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Joint Personal Loans

A joint application personal loan makes it easier to get approved, and could let you borrow even more. You can apply with a parent, sibling, partner or friend.

$
years
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Product Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan
Finder AwardFixed18 Months - 7 Years $5,000 - $50,000
NOW Finance logo
Interest Rate (p.a.)
6.45%
to 26.95%
Comp. Rate (p.a.)
6.45%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$612.52
Great Southern Bank logo
Interest Rate (p.a.)
7.99%
to 19.99%
Comp. Rate (p.a.)
7.99%
to 19.99%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$626.64
Special Offer: Pay $0 establishment fee when you apply for a personal loan. The $225 establishment fee will be waived for personal loan applications. This offer is for new and existing customers who apply between 30 April 2025 and 30 June 2025.
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000)
ExclusiveFixed1 - 7 Years $5,000 - $75,000
OurMoneyMarket logo
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Finder Exclusive: Limited time only. $100 eGift Card for borrowers with Excellent Credit who apply via Finder by 30 April and settle the loan by 15 May.
Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible. No ongoing or early exit fees. Loan amounts range from $5,000 to $75,000, and up to $100,000 for home improvement projects and motor vehicles.
OurMoneyMarket logo
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
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Personal loan statistics in April 2025

  • The lowest unsecured rate is 5.76% and the average is 10.74%.
  • The lowest secured rate is 6% and the average is 9.79%.
  • The average Australian is carrying $22,451 in personal loans (including car loans).
  • Most people take out personal loan terms of 4 years.
  • 44% of millennials with a loan are concerned about their debt.
  • *The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 7 April 2025.

What are joint personal loans?

A joint personal loan means 2 borrowers apply for a loan together. They complete a joint application and both people assume responsibility for repaying the loan.

If one borrower stops making repayments, the other borrower will have to cover the costs. This is the biggest risk of a joint personal loan.

Why take out a joint personal loan?

Borrowing money with a joint personal loan can:

  • Increase your chances of getting a loan approved.
  • Let you borrow more than you could by yourself.
  • Make it easier to cover the repayments.

Borrowers who haven't built up much credit history, or who can't meet a lender's eligibility criteria alone, may find it much easier to apply for a personal loan with a partner, friend or family member.

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?

Before taking out a joint personal loan, it's a good idea to have a clear agreement about who will pay what. You could divide the repayments equally, or any way you like.

Make a plan before you apply, and budget for the loan costs. This includes monthly fees and the loan repayments.

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. The lender will consider the application details as a whole when considering both your eligibilities for the loan.

Pros and cons of joint personal loans

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.
  • Get 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.
  • Consolidate large debts. If you and your partner have large debts separately, you could both save by applying for a joint debt consolidation personal loan. Just make sure the new loan's fees and repayments work out cheaper than the original debts.

Cons

  • Joint responsibility. If your co-borrower refuses to or is unable to meet repayments, you will likely have sole responsibility for paying back the loan.
  • Risk of over-borrowing. Just because you can borrow more with a joint application doesn't mean you should. Do not borrower more than you can comfortably afford to repay.
  • Relationship tension. Money can cause problems within any relationship. It's important to ensure that the person you are borrowing with is capable of repaying the loan alongside you, and emotionally responsible enough to share a debt with.
  • Credit at risk. If you or your loan partner defaults on the repayments it could impact both your credit scores. This makes it harder to get a loan in future.

Who can I apply for a joint loan with?

You can apply jointly for a personal loan with anyone as long as they're willing.

  • 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.

Frequently asked questions about joint personal loans

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To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.
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Personal finance expert + media spokesperson

With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio

Sarah's expertise
Sarah has written 200 Finder guides across topics including:
  • Home loans
  • Personal finance
  • Budgeting and money-saving tips
  • Managing the cost of living

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2 Responses

    Default Gravatar
    HughApril 22, 2025

    Looking for $1000 repay within 12 months. For dental. On pension 45000 pa. Can you help

      AvatarFinder
      SarahApril 22, 2025Finder

      Hi Hugh,

      You might be eligible for the Good Shep no interest loan, you can get more info here: https://goodshep.org.au/services/nils/

      Otherwise, you might want to look up some payday loan options. Note that the fees and rates on these loans can be quite high, so make sure you’re clear on all the costs involved.

      Hope this helps!

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