A joint application personal loan makes it easier to get approved, and could let you borrow even more. You can apply with a parent, sibling, partner or friend.
{"isComparisonEngineEnabled":false}
{"userFilters":[{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["Variable","Fixed"],"fields":[{"label":"Variable","value":"Variable","comparator":"contains"},{"label":"Fixed","value":"Fixed","comparator":"contains"}]},"dataSelector":{"recordType":"PRODUCT","fieldCode":"RATES.RATE_TYPE"},"dataType":"TEXT","label":"Loan type","queryParameter":null,"order":0},{"componentType":"RADIO","options":{"comparator":"contains","values":["Working full-time"," Working part time"," Working casually"," No"," Self-employed"]},"dataSelector":{"recordType":"PRODUCT","fieldCode":"TABLE_FILTER.EMPLOYMENT_STATUS"},"dataType":"TEXT","label":"Employment","queryParameter":"employmentstatus","order":1},{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["Australian citizen\/resident"," Temporary resident"],"fields":[{"label":"Australian citizen\/resident","value":"Australian citizen\/resident","comparator":"contains"},{"label":"Temporary resident","value":" Temporary resident","comparator":"contains"}]},"dataSelector":{"recordType":"PRODUCT","fieldCode":"TABLE_FILTER.RESIDENCY_STATUS"},"dataType":"TEXT","label":"Residency status","queryParameter":"residencystatus","order":2},{"componentType":"FULL MARKET COMPARISON","options":null,"dataSelector":{"recordType":null,"fieldCode":null},"dataType":null,"label":"Finder Partner","queryParameter":null,"order":3},{"componentType":"PROVIDER","options":null,"dataSelector":{"recordType":"PROVIDER","fieldCode":"GENERAL.ID"},"dataType":"UUID","label":"Provider","queryParameter":null,"order":4}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":","},"prefilled":false,"experimental":false}
The lowest unsecured rate is 5.76% and the average is 10.88%.
The lowest secured rate is 5.90% and the average is 9.78%.
The average Australian is carrying $20,311 in personal loans (including car loans).
Most people take out personal loan terms of 3 years.
4% of Australians say personal loans cause them financial stress.
*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 6 May 2025.
What are joint personal loans?
A joint personal loan means 2 borrowers apply for a loan together. They complete a joint application and both people assume responsibility for repaying the loan.
If one borrower stops making repayments, the other borrower will have to cover the costs. This is the biggest risk of a joint personal loan.
Why take out a joint personal loan?
Borrowing money with a joint personal loan can:
Increase your chances of getting a loan approved.
Let you borrow more than you could by yourself.
Make it easier to cover the repayments.
Borrowers who haven't built up much credit history, or who can't meet a lender's eligibility criteria alone, may find it much easier to apply for a personal loan with a partner, friend or family member.
What do I need to know before applying for a joint personal loan?
Before you start your application, there are a few things to consider:
If you are approved, you will assume equal responsibility for the loan with the person you are applying with. This means if either one of you becomes unable to repay, the other is still responsible for the repayments.
Both applicants will need to meet the criteria for the personal loan.
You may be eligible for a higher loan amount when submitting a joint personal loan application. It's important not to take on more of a loan than you need or can afford, even if you are approved for it.
Joint personal loans are a serious responsibility. Consider the relationship you have with the person you're applying with and their financial situation. Is their job stable? What is their credit history like? Are they likely to default?
Before taking out a joint personal loan, it's a good idea to have a clear agreement about who will pay what. You could divide the repayments equally, or any way you like.
Make a plan before you apply, and budget for the loan costs. This includes monthly fees and the loan repayments.
How do you apply for a joint personal loan?
You and the person you’re applying with will provide personal, employment and financial details as part of the application. The lender will consider the application details as a whole when considering both your eligibilities for the loan.
Pros and cons of joint personal loans
Here are some of the pros and cons:
Pros
Increase your chances of approval. If you are on a lower income, self-employed or just want to bolster your application, a joint personal loan can be a way to do it. The details of both applicants will be considered by the lender.
Share an asset. If you're planning to share the asset you're purchasing, such as buying a car with your partner, a joint application could make more sense than one of you applying by yourself.
Get a larger loan. You may be eligible for a larger loan if you apply with a partner. As you both agree to manage the repayments, the lender will consider the income and financial situation of both applicants.
Consolidate large debts. If you and your partner have large debts separately, you could both save by applying for a joint debt consolidation personal loan. Just make sure the new loan's fees and repayments work out cheaper than the original debts.
Cons
Joint responsibility. If your co-borrower refuses to or is unable to meet repayments, you will likely have sole responsibility for paying back the loan.
Risk of over-borrowing. Just because you can borrow more with a joint application doesn't mean you should. Do not borrower more than you can comfortably afford to repay.
Relationship tension. Money can cause problems within any relationship. It's important to ensure that the person you are borrowing with is capable of repaying the loan alongside you, and emotionally responsible enough to share a debt with.
Credit at risk. If you or your loan partner defaults on the repayments it could impact both your credit scores. This makes it harder to get a loan in future.
Who can I apply for a joint loan with?
You can apply jointly for a personal loan with anyone as long as they're willing.
A parent. Getting a joint personal loan with a parent can help younger people to build their credit rating, while making it easier for them to qualify for finance. However, if you would prefer to have your own loan, but with the help of a parent, a guarantor personal loan could also be an option.
Your sibling or relative. If you want to make a large joint purchase, or perhaps go on holiday with a sibling or other relative, you can take out a joint application personal loan with them to help you both cover the cost.
A friend. There's nothing to prevent you from getting a joint personal loan with a friend. However, be aware that finances can cause a strain on relationships, and it can be risky to get a loan with a friend.
Your partner. Getting a loan with your spouse or romantic partner is the most common form of joint personal loan.
Frequently asked questions about joint personal loans
A joint personal loan can increase your chance of approval and also increase the amount you could borrow. While this may be better for your goals, you should also consider the risks that can come from applying with another person. Assuming both applicants are using the money, you need to be sure you can trust each other with meeting the repayments. Even if one person fails to repay, the other will need to make sure repayments continue to be met. You also need to make sure you can afford to pay back the higher amount you may be approved for.
As with any loan, a joint personal loan will affect the credit scores of both applicants. By appearing on both credit reports, if there are any problems in repaying the loan both parties will be affected - even if it is the fault of only one person.
With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio
Sarah's expertise
Sarah has written 200 Finder guides across topics including:
This guide runs through personal loan options for those on a pension, it’s worth looking at some options here. You may also be eligible for a $3,000 no interest loan through Good Shep, which could be helpful? Lastly, the National Debt Helpline might be helpful as they have free financial counsellors. Hope this helps!
HughApril 22, 2025
Looking for $1000 repay within 12 months. For dental. On pension 45000 pa. Can you help
Otherwise, you might want to look up some payday loan options. Note that the fees and rates on these loans can be quite high, so make sure you’re clear on all the costs involved.
OurMoneyMarket offers personal loan solutions for whatever your need. Whether you want to buy a new car, pay for your wedding or renovate your home, you can choose between secured and unsecured loan options.
If you're considering applying for a personal loan, you may want to consider Great Southern Bank. They offer car loans as well as secured and unsecured personal loans. Read our guide for more information.
When you have a large expense that your savings can’t cover, a personal loan at a fixed rate from Great Southern Bank is an option worth considering. With no fees and a competitive fixed interest rate, this could be the right loan for you.
If you are budget-conscious and looking for a personal loan with clear expectations and repayments, the ANZ Fixed Rate Personal Loan is an option worth considering. With low fees and a competitive interest rate, this loan might be an option for you.
The ANZ Variable Rate Personal Loan may be a great choice for borrowers who want options. With a free redraw facility and the option to make additional repayments, borrowers get the comfort of a personal loan that will let them access much-needed funds.
Find out what rate you qualify for with Society One's innovative sliding interest rate scale. Loans are available up to $50,000, with flexible loan terms between two and three years. Find out how the loan works and if you're eligible to apply.
Use a personal loan calculator to work out your repayments or compare loans with a comparison calculator.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Can you get a loan on the pension
Hi Brett,
This guide runs through personal loan options for those on a pension, it’s worth looking at some options here. You may also be eligible for a $3,000 no interest loan through Good Shep, which could be helpful? Lastly, the National Debt Helpline might be helpful as they have free financial counsellors. Hope this helps!
Looking for $1000 repay within 12 months. For dental. On pension 45000 pa. Can you help
Hi Hugh,
You might be eligible for the Good Shep no interest loan, you can get more info here: https://goodshep.org.au/services/nils/
Otherwise, you might want to look up some payday loan options. Note that the fees and rates on these loans can be quite high, so make sure you’re clear on all the costs involved.
Hope this helps!