Important disclosure

Joint Application Personal Loans

Two heads are sometimes better than one – and so are a pair of borrowers who join forces. If that’s your game plan, make your move by comparing joint application personal loans below. Next, check your figures using our calculator to make sure you’re getting a deal that’s best for both parties.

Calculate repayments

Loan Amount

$10,000

Term

3 months

Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
ANZ

ANZ Variable Rate Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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Joint application personal loans – How to borrow with someone

It’s possible to share and repay a borrowed lump sum together with someone close to you. But there are pitfalls to avoid and best practices to follow when considering joint application personal loans. Here’s a guide for what you need to know.

What’s a joint personal loan?

A joint personal loan is when two borrowers both use their credentials to apply for finance. If you’re making such an application, the second person you add on there becomes your co-borrower or co-applicant.

Typically, a co-borrower is your partner, sibling, parent, relative, or friend. When you double up with them, they also become responsible for making repayments. That means if the other half of your duo defaults, the person left standing will be liable for the entire debt.

What’s the difference between a joint loan and a guarantor loan?

Going guarantor means there’s a third party who lends weight to your application using their stellar credit score and income. The guarantor can also offer up their asset as collateral to lighten the lender’s risk. They differ from a co-borrower in that they’re only liable for your debt after you default, not from day one.

Usually, they also don’t share any ownership rights to assets purchased with the borrowed funds. Guarantor loans are typically used by young people who need a student loan but have a fledgeling credit rating and financial history.

Another distinction that needs to be made is that of the cosigner role, which is similar to the guarantor role. However, cosigners generally have immediate liability once you default. A guarantor only becomes liable after the lender has done all they can to pull repayments from you.

Why choose a joint application personal loan?

For most Australian borrowers, the decision to mingle credit files is based on various reasons, including:

  • You can’t qualify on your own. Inability to meet application requirements will likely tear down your chances of approval. But a co-applicant with better qualifications can help you squeeze through tight lending criteria.
  • You’re planning to borrow a larger sum. Lenders are usually wary when signing off on large loan amounts. However, having two people chip in to make repayments is one way of reducing the lender’s risk – and boosting your borrowing capacity.
  • You want to share assets and finances with a loved one. This usually applies to couples who’re interested in marrying their finances. In such cases, joint borrowing makes it easier to manage and organise financial responsibilities, goals, and plans. Partners can apply jointly for a mutually beneficial wedding loan, car loan, or holiday loan. Or they can apply for a debt consolidation loan that combines their multiple separate debts into a single account with one repayment.

How to avoid the risks associated with joint personal loans

The decision to apply for a joint personal loan can spawn negative, long-term repercussions if not thought through. It might seem in bad taste, but it’s best to evaluate both your financial situations as honestly as possible before committing. Asking the following questions generally helps you steer clear of common pitfalls during your shared credit journey:

  • How reliable is the other person? – It’s always a safer bet if they have a history of paying debts responsibly.
  • How much debt do they already have? – If they’re already juggling debt, make sure their budget has enough wriggle room. Otherwise, you’ll have to pick up the slack if they default.
  • Do they meet the basic loan criteria? – While a joint application has a higher chance of sailing through, you’ll both have to meet the requirement script for this type of loan.
  • What happens if the two of you fall out of good books? – For instance, it’s possible for a couple’s relationship to go topsy turvy while they’re still repaying the combined debt. A plan B such as refinancing might be needed for such a scenario.

Pros of joint loans

  • It’s a great way to beef up your application
  • You may be able to tap more funds
  • It could be cheaper to purchase a shared asset using a shared personal loan
  • It might be financially prudent to consolidate both your debts using a single loan
  • Making repayments on time bolsters your credit score which is handy for future individual applications

Cons of joint loans

  • The whole debt falls into your lap if the other person defaults. If things go further south, both your credit scores will suffer, and one of you might face legal action.

How to make a joint application for a personal loan

The first step to making a personal loan joint application is lining up a suitable financial product that ticks both your boxes. Our product and calculator at the top of this page are handy tools that’ll help you arrive at a decision quicker. Here are a few things you’ll need to key on when comparing joint application personal loans:

  • What are the lowest rates and fees available?
  • Do you want a secured or unsecured loan?
  • Should you choose a variable or fixed rate?
  • What features are best for your situation? For instance, look at loan repayment, early repayment and redraw options.

Once you’ve ID’d the best choice, click “Go to Site” to jump straight onto the lender’s website. Remember, although there’s one application, both your details will be needed. You should, therefore, check the creditor’s requirements before you apply for a personal loan.

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