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.
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The lowest unsecured rate is 5.76% and the average is 10.91%.
The lowest secured rate is 6% and the average is 10.02%.
The average Australian is carrying $22,455 in personal loans (including car loans).
Most people take out personal loan terms of 4 years.
30% of millennials with a loan are concerned about their debt.
*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 11 March 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
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The Variable Rate Personal Loan features flexible loan and repayment terms and the ability to choose a loan amount up to $50,000. You are able to make unlimited additional repayments to help pay off your loan amount even faster, and you can redraw from your additional repayments if the need arises.
The Commonwealth Bank Fixed Rate Personal Loan offers a convenient financing solution to help you fund anything you need – borrow between $4,000 and $50,000 and have it funded on the same day you apply.
If you're looking for a competitive interest rate, fast approval and no ongoing fees, you may want to consider the RACV Personal Loan. It offers a fixed rate and repayment options that can be tailored to the borrower. Find out if the loan is right for you and apply today.
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.
The NAB unsecured 10k+ personal loan allows you to borrow money for the consolidation of debts, a holiday trip or a new car. Learn more about the features and benefits of this loan and how to apply online.
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