Guidance

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 on the funds you need.

There can be many reasons why you might want to take out a personal loan. Perhaps you’d like a new set of wheels, or maybe your big day has just been announced. Whatever the reason, a personal loan can be a great way to help you achieve your dreams sooner.

Before you apply for a CommBank personal loan, there are a few things 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 citizenship or permanent residency (or be a New Zealand citizen or hold a 457 Visa)
  • Live in Australia
  • Meet minimum income requirements
  • Be employed or receive regular income
  • Have a good credit rating
  • Not 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 may 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 would like to talk to someone about your options you can call into 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 will impact your credit rating. 

You can check your credit rating and the accuracy of information held on you by credit reporting bodies such as Veda, Dun & Bradstreet or Credit Savvy.  

Also, bear in mind making numerous applications for loans or credit cards with a number of banks 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?

If you’re ready, you can apply for a loan online at any time. If you’re already a NetBank customer it takes 10 minutes to apply through NetBank and you may receive funding the same day*.

Things you should know: *Apply before noon Monday to Friday, and if you’re approved, we’ll give you access to your loan that day. Unavailable for secured loans, when a guarantor is required, 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. Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable.