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Making sure you’re ready to apply


Your credit rating as well as having the right documents ready will help your loan application.

Whether it’s for a new car, a wedding, an overseas holiday, or even a renovation, a personal loan could help get you the funds you need sooner. Here’s a guide on things to consider when applying for a personal or car loan.

Make sure you’re eligible

Before you rush into applying, you should check the lender’s eligibility criteria as it can vary. Here at Newcastle Permanent, all personal loan applicants must:

  • Be a permanent resident of Australia
  • Be at least 18 years old
  • Be employed and have a regular income
  • Have a good credit rating.

Check your credit rating

Before applying for a personal loan, lenders may talk about your credit history or credit score. Basically, these are ratings that tell lenders if you’re a trustworthy borrower. A high credit rating may improve your chances of a successful loan application.

It’s free to find out your credit rating, so that you can take steps to improve it if you need to. There are a number of websites available that allow you to request your credit rating for free.

Personal loan application checklist

Once you have ticked the eligibility boxes and you know your credit rating, it’s time to prepare your application. 
Here are some common documents you may need:

Proof of identity

Lenders need to know who you are. Expect to be asked to provide some form of identification like your driver’s licence, passport, proof of citizenship or birth certificate.

Proof of income

Showing you earn a regular income may help lenders approve your application. If you’re an employee, you may need to provide copies of your recent pay slips. If you’re self-employed you may be required to provide additional information, such as tax returns or reports from your accountant.

Financial statements

Lenders may want to see any bank account, loan and credit card statements. This helps the lender to determine whether the loan is suitable for you.  

Security details

If you are applying for a secured personal loan, you’ll need extra information about the security as well. 
If you’re using a car to secure the loan, be prepared to provide:

  • Car registration details
  • Insurance details
  • Purchase price (if you are using the loan to buy the vehicle).

Having this information ready to go may help lenders give you a decision quickly. If you’re not quite ready to apply, you might like to learn more about how much you can borrow and choosing a personal loan that’s right for you.

This article is intended to provide general information of an educational nature only. It does not have regard to your objectives, financial situation or needs and must not be relied upon as financial product advice. Before you act on this information, you should consider whether it is appropriate for your circumstances. Information in this article is current as at the date of publication. Applications subject to credit approval and fees and charges are payable. Terms and conditions apply and are available on request.

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