Joint application 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.

NAB Personal Loan Unsecured Fixed

NAB Personal Loan Unsecured Fixed

From

9.99 % p.a.

fixed rate

From

10.88 % p.a.

comparison rate

• Additional repayments without penalty
• No early exit fees
• Borrow up to $55,000

100% confidential application

NAB Personal Loan Unsecured Fixed

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.

• Interest rate from: 9.99% p.a.
• Comparison rate: 10.88% p.a.
• Interest rate type: Fixed
• Application fee: $150
• Minimum loan amount: $5,000
• Maximum loan amount: $55,000

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Compare joint application personal loans

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

Loan amount

$

Loan term

1 year 2 years 3 years 4 years 5 years 6 years 7 years

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
NAB Personal Loan Unsecured Fixed		From 9.99% (fixed)	10.88%	$5,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Go to site More Info	Compare	loading Fetching your data...
CUA Unsecured Fixed Rate Personal Loan		9.89% (fixed)	10.14%	$5,000	1 to 7 years	$175	$0		You'll receive a fixed rate of 9.89% p.a. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Variable Rate		From 9.99% (variable)	10.88%	$5,000	1 to 7 years	$150	$10		You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Go to site More Info	Compare	loading Fetching your data...
CUA Unsecured Variable Personal Loan		11.89% (variable)	12.15%	$5,000	1 to 7 years	$175	$0		You'll receive a variable rate of 11.89% p.a. Borrow from $5,000 with the option for flexible repayments and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Fixed Personal Loan		7.99% (fixed)	8.62%	$5,000	1 to 5 years	$200	$5		Choose a fixed rate loan and receive a comparison rate of 8.62% p.a. Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Standard Variable Personal Loan		11.99% (variable)	12.61%	$5,000	1 to 10 years	$200	$5		Choose a variable rate loan and receive a 12.61% p.a. comparison rate Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.	Go to site More Info	Compare	loading Fetching your data...

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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		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.

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