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Tips for getting your personal loan approved

Tips for getting your personal loan approved

Before you apply for a personal loan, there are a few things you can do to improve your likelihood of getting approval for the funds you need.

There can be many reasons why you might want to take out a personal loan. Perhaps you’d like to buy a car, consolidate your debt, improve your home or go on a holiday, or you're getting married.

Whatever the reason, a personal loan can be a great way to help you achieve your dreams sooner.

Below are a few tips you can do to improve your likelihood of getting the funds you need approved.  

1. Make sure you meet the criteria

No matter which of our personal loans you’re applying for, you need to:

  • Be at least 18 years old
  • Hold Australian or New Zealand citizenship, or Australian permanent residency, or an eligible visa (call us on 13 1431 to find out more)
  • Live in Australia
  • Meet minimum income requirements
  • Be employed or receive regular income
  • Have a good credit rating
  • Not be going through the process of bankruptcy

2. Apply for the right amount

Personal loans are meant to help you out in the short term, not leave you with long-term debt. Our borrowing calculator can give you an idea of how much you might be able to borrow given your income and lifestyle. If your income isn’t enough to support the required repayments on the amount you’re applying for, we won’t be able to approve your loan.

If things aren’t lining up, think about reducing the loan amount or extending the loan term to reduce the impact of the loan repayments on your current cash flow. If you'd like to talk to someone about your options you can visit any branch or call us on 13 1431.

3. Build a good account history

If you’ve already got an account with us, we’ll have a pretty good indication of your financial situation. Managing your finances effectively will help show that you’re ready to take on a personal loan. 

If your salary is paid into your account and you’re paying your bills and putting some savings aside, it’s a good demonstration that you know how to budget and manage your money.

It’s also important not to overdraw your account. Not only will that help you avoid fees, it will also create a good account history as it shows you’re able to manage your existing finances effectively.

4. Maintain a good credit rating

Ensuring you pay things like your phone and electricity bills on time can contribute to having a good credit rating. If you have missed payments, arrears or other debt collection activities recorded by a credit reporting body this may impact your credit rating

You can check your credit rating and the accuracy of information held on you by credit reporting bodies through organisations such as Equifax, Dun & Bradstreet (Illion) or Credit Savvy1.

Bear in mind, too, that making numerous applications for loans and/or credit products with a number of lenders may also affect your chances of loan approval.

5. Show a good savings record

Another way to demonstrate you’re financially responsible is to contribute regularly to your savings. If you show you can save a set amount of money every week or month, you’re also demonstrating that you are likely to be able to manage regular loan repayments. 

Ready to apply?

Once you’re ready, you can apply for a CommBank personal loan online at any time. It takes 10 minutes for existing CommBank customers to apply through NetBank, and you may even receive funding the same day2.

Discover our range of personal loans


1 Credit Savvy is a trademark of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 and Australian Credit Licence 516487. CBA New Digital Businesses Pty Ltd is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124.

2 You may be eligible for same day funding if you’re approved, accept your contract and complete verification by 4pm Monday to Friday (Sydney/Melbourne time). Subject to credit checks and assessment of your financial situation. Unavailable if an application is incomplete or needs to be referred for a more detailed review by a lending specialist, if required documentation isn’t provided and subject to system availability.