A personal loan can be taken out for many reasons. You might want to buy a car or consolidate debts, pay off your mortgage, take a vacation, or get married.
No matter what reason you may have, a personal loan could be the best way to help your dreams come true sooner.
Here are some tips to increase your chances of getting the money you need.
1. You must meet these criteria
No matter what personal loan you apply for, you must:
- At least 18 years of age
- You can hold Australian or New Zealand citizenship or permanent residence in Australia or an eligible visa (call 13 1431 for more information)
- Australia: Live and Learn
- Meet minimum income requirements
- Regular income or employment
- Good credit rating
- Do not go through bankruptcy
2. For the right amount, apply
Personal loans are intended to be short-term and not long-term. The borrowing calculator will give you an estimate of the amount you can borrow based on your income and lifestyle. We won’t approve your loan application if your income isn’t sufficient to pay the required repayments.
To reduce the impact of loan repayments on your cash flow, consider reducing the loan amount and/or extending the term if things are not going according to plan. You can contact any branch to discuss your options.
3. A solid account history is essential
We’ll be able to give you a good idea of your financial status if you already have an account. Effectively managing your finances will show you are ready to take out a personal loan.
It’s a great indicator that you are able to manage your money and budget.
Don’t overdraw your account. This will not only save you fees but it will also establish a good record of your account, which will show that you are able to manage your finances well.
4. Keep a high rating
A good credit rating can be achieved by making sure you pay your bills on time. Credit rating can be affected by missed payments, arrears, or other debt collection actions recorded by credit reporting bodies.
Credit reporting agencies such as Equifax and Dun & Bradstreet (Illion), can help you verify your credit rating, and confirm the accuracy of any information they have about you. Credit Savvy .
Keep in mind that multiple applications for loans or credit products from different lenders could affect your chances of getting approved.
5. Demonstrate a record of savings
Contributing regularly to your savings is another way to show that you are financially responsible. You can also demonstrate that you can manage loan repayments by showing you can save a certain amount each week or month.
Are you ready to apply?
You can apply online for a loan anytime you are ready. NetBank customers can apply online in 10 minutes. You may be approved for funding as soon as the next day.