Documents, checks and questions to work through before applying for and signing a personal loan in Australia.
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Work through this checklist from top to bottom before you apply and again before you sign. The first group protects your credit file: knowing what your Equifax and Experian reports say, and how much you can afford, means you only apply once, to a lender likely to approve you. Every application normally records a credit enquiry, and several in a short time can make later lenders cautious.
The documents group reflects what lenders typically ask for to meet their responsible lending obligations under the National Consumer Credit Protection Act 2009, which require them to make reasonable inquiries and verify your financial situation. Having them ready speeds up approval.
The comparing group turns offers into like-for-like numbers. The comparison rate captures most fees but only for a benchmark loan, so also compare the total repayable for your own amount and term in the repayment calculator and the fee impact calculator.
The last group is about the contract itself. Add-on insurance is optional, and you should know before you sign who to call if your circumstances change. See the approval requirements guide for detail. This checklist is general information, not financial advice.
Costs, Comparison Rates and 2026 Rules
What changed when buy now pay later became regulated credit on 10 June 2025, how low cost credit contracts work, credit checks, late fees, hardship and how BNPL affects a personal loan application.
Pitfalls, Complaints and Free Help
How to complain about a lender in Australia, internal dispute resolution timeframes, lodging a free AFCA complaint, reporting to ASIC and the OAIC, and where to get free financial counselling.
Worked Examples and Checklists
How comprehensive credit reporting works in Australia, what is on your credit report and for how long, free reports every three months, scores from Equifax and Experian, and fixing errors.
Pitfalls, Complaints and Free Help
How to ask your lender for financial hardship help on a personal loan in Australia, what section 72 requires, the 21-day response timeframes, what to include and what to do if refused.
Worked Examples and Checklists
The eligibility criteria, documents and checks Australian lenders use to approve a personal loan, with an illustrative affordability assessment and steps to improve your chances.
Pitfalls, Complaints and Free Help
The common reasons Australian lenders decline personal loan applications, how to find out why, free credit reports after refusal, fixing problems and safer next steps.
