facebook

Apply for a Joint Loan with your Partner

 
4 Mins
1

GET YOUR RATE

No impact on credit file

1 Min

2

SELECT REPAYMENT

No impact on credit file

15 Mins

3
SUBMIT APPLICATION

Full credit inquiry

 
 
 

No Fees for Early Payout

Flexible Loan Term (18-84 Months)

Weekly, Fortnightly Repayments

Benefits of Joint Loans

May have a positive impact on your borrowing capacity

Use your household income to service the joint loan

Consolidate separate debts into one single joint payment

Our competitive interest rates
are just the beginning

We offer interest rates suited to match your financial situation.See
how our competitive rates differ depending on your credit profile.

8.95%

EXCELLENT

8.95%

Interest Rate (per annum)

10.56%*

Comparison Rate (per annum)

11.45%

VERY GOOD

11.45%

Interest Rate (per annum)

13.05%*

Comparison Rate (per annum)

16.95%

AVERAGE

16.95%

Interest Rate (per annum)

18.53%*

Comparison Rate (per annum)
 

Approved customers only. Terms, conditions, fees and charges apply. All applications are subject to NOW FINANCE’s lending and approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms range from 18 months to 7 years. Interest rates range from 8.95%pa (10.56%pa comparison rate) to 16.95%pa (18.53%pa comparison rate) *Comparison rates are based on a loan of $30,000 over 5 years

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Joint Loans Application Process

Easy to finish in under 20 mins if you have all your details

4

Mins

GET YOUR RATE

Input basic information like Name, Address, ID and get a personalised interest rate based on your credit score.

No inquiry on your credit file at this stage

15

Mins

APPLY ONLINE

Choose the amount you want to borrow and your preferred term. Add your income and expense information together with your supporting documents.

Credit inquiry only after application submission

24

Hours

SETTLEMENT & FUNDS

If your application meets our lending criteria, we will fund your account within 24 hours after receiving completed documentation.

 

FAQs

A NOW FINANCE joint personal loan is a personal loan that two people in a relationship can apply for as a couple. The two people must live at the same address and be in a relationship (married, or de facto i.e. in a long-term relationship). Upon approval of a joint personal loan the two people will be known as co-borrowers. The co-borrowers in a joint personal loan are jointly and severally liable for the debt, meaning each individual is as accountable as the other in their responsibility to repay the entire debt. As such, individuals must be aware of the following before applying for a NOW FINANCE joint personal loan:

  • Each individual applicant will need to meet our eligibility criteria.
  • You will both be equally responsible for the repayments. If one of you becomes incapable of meeting the repayments, the other borrower nevertheless continue to make the contracted repayments to NOW FINANCE.
  • Your household income is used to service the joint debt.

There may be a number of reasons why you would apply for a NOW FINANCE joint personal loan.

  • If you’re planning to buy a car or another asset together, and need a loan to cover the cost.
  • If you’re planning to use a loan to pay for your wedding, honeymoon, or a holiday.

Your reasons for seeking a NOW FINANCE joint personal loan will be specific to you and your partner. Before applying, you should consider and remember:

  • That you will both need to meet our eligibility criteria..
  • That you will both be equally responsible for repaying the loan. If one of you becomes incapable of meeting the repayments, the other borrower nevertheless continue to make the contracted repayments to NOW FINANCE.
  • Your household income will be used to service the joint deb
  • You should be living at the same address and be in a relationship with your co-applicant.

When you apply for a joint loan, NOW FINANCE will consider the financial circumstances of both yourself and of your co-applicant.

In applying together, the serviceability and affordability of your loan may increase, because your entire household income and expenditure will be considered, therefore you may be able to borrow more than you would have been able to as an individual applicant.

Applying for a joint loan also allows you and your partner to be jointly and severally responsible for repayments, rather than one of you applying for the loan and making the repayments on your own.

These factors could mean that as a couple you:

  • Use your household income to service the joint debt
  • May have a positive impact on your borrowing capacity
  • Consolidate separate debts into one simple joint repayment

When you apply for a joint loan, NOW FINANCE will review your joint suitability for a personal loan in the same way we would assess an individual application in accordance with the responsible lending aspects of the National Consumer Credit Protection Act 2010.

Applying for a joint loan at NOW FINANCE is quick and hassle-free, just as applying for an individual loan is!

First, you need to get your rate by clicking here. Assuming you are both eligible for a NOW FINANCE loan, we will provide you with your interest rate upfrontso that you can decide whether you wish to proceed to submitting a formal personal loan application. Finding out your personalised interest rate is not considered a formal personal loan application and will not affect either of your credit scores at any credit reporting bureau.

Your personalised interest rate is guaranteed for 48 hours. If you submit a formal personal loan application during the 48 hour period, the interest rate will not change through the course of your application.

To apply for a personal loan you will need to complete an application either online or over the phone on 1300 275 669. This takes no more than 10 minutes, and you could have the cash in your nominated bank account in as little as 72 hours.

To apply for a NOW FINANCE joint loan, we require the following information from both applicants.

Personal Information:

  • Your names
  • Your dates of birth.
  • Your address (joint loan applicants must be living together).
  • Your identification documents. We accept either your passport OR your driver’s licence plus Medicare card.

Employment Details:

  • Where you both work.
  • A contact at your workplace so we may verify your employment details.
  • Your job roles.
  • How much you both earn.

Financial Information:

  • Combined household and living expenses.
  • Details of any individual or joint liabilities you currently have.

As part of your application we may ask you to provide certain additional documentation, such as payslips, bank statements, and your most recent PAYG summary.

Any other specific information required will be advised to you by your personal loan specialist once your application has been submitted.

While taking out a NOW FINANCE joint loan has multiple benefits, you should also be aware of the potential limitations of a joint loan, such as:

  • Being reliant on your co-borrower to contribute to repayments.
  • You will be liable for repaying the whole sum if your co-borrower does not make his/her share of the repayments.
  • If your relationship ends and your co-borrower doesn’t continue repayments, legal action to recover the payments may still be taken against you individually.

Even if you make all the repayments expected of yourself, you could still be held liable for the failure of your co-borrower to do so themselves. Consider carefully whether a joint loan application is the right decision for both yourself and for your partner.

To apply for a NOW FINANCE joint loan, both applicants need to be living at the same address and be in a relationship with each other.

Many happy customers

Get started now

Call 1300 275 669 or