The Do's and Don't's when applying for a loan

December 6, 2022


1. Have stable employment

  • You must be in a stable job before applying.

2. Have a good savings history

  • Show genuine savings with regular and consistent deposits in a dedicated savings account.

3. Monitor living expenses

  • Be aware of your living expenses and keep them consistent.
  • Review bank statements and reduce costs where possible.

4. Lower liabilities

  • Minimise credit card and personal loan limits.
  • Pay any ATO debts promptly.

5. Have a good credit rating

  • Avoid lodging loan or credit card applications.
  • Make sure accounts aren’t 9 Aim to resolve problems. overdrawn or in arrears.


1. Change jobs

  • Don’t move jobs too often.
  • Lenders like to see consistency.

2. Over-extend yourself

  • The bigger the deposit the better the interest rate from the bank.

3. Live on credit

  • Save a deposit before you buy.
  • Avoid big ticket items and using credit cards and personal loans.

4. Have unpaid debts

  • Pay your credit card balance and personal loan repayments on time each month.
  • Don’t owe the ATO any money.

5. Turn a blind eye

  • Disclose credit history problems.
  • Aim to resolve problems

Credit Representative Number 504150 is authorised under Australian Credit License Number 389328. This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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