Understanding Personal Loan Applications
Borrowers looking to boost their borrowing power often wonder if they can use a guarantor to secure a Commonwealth Bank (CommBank) personal loan. A guarantor is typically a family member who legally agrees to pay back the debt if the primary borrower cannot. However, for personal loans, CommBank currently does not offer a specific guarantor structure. Guarantor support is generally reserved for property purchases through their Family Security Guarantee home loan product.
If your individual income does not support the loan amount you need for a car or a holiday, the bank provides an alternative pathway. You can submit a joint application with another person, such as a partner. When applying jointly, both applicants share equal legal responsibility for the entire debt, and the lending team assesses both incomes and expenses together to determine affordability.
Key Information and Requirements
| Category | Details |
|---|---|
| Application Methods | NetBank (online), CommBank App, Phone, or Branch |
| Standard Processing | Typically 1 to 2 business days for joint assessments |
| General Eligibility | Both applicants must be 18+ and Australian residents |
| Key Requirements | NetBank logins for both parties, verifiable income, shared expense details |
Step-by-Step Joint Application Guide
Because direct guarantors are not available for this product, here is how you typically navigate the digital platform to apply for a joint personal loan:
1. Log on securely to NetBank via a desktop browser or open your CommBank app.
2. Navigate to the 'Products & Offers' tab and select 'Personal Loans'.
3. Choose your preferred loan type, and when prompted, select the option to apply with two applicants.
4. Enter the requested loan amount and the purpose of the funds (e.g., buying a used vehicle).
5. Fill in the financial details for both yourself and your co-applicant, including employment income and combined living expenses.
6. Review the summary screen, ensure both parties agree to the credit check, and submit the joint application for assessment.
Troubleshooting Common Application Errors
NetCode SMS Not Arriving for the Second Applicant
Cause: The mobile network might be experiencing temporary delays, or the co-applicant has an outdated phone number linked to their CommBank profile.
Fix: Have the second applicant restart their phone to refresh the signal, wait a few minutes, and use the 'Resend Code' prompt.
Fallback Action: Call the CommBank support line on 13 2221 to verify identity verbally and update the registered contact details before continuing.
Session Timeout During Data Entry
Cause: Banking platforms automatically end inactive sessions to protect your financial data, which often happens if you stop to find your partner's payslips.
Fix: Clear your browser cache, open a fresh window, and log back into NetBank to resume your saved draft.
Fallback Action: Switch to the CommBank mobile app, as the mobile environment often bypasses desktop browser cookie conflicts.
Digital ID Verification Failed for Joint Applicant
Cause: The details entered during the application do not exactly match the name and date of birth registered to the second applicant's NetBank profile.
Fix: Double-check that you are entering their full legal name exactly as it appears on their primary identification document.
Fallback Action: Visit your nearest CommBank branch together with valid photo ID so a staff member can manually verify the profiles and link the application.
Pro-Tip: Having both applicants route their salaries into a joint CommBank transaction account prior to applying typically speeds up the assessment. The internal system can digitally verify the combined income history, which often bypasses the need for manual payslip uploads.
Frequently Asked Questions
Why was our joint personal loan application referred for manual review?
When you submit a joint application, the automated system cross-references the stated income and expenses of both parties against current responsible lending criteria. If one applicant has fluctuating income, or if the declared living expenses fall below standard benchmarks, the system typically flags the file. A human assessor then reviews the details to ensure the bank meets regulatory compliance. What this means in practice is your application is simply waiting in a queue for a closer look. Check the CommBank app for status updates and have recent bank statements ready to upload if requested.
Can I remove a joint applicant from the loan later on?
Life circumstances change, and people sometimes wish to take full ownership of a shared debt following a relationship breakdown. However, a joint personal loan contract holds both parties equally liable for the balance until it is cleared. The banking system does not allow you to simply erase one name from an active unsecured loan. A key limitation here is that to take sole responsibility, you generally need to apply for a brand new personal loan in your name only, use those funds to pay off the joint debt, and close the old account. Call the CommBank lending team to discuss your single borrowing capacity before attempting to refinance.
What happens if my co-applicant misses a payment?
Because both individuals are fully responsible for the debt, a missed payment impacts both borrowers equally. The bank’s internal logic does not split the repayment liability 50/50; they expect the full minimum monthly amount regardless of who transfers the funds. If the account falls into arrears, it will typically affect the credit scores of both applicants. If you notice a payment has bounced due to insufficient funds in your partner's account, your best practical step is to log into NetBank, manually transfer the missing amount from your own funds to avoid late fees, and then contact CommBank to adjust your direct debit arrangements.
