Tips to help get your personal loan approved

People take out personal loans for all sorts of reasons – from planning a holiday to getting married or covering education fees. Whatever the reason, there are a few things you can do to help improve your likelihood of being approved for the funds you need.

1. Meet the loan criteria

All lenders will have a criteria that you must fit to take out a loan. To process your Heritage application as smoothly and as quickly as possible, we rely on you to provide all of the required information as soon as possible. This includes proof of income, statements of any existing loan and credit card accounts, and information regarding your other expenses.  For more information on the information required to apply for a Personal Loan refer to the Application Checklist.

2. Apply for the right amount

Remember a personal loan should be used as a short term measure to purchase something you want now. It’s not meant to follow you around costing you interest for the rest of your life. Use our personal loan calculator or our car loan calculator to get an understanding on how much you might be able to afford. This will give you an idea on what you are more likely to have approved. If you’re unsure speak to one of our lending specialists online, in branch or on 13 14 22.

3. Build and maintain a good account history

Managing your personal account effectively is a good indicator that you may be ready to take on a personal loan. You can do this by having your salary paid into your savings account and by paying all of your bills from this account, plus putting some money aside as savings. It is important not to overdraw your account as not only will this incur fees, but it will also show poor management of your finances.

4. Maintain a good credit rating

Most lenders will do a credit file check as part of the loan application, so it’s important to maintain a good credit rating. Your credit history lists instances where you have applied for credit, the outcome of those applications and any credit default information registered by a third party. Credit bureaus such as Equifax can provide you with your credit history details.

5. Prove you have a regular savings habit

Proving you are able to put money aside regularly is a good indicator that you’ll be able to repay a personal loan. Not only will it help give the lender confidence in your ability to repay the loan, but it will help you to understand how much you feel comfortable repaying each month.


* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision.  Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.