Assets purchased for Personal use require a Consumer Loan. Lenders will follow responsible lending requirements and ensure applicants can service the loan, considering all living expenses and financial commitments before granting approval. This is in the applicants’ favour and will ensure they are not put into financial stress. It is a good idea for the applicant to have paperwork ready prior to applying for a loan. Some of the documentation may include:

Two current payslips showing Year-To-Date,

Certified ID (current drivers licence showing current residential address on the front or back; and current Medicare card),

Current rates notice (if you own property).


The applicant should also have a clear understanding of their asset and liabilities position. They should know:

how much cash in bank they have (can they provide a bank statement to verify this amount if the lender asks for it?),

what are the repayments and how much is owing on their mortgage, credit cards, car loans, personal loans.


Being prepared with this information will streamline the application process.


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“Applicants should also know their personal living expenses and will be expected to declare them on a consumer loan application to be used by the lender when assessing capacity to service debt. We have created a Living Expenses guide for you to complete.

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Loan Products available to consumers include: