Due to the form simplicity, pre-approval is more suitable for business related loans. If your loan is for personal purpose, we assume you meet the following conditions:
- 18 years old or over
- Sufficient disposable income to service the loan
- Income, expense, asset, credit history and other personal details can be verification
- All applicants resides in Australia
- Suitability assessment is met
- Satisfactory results from our enquiries, including a credit reference check on each applicant.
- NOT on Newstart Allowance/Youth Allowance/Austudy
- Other credit provider’s lending policy
Loan Amount Calculation (General Guide)
Loan amount ultimately approved is determined by a few factors; asset/s value, income, repaymentability, credit history and others.
As a general guide, please refer below:
Vehicle security up to 60% of trade in value ($1,000- $5,000)
Property security up to 95% of the valuation ($2,000- $500,000)
Success rate is based on our statistics of pre-approved applicants that has successfully obtained a loan. It is an indication only and does not reflect your desire or approval loan amount.
After pre-approval, a full application form must be completed by all applicants and supporting documents including income, asset and photo identification must be provided in order for final assessment to be carried out.
In some cases joint application may be required; it is often due to the following reasons:
1. Unacceptable credit record
2. Inappropriate estimation of vehicle / property value
3. Insufficient disposable income (For example: less than $1,200 income a fortnight or on Newstart/ Youth Allowance/AUS study; expense is higher than income)
4. If your income is solely on Newstart Allowance/Youth Allowance/Austudy, unfortunately we can't help you.
5. If you work and receive Newstart Allowance/Youth Allowance/Austudy at the same time, based on our lending policy, to be eligible you need to either joint apply with a qualified person who receives at least $600 a week income or provide a Newstart termination letter issued by Centrelink if you no longer intend to receive the payment.
No Credit Check for Pre-Approval
There is NO credit check for pre-approval. Credit history check is usually done during final assessment when you decide to proceed after pre-approval.
We/other parties may retain the information submitted for assessment and other purposes. From time to time information, our products and services may be forwarded to you by telephone, mail or electronic mail. If you do not find information useful, simply inform us by email or “click unsubscribe” when you receive the email.
Upon submission, you are deemed to have read and agreed to the terms and conditions.