for bad credit and self-employed
Citibank transparent-red-cross - -
CommBank transparent--green-tick Variable rate, fixed rate and secured car loans The joint applicant must be someone who will directly benefit from the loan.
CUA transparent--green-tick Fixed and variable rate personal loans. Up to four people can apply.
Fair Go Finance transparent-red-cross - -
Gateway Credit Union transparent--green-tick 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 transparent--green-tick Secured and unsecured personal loans Up to two people can apply.
IMB transparent--green-tick New car loans, unsecured and secured personal loans You need to be applying as married or de facto joint borrowers.
loans.com.au transparent--green-tick Car loans Up to two people can apply.
ME Bank transparent--green-tick Unsecured personal loan or car finance Up to two people can apply.
NAB transparent--green-tick Unsecured fixed and variable rate loans and car loans Up to two people can apply.
NRMA transparent--green-tick Car loans Up to two people can apply.
RACV transparent--green-tick Car loans, personal loans and debt consolidation loans Up to two people can apply.
RateSetter transparent-red-cross - -
SocietyOne transparent-red-cross - -
St.George transparent--green-tick Secured and unsecured loans, personal overdrafts and lines of credit Both 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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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.

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