When applying for a Personal Loan, every single detail is carefully assessed. Here is some information to help you get that stamp on your application


To begin with, you have to be eligible when it comes to a personal loan. Here are a few criterias that you need look at –

  • Be minimum 18 years old.
  • Not been declared bankrupt in the last 7 years.
  • A permanent Australian resident
  • Currently earning a gross annual which exceeds a certain limit
  • Have a good credit score when it comes to loans and credit cards you have had in the past 5 years.


Your lending history is analyzed and reviewed when you apply for both unsecured and secured personal loan. Loans which do not have any collateral or security by a lender are scrutinised the most. If you have maintained regular payments in the past, it is considered as favourable in case of loans. There is no way around this so the ideal thing to do is make the repayments on time so that the credit history remains clean.


The lenders evaluate the risk level by reviewing the assets and liabilities. You can get a basic idea on the actual net worth using this calculation – Assets subtracted from payments owed or debts = Net Worth. If you have any liabilities which are more than the current assets, the lenders will usually not increase the liabilities with new debt.


Address and employment are two ways by which lenders assess the stability. If you are a permanent employee and been with the same employer for over 3 years and have lived in the same residence for 2 years, you are viewed for favourably. This is not realistic for everyone so here are a few things you can do –

  • Self Employed – Show your business statements as the benchmark indicating your earnings annually.
  • Commission Salary – If you have commissions which are paid annually, ask the employer for a letter which outlines the expected salary and commission.
  • Apprenticeship – If you are to the end of an internship and they are keeping you as a full-time employee then ask for a letter to confirm the details.

Residential stability may be tough if you are living with parents or you move around often.


The lender wants to know if you can afford loan repayments comfortably. This is when you assess the expenses and income to ensure that you have what is known as excess capacity which implies that your income is higher as compared to expenses. They also wish to know if you have any buffer for unforeseen events.

So if you are working and do not have a bad credit history, we at New Car Choice Loans have a network of lenders who work to help our clients get that help when it is needed the most. We have been addressing the requests for a personal loan in Australia for quite a long timeThe loan amount ranges from $5000 – $50000.

Get started now and apply for a quick quote or call 1300 853 450!

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