Five Tips for your Loan Application

It’s likely you’ve seen the numerous stories in the news about how the changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) last year has impacted loan approvals and how long a loan takes to assess.

If you're thinking of applying soon, here are some tips to help your application go through as quickly as possible.

Pay your bills on time

If you often make late payments on your utilities such as power or internet, or are inconsistent with paying your credit card bill on time, this will negatively affect your credit report. If you’re guilty of paying bills late, now is the time to make changes to make sure you’re always on time.

Get rid of any Laybuys and Afterpays

By paying off and having no laybuy or small niggly debts, your accounts will not only be tidier, but it’ll show you can live within your means and rely on savings for any purchases you need to make.

Stick to a budget

If you can show you stick to a budget, with regular savings, no late payment fees and consistent expenses, your application will be stronger and easier to assess.

Simplify your banking

Everyone manages their money differently – some have 3 bank accounts with one bank, while others have 10 accounts with 5 different banks. When there’s numerous accounts with multiple transfers between them, dissecting bank statements takes a lot longer. If your banking set up is simple, we’ll be able to make a decision on your loan faster.

Apply early

Our ability to meet our usual time standards for loan assessments and approvals was affected by the changes to CCCFA. We are working hard to improve this so we can meet your needs. In the meantime, we recommend putting your loan application in as early as you can to factor in the current longer assessment times.

As always, our Member Services Team are working extremely hard to provide the best service and experience possible to our members.

You can find out more about our loans here.