Don't stress your personal loan eligibility check. A hand writing a checklist in a notebook with a black pen.

How to Nail Your Personal Loan Eligibility Check

Avatar Steve Becker
Steve Becker is the Founder and CEO of LendEasy, a premier independent finance brokerage dedicated to helping working professionals and families secure optimal financial solutions. With over 15 years of experience, Steve and his certified team have been committed to supporting everyday Australians in achieving their financial goals through expert guidance and personalised service.

Most banks let complete a personal loan eligibility check online to make your application more convenient. Before you login, make sure you have all the right documents ready for your broker’s system and a clear idea of what you need. 

Scroll down for a step-by-step walkthrough of how completing your own loan eligibility check can give you a huge advantage and help you get the money you need.

Here’s a quick look at what you need.

Provide evidence of how much you make

Are you currently working? If not, your personal loan eligibility may be too low for most banks. However, if you have a job and can show how much you make each month or year, that will do wonders for your loan application.

Have your last two pay slips from your work printed out and ready for your loan officer. If you have your own business or freelance, you need a personal tax return or a notice of assessment dated sometime within the last two years. 

If your notice dates back more than two years, you can get a more recent one at the Australian Tax Office, (ATO), website in the My Account section.

Collect your bank statements to help your personal loan eligibility check

In order to get your personal loan eligibility check, the bank needs to see how you save, spend, and buy on credit. Be sure to include any statements on past loans and payments from other banks. Your loan officer needs the big picture of what you make and how you manage your funds in order to determine the kind of loan for which you qualify.

Ideally, you’ll get a loan from your personal bank. If so, you can skip this part. If you’re a new bank customer, you will likely have to provide all of this information as they won’t have much on you as a client.

Provide Personal Identification

To run your loan eligibility check, a bank can ask for one or more of the following documents:

  • Your passport
  • Australian drivers licence
  • Proof of age card

Anyone who can’t provide those IDs needs to have at least two of these:

  • Birth certificate
  • Citizenship certificate
  • Pension or Health Care card
  • One of the following: Council rates, utility bill, ATO assessment notice or overseas drivers licence

Get a personal loan eligibility check for a car loan

A car loan involves a few extra steps in order to get you some cash. This is a secured loan, or one that requires you to provide collateral to help the bank feel safe loaning you money for a new vehicle. Your collateral can be an account, another car, property, or valuables. Different loan officers have different requirements, so be sure to ask what can you use in order to get your loan.

Here’s what you need to show in order to get that money into your account.

Evidence of 12-month comprehensive car insurance

Keep a copy of your insurance policy handy for your personal loan eligibility check. You also need a quote from the insurer that includes a 12-day cooling off period. Banks may want to see your policy’s Certificate of Currency to approve of your loan.

The bank needs a copy of your policy for the new car for their records. Be sure to name the Commonwealth Bank as your financier on that new set of documents.

Tax invoice

Make sure your bank has all your tax information before they run your personal loan eligibility check. Some preparation can save you hours at the bank.

Hand over all the details about your:

  • Car registration number
  • Vehicle ID number or chassis number
  • Engine number
  • Purchase price of the car

Any purchases from a dealer require the Dealer Tax Invoice Request Form,. If you bought something in a private sale, you need a Private Sales Invoice Form. 

Want some help with your personal loan eligibility check?

Contact us today to speak with one of our team of passionate professionals ready to get your money in shape. We help you get what you need and stay ahead of your bill collectors. Don’t put it off any longer – click here to speak with a professional. 

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