For residents
To obtain a personal loan, Australian citizens and permanent residents will need to show one primary photographic ID (e.g. driver’s license, passport) or two non-photo IDs (e.g. birth certificate, citizenship certificate, ATO tax assessment notice, council rates notice).
For non-residents
For non-Australian citizens or non-residents, visa documents and a personal passport number to confirm visa details are needed. The visa expiry date must be within one month of the end of the loan term. If the visa does not have an expiry date, a Grant Notice must be presented. Additional verification checks may still be needed before the loan is approved.
It’s important to note that some visa types may be ineligible for a personal loan. Ineligible visas can include working holiday, studying, graduate, and research visas, temporary business, family and spousal, visitor, and other temporary visas.
Full-time / Part-time Employees
Full-time and part-time employees must provide the two most recent consecutive payslips. These payslips will show employer details, gross/net income, tax, and pay period. Alternatively, a bank statement or transaction listing clearly showing three months of salary deposits can be presented.
Individuals who have been employed within two months must provide their employment contract or letter from the employer and their most recent bank statement of payslip.
Casual Employees
Casual employees will need to present three months' worth of payslips to show a consistent stream of income and a bank statement reflecting the three months of salary deposits.
Employees who have been employed within three months of applying for a loan must provide their most recent PAYG summary or tax return and a bank statement or payslip.
Self-Employed
Individuals who have been self-employed for at least 12 months can apply for a personal loan. The last two years of tax returns and the latest Notice of Assessment issued within the previous financial year must be presented. If the tax return for the latest financial year isn’t yet available, provide an accountant's letter stating taxable income.
Individuals with additional income sources must provide relevant documentation in their application for a personal loan. Additional income sources can include:
Government Benefits: A Centrelink income statement will be needed for age pensions, family tax benefits, disability support pensions, and other government payments and allowances.
Child Support: A family court order or child support agency letter and bank statement must clearly show at least three months of payments.
Rental Income: Provide a lease agreement or rental statement from a real estate agent and a bank statement showing three months of rental income deposits.
Investment Income: The investment provider will provide a letter detailing returns and other relevant information. A bank statement showing three months of investment returns is also required.
To determine whether an individual holds debts, the lender will need a recent bank statement showing credit card balances, personal loans, Buy Now Pay Later (BNPL) accounts, and other liabilities. Alternatively, they can present an account statement of debts from other financial institutions clearly showing current repayments or outstanding balances.
To apply for a Secured Personal Loan, an individual must have or intend to have a comprehensive insurance policy for the asset and list the lender as the interested party.
For Car Loans:
Secured car loans require a tax invoice for the car purchase showing the registration number, vehicle identification number (VIN), engine number, purchase price, and current vehicle registration papers. To secure this car loan, lenders also require comprehensive car insurance to guarantee the agreed repayments are intended to be covered.
Additional verification may be required depending on your circumstances. This can include:
Medical Education Loans: Individuals applying for a personal loan for medical education purposes must show their enrolment confirmation or tax invoice from an approved educational institution.
Address Verification: Some lenders may require more information to confirm an individual’s personal identity, including address verification. They must provide a recent utility bill, rental agreement, or financial institution statement showing their current residential address.
