⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

Joint Personal Loans

If you apply with a partner, you could be eligible for a bigger loan.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Compare joint application personal loans

Use the table below to compare a range of loans you can jointly apply for.
$
Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
5.65%
to 20.99%
6.27%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 5.65% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

Finder Exclusive: Apply before 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed, 1 - 7 Years, $5,000 - $65,000
Great Southern Bank Unsecured Fixed Rate Personal Loan
1 - 7 Years, $5,000 - $65,000
9.39%
9.64%
Fixed
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Great Southern Bank Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $5,000 - $75,000
Great Southern Bank Unsecured Variable Rate Personal Loan
1 - 7 Years, $5,000 - $75,000
11.89%
12.15%
Variable
$175
$0
You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
loading

Compare up to 4 providers

Applying for a personal loan as part of a joint application can help you tick more eligibility boxes than you can on your own. For this reason, it can be a useful solution for prospective borrowers who have yet to build up a credit rating (for example, students and young people), have bad credit, are on a lower income or have been rejected for finance elsewhere. It’s also a way for partners 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.

Picture not described

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

Is a joint personal loan right for me?

What are the benefits and drawbacks of applying with another person? These loans are an option for several reasons, and they provide a variety of benefits, as well as factors to consider. 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. 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.

Cons

  • Joint responsibility. If your co-borrower refuses to or is unable to meet repayments (even in cases of death), you will likely legally have sole responsibility of paying back the loan.
  • Risk of over-borrowing. Because you are combining two incomes, getting a joint personal loan often means that you can qualify for a higher amount than you would do if you applied alone. While this can be a positive, it can also carry the risk of you taking out more finance than you are able to comfortably repay.
  • Relationship tension. It's a fact that money can cause problems within any relationship. Therefore, it's important to ensure that the person you are borrowing with is not only capable of repaying the loan alongside you, but is also emotionally responsible enough to share a debt with.
  • Credit rating. If you or your loan partner defaults on the repayments, both of your credit ratings will take the hit.

Lesbian couple dancing in living room

Who should I apply with?

While people are generally more likely to apply for joint personal loans with their partner or spouse, you are not limited to doing so when it comes to joint personal loans. However, please be aware that you are only able to apply for a joint personal loan with 2 people, not more. You can choose to apply with:

  • 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.

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?
ANZtransparent--green-tickFixed rate, variable rate loans and car loansTo be eligible you must apply over the phone or in a branch.
Bankwesttransparent--green-tickCar loans and unsecured personal loansUp to 2 people can apply.
Bank of Melbournetransparent-red-cross--
BankSAtransparent-red-cross--
Cititransparent-red-cross--
CommBanktransparent--green-tickVariable rate, fixed rate and secured car loansTo be eligible you must apply over the phone or in a branch.
CUAtransparent--green-tickFixed and variable rate personal loans.Up to 4 people can apply.
Fair Go Financetransparent-red-cross--
Gateway Banktransparent--green-tickSecured car loan and unsecured personal loanYou can apply, but you need to download and fax the application or call Gateway.
Latitude Financial Servicestransparent--green-tickSecured and unsecured personal loansUp to 2 people can apply.
IMBtransparent--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 2 people can apply.
ME Banktransparent--green-tickUnsecured personal loan or car financeUp to 2 people can apply.
NABtransparent--green-tickUnsecured fixed and variable rate loans and car loansUp to 2 people can apply.
NRMAtransparent--green-tickCar loansUp to 2 people can apply.
Plentitransparent-red-cross--
RACVtransparent--green-tickCar loans, personal loans and debt consolidation loansUp to 2 people can apply.
SocietyOnetransparent-red-cross--
St.Georgetransparent-red-cross--

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 your and their ability to manage the loan, and whether you’re taking on the right loan for the both of you.

Picture: GettyImages

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
    Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.95% p.a. and 22.49% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

    Ask an Expert

    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

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
    Go to site