How do I apply for a personal loan?
You can apply for a personal loan online. It usually takes around 15-20 minutes, and we collect all of your financial information, identification and assets and liabilities as part of the application so it's important to have this on-hand.
You can also visit us in branch to submit an application.
How do I apply for a home loan?
To apply for a home loan, you'll need to make an appointment to visit us in branch. If you would like information about fees and charges or other information relating to the products mentioned above please refer to the relevant brochure.
You can also apply for a home loan online.
Am I eligible to apply for a loan?
To be eligible to apply for a personal loan you must be:
- Aged 18 years or older
- An Australian citizen/permanent resident or New Zealand citizen; and
- Currently working and residing in Australia.
What information will I need to provide when applying for a loan?
In order to assess your loan application, we will typically request the following:
- Identity verification
- Passport
- Birth certificate
- Australian driver's licence
- Credit Card statement
- Household bill (e.g. rates, phone, electricity, etc)
- Income verification
- Copy of a payslip dated within the past four weeks/covering the period of the past four weeks; or
- Copies of the past two years of Income Tax returns and assessments; or
- Copy of the latest tax return, along with profit and loss statements and balance sheets for the past two years (where the applicant is self-employed).
- Proof of savings (not held with Queensland Country Bank)
- Copies of account statements (dated within the past 3-6 months)
- Details of living expenses
- Minimum one month most recent statement; or
- Three months, where required for genuine savings
- Statements for any existing debts (dated within the past 3-6 months)
- Credit card statements
- Store cards or charge cards
- Any other current debts or loans
Listed below are some of the things we may also need to assess during the application. The more information you can provide to us when you make your application, the faster we're able to make a decision for you.
Details of what you own
- Include other property details, furniture, vehicles, life insurance and other major assets.
Details of your purchase
- Quote from the car yard (if purchasing a vehicle)
- Details of the property (if you're buying a property)
If you've already begun the purchase of a property
- Copy of the signed Contract of Sale
- Copy of your receipt for any deposit paid
- Copy of plans and specifications
- Building quotes
How long does it take to get a personal loan application approved?
For a basic personal loan, where all required information has been provided, we can normally give you a response within 2-5 business days.
What is Lenders Mortgage Insurance and is it required?
Lenders Mortgage Insurance (LMI) is a policy that protects your bank or lender, rather than you, if you default on your home loan. In Australia, LMI is typically required if your deposit is less than 20% of the property’s purchase price (i.e. an 80% Loan-to-Value Ratio).
Unless you are in a position to borrow at least 80% of the value of your home, then you will need to purchase an LMI policy.
The cost of an LMI policy depends on several factors: the value of your deposit, the total amount you are borrowing and whether you are living in the property or using it as an investment. Each lender is different though, so ensure that you check all policy details before taking out a home loan.
Government schemes, if available at the time, may be utilised to bypass LMI. Please thoroughly check your eligibility, if you choose to explore this option.
If I am on probation with my place of employment can I get a loan approved?
We can still assess your loan application as long as your position is in the same industry as your previous employment and/or you have letter from your employer stating your employment will be guaranteed after probation is completed.
Why do I need to show six months’ worth of statements on my existing debts when the payments come out of my Queensland Country account?
Even if your repayments come out of your Queensland Country account, if your debt is with another financial institution we need to see the statements to verify payments and to check the facility is up to date. We also need to check the debt is being serviced in a good manner and there are no current arrears.
Can I have a fixed rate on a personal loan?
No. Queensland Country Bank only offers variable rates on personal loan products.
Can I make extra repayments on my home loan?
For our Variable Rate Home Loan products, you can make extra repayments as often as you like. There are no penalties for extra repayments.
However, lump sum and/or additional repayments on fixed rate home/investment home loans cannot exceed $10,000 per year, in addition to your contracted repayments. Extra repayments exceeding the $10,000 limit (including early repayment or switching of your loan type) will attract an Early Repayment Fee.
We're building/renovating and don't need all the funds at one time. Can we access money progressively to pay builders, plumbers and electricians when we need to?
Yes. Queensland Country can provide funds progressively, as long as the accounts to be paid are formally invoiced. Please visit your local branch or phone our Contact Centre on 1800 075 078 to speak to one of our Lending Specialists regarding the scheduling of payments.
How much can I borrow?
You are able to estimate your borrowing capacity by using some of the great loan calculators we have on our website.
If you would like to discuss how much you can borrow, you can:
- Make an appointment with one of our local Branch Managers or Branch Lending Specialists
- Call us on 1800 075 078
We encourage you to obtain your own financial advice if you need further guidance in respect to your borrowing capacity or other related matters.
What costs am I likely to incur?
An Establishment Fee applies to most personal and home loans, as well as a Monthly Loan Maintenance Fee. Document fees may also apply. For some home loan or personal loan products, different fees may apply - please refer to our Fees and Charges brochure for the current list of applicable fees.
Can I make my repayments weekly or fortnightly, or do I have to make monthly repayments?
The frequency of your repayments can be made weekly, fortnightly or monthly, provided your minimum monthly repayment amount has been paid into the loan by the due date.
How long is my loan approval valid for?
Your loan approval is valid for 90 days from the date the approval is provided, as long as the details provided on your original application have not changed (e.g. you are still with the same employer).
Can the First Home Owners Grant be classified as part of our deposit?
No, genuine savings are required. However, you can use funds from other sources to help with your deposit. If you’d like to discuss buying your first home with your closest Branch Manager, simply make an appointment.