What Documents Do You Need for a Personal Loan?

Applying for a personal loan in Australia involves more than completing an online application. Lenders are required to verify your identity, income, and overall financial position before offering credit. These checks help determine whether a loan may be suitable and affordable for your circumstances.

While exact requirements can vary between lenders, most personal loan applications in Australia ask for similar documents. This guide explains the common documents lenders request, why they are needed, and how preparing them in advance can support a smoother application process and improve your understanding of how personal loans work.

Loan documents and responsible lending

Australian lenders must assess whether a loan is suitable and affordable before approving it. This assessment generally involves confirming your identity, reviewing your income and expenses, checking existing debts, and considering whether repayments could place you under financial strain.

These requirements are designed to promote responsible lending and help reduce the risk of borrowers taking on credit that may not be appropriate for their situation. Providing accurate and complete documents helps lenders perform this assessment and can reduce delays during the application process.

Essential documents for a personal loan application

1. Proof of identity

Lenders need to confirm who you are before offering any form of credit.

Commonly accepted primary identification includes an Australian driver’s licence, passport, or proof of age card. Some lenders may also request secondary identification such as a Medicare card or birth certificate.

Your identification should be current, valid, and match the details on your application. Address information should be up to date, and images or scans should be clear and readable.

2. Proof of income

Proof of income helps lenders assess whether you may be able to meet loan repayments.

For employed applicants, this often includes recent payslips, bank statements showing salary deposits, or occasionally an employment letter or contract.

Self-employed applicants are usually asked for additional documents such as recent tax returns, Business Activity Statements, profit and loss statements, and business or personal bank statements. An accountant’s letter may also be requested in some cases.

Applicants receiving Centrelink or pension income are typically asked to provide an income statement from myGov and bank statements showing payments.

Preparing these documents in advance and ensuring income deposits are clearly visible can help avoid delays.

3. Bank statements

Bank statements provide insight into your day-to-day financial activity.

Lenders commonly request the last three to six months of statements for transaction, savings, and credit card accounts. These statements help lenders understand regular income, rent or mortgage payments, everyday expenses, and existing loan repayments.

They may also review indicators such as overdrafts, dishonour fees, or gambling transactions. Downloading statements directly from online banking and including all pages can help ensure accuracy.

4. Proof of address

Most lenders require confirmation of your current residential address.

Accepted documents often include recent utility bills, rental agreements or leases, rates notices, or a driver’s licence showing your current address. These documents are usually required to be recent and, where possible, issued in your name.

If you have recently moved or live with family, explaining your situation upfront may help clarify your application.

5. Details of existing debts

To assess your overall financial commitments, lenders typically ask for details of existing debts. This can include personal loans, car loans, mortgages, credit cards, and buy now, pay later accounts.

Providing balances and repayment amounts helps lenders understand your current obligations. Being transparent is important, as most debts will appear on a credit report.

Additional documents you may need

Depending on your circumstances, a lender may request further information.

If you have recently changed jobs, you may be asked for previous employment details or information about probation periods. If the loan is for a specific purpose, a quote or invoice may be requested. Refinancing applications often require current loan statements and payout figures.

Applicants with a lower credit score may be asked to explain past credit issues or provide evidence of improved circumstances. Non-residents may need to supply visa and residency details.

How to prepare your personal loan documents

Preparing documents before applying can save time and reduce follow-up requests.

Collect all required documents in advance, ensure names and dates match across documents, and confirm everything is current. Clear scans or photos that include all pages can help prevent delays. Updating expired ID, downloading recent statements, and correcting address details before applying can also be helpful.

Want simple document requirements? Meet Credit24

Credit24 aims to make personal loans and lines of credit straightforward, including the document requirements.

Applicants are generally asked for valid identification, recent bank statements, and proof of regular income. Applications are completed online, documents are uploaded securely, and bank statements may be retrieved safely through Illion with consent.

Eligible customers may receive funds quickly via OSKO once approved.

You can apply when you feel ready by visiting:
Apply now

Frequently asked questions

What documents are usually required for a personal loan?
Most lenders request photo ID, proof of income, recent bank statements, proof of address, and details of existing debts.

How recent do bank statements need to be?
Statements typically cover the last three to six months and should be current.

Do I need tax returns for a personal loan?
Employed applicants usually do not. Self-employed applicants are commonly asked for recent tax returns and BAS statements.

Can I apply without proof of income?
Lenders are required to verify income before approving credit.

What if my ID has expired?
Expired identification generally needs to be renewed before applying.

Do lenders verify employment?
Employment and income may be verified as part of the assessment process.

How long does document verification take?
Timeframes vary by lender. Applications may be processed more quickly when documents are complete and accurate.

Disclaimer

IPF Digital Australia Pty Ltd, trading as Credit24, ABN 59 130 894 405. Australian Credit Licence 422839.

The information in this article is general in nature and does not consider your objectives, financial situation, or needs. Lending criteria, fees, and charges apply. For product details, eligibility requirements, and full terms and conditions, visit www.credit24.com.au.