Frequently Asked Questions

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A credit score is a number that represents your credit worthiness as a borrower. Your credit score (also known as a credit rating) is determined by a number of different factors such as your borrowing and repayment history, as well as the frequency of your credit applications. The better your credit history is, the higher your credit score will be. Having a high credit score lets lenders know that you make repayments on time and you can manage your credit well.

Joining the credit score club is FREE for anyone. Just click ‘Get My Score’.

The SocietyOne Credit Score Club is a place for you to grow your financial literacy. By clicking ‘Get My Score’, you will have access to your credit score, as well as exclusive tips and content to help improve your credit score and help you make better financial decisions.

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

We charge a one-off establishment fee that is included in your total loan amount. There are also no monthly fees or early repayment fees giving you the security of a fixed rate loan, with the flexibility to pay it off early. Visit our Rates & Fees page for further details.

Establishment fee

No up-front payments, just a one-off fee included in your total loan amount and paid over the life of the loan. Establishment fees range from: 0% with a maximum establishment fee of $595.


Late Repayment Fee

If your loan repayment is unable to be processed and the payment remains outstanding, a late fee will be payable at 5, 14, 21 and 30 days after the payment date. Late Repayment fee: $35 per late payment


Direct Debit Dishonour Fee

It's important to ensure there are enough funds in your account to cover each of your repayments to avoid dishonour fees. This fee is payable if we are unable to process a direct debit from your account.

Dishonour fee: $15 per dishonour


Early repayment fee

Some lenders charge you for paying your loan out early. We don't!

Early repayment fee: $0

If you work, a tax return is something you need to send to the Australian Tax Office (ATO) each year. Your tax return consists of all the income you've earned throughout the financial year, which begins July 1 and ends June 30. It’s essentially an annual assessment to ensure that you’ve paid the correct amount of tax.

With a secured loan, you are providing the asset as security against the loan - meaning the lender has the right to sell your asset as a way to cover the cost of the unpaid loan.

Of course, if you are in financial distress or are in need of some short term financial support, you can discuss hardship and alternative repayment options with our friendly customer care team to try and avoid the need to forfeit your asset.

The approval and application procedure vary with every lender.

At SocietyOne, all of our personal loans applications are online and you can get a quote in as little as 2 minutes. If you choose the secured personal loan option, you’ll need to provide additional documentation for the asset you’re providing as security but the whole process is very fast and simple.

With a secured loan, you can borrow larger loan amounts compared to an unsecured personal loan and interest rates are also lower, as they are seen as less risky to the lender.

They’re a great way to get a better deal on a personal loan if you already have an asset to provide as security or are purchasing a car.

If you've paid more tax than you needed to, or if there are some tax deductions you are entitled to, you should get this money back. All you need to do is submit your tax return correctly, and the amount you are entitled to will be refunded into your bank account.

Your tax residency is the countrywhere you typically submits an income tax return or may be liable to pay tax.

Westpac, as issuer of the SpendOneand SaveOne accounts, needs to comply with the reporting obligations underForeign Account Tax Compliance Act and Common Reporting Standard legislation.So we need to help Westpac collect data regarding your tax residency status andmaintain that information so they can report it to the relevant regulatorybodies.

Currently, you cannot sign up for a SpendOne andSaveOne account if you are an overseas tax resident. We will let you know oncethe accounts become available to you.

There are a few reasons you might end up owing tax. It all comes down to how much you earn throughout the year, and what tax bracket you fall into. You might end up owing tax if you have more than one taxable income. For instance, if you have an investment property, as well as an income, you will probably end up owing more tax by the end of the financial year.

To get a personal loan, you may need to supply us with the following information and documents as part of your personal motorbike loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

To get a personal loan, you may need to supply us with the following information and documents as part of your caravan loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

To get a personal loan, you may need to supply us with the following information and documents as part of your personal holiday loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

To get a personal loan, you may need to supply us with the following information and documents as part of your personal student loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

‍ If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

SocietyOne’s unsecured green loans work in the same way as our regular personal loans, but are used to purchase products or fund projects that are environmentally conscious so you can save on more than just interest rates.

A green loan can be used for any environmentally positive or purchases that can increase energy efficiency around your home. These can often help you reduce your energy bills and include:

  • Electric or hybrid cars
  • Solar panels
  • Solar water heating systems
  • Solar powered batteries
  • Solar system
  • Water tanks

A Green loan is a personal loan that is specifically for products that are environmentally friendly or energy efficient. SocietyOne’s unsecured green loans can help you make everyday cost savings through a more energy efficient home.

While they’re both used for your home, a home loan or mortgage is used to fund the purchase of a home. These are larger loan sizes (generally cover around 80% of the home price), over longer terms (up to 30 years) and you’ll need a deposit and a strong financial position to be approved.

A home renovation loan or home improvement loan on the other hand is a smaller amount of money borrowed over shorter loan terms and with gentler eligibility criteria. These loans are used to make improvements around the home such as new bathrooms, kitchens, carports, even new furniture.

The type of renovation loan will depend on your personal circumstances. You have a few options for funding your home improvements and it’s important to find the solution that works best for your financial position.

If you have an existing mortgage or home loan, you may have the option to access some of the equity in your home and refinance to borrow more against your home, but this option often comes with lots of paperwork and may come with additional fees and interest over the life of the loan.

The benefits of choosing a personal loan for your home improvement is an easier application, faster processing times and fewer hoops to jump through. Plus with SocietyOne you have no ongoing monthly fees or early repayment fees, so you can pay the loan off sooner without penalty.

The lower interest rates associated with mortgages seem tempting at first, but you need to consider how much interest you’ll actually be paying over the life of your home loan. Miscalculating could result in thousands of dollars in extra interest paid. Unlike home loans, a personal loan is a shorter term commitment and comes with added benefit of features such as no early repayment fees, so if you’re sprucing up your home to improve the sale cost you can pay back the loan early once it’s sold, without any penalties.

A home renovation loan allows you to make improvements to your home without having to add to your mortgage which can include buying furniture to spruce up your space or paying for moving costs.

A building and construction loan is for building a new home or larger projects and often a large amount of money is loaned. Construction loans function a little differently than regular home loans. Funds are provided to you as the construction completes various stages, so you only pay interest on the payments made to you until the construction loan is completely drawn. A renovation is only eligible for a construction loan if structural alterations are undertaken.

To get a home renovation loan, you may need to supply us with the following information and documents as part of your home renovation loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

To get a personal loan, you may need to supply us with the following information and documents as part of your personal wedding loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

Debt consolidation loans remove the temptation to continue spending and often have lower interest rates than credit cards, which can help you save on interest. You can also choose terms of 2, 3 or 5 years with SocietyOne, which can make repayments easy to manage. Some credit card companies will offer 0% balance transfers on credit card debt, which may be appealing, however you will need to be strict in paying this off before the interest-free period ends and know what any new purchases are charged at the full interest rate, so it is important to consider if you will really be better off in the long run.

Say you have a credit card (or two, or three), a store card, a car loan or even an existing personal loan. Managing all of these debts can be tricky and the interest paid across them all could be… huge!

Debt consolidation is simply the process of combining all of these existing debts into a single new debt with a single interest rate and one regular repayment. A debt consolidation loan can help you manage your finances and pay your debts off sooner.

A secured car loan is one in which the purchased vehicle serves as security for the loan. If a borrower defaults on a loan, the lender has the right to repossess and sell the vehicle. The proceeds of the sale are used to pay the remaining debt.

Currently we do not offer balloon payments. Some car loans allow you to make a 'balloon payment' (also known as a residual payment), which means you pay a portion of the loan in regular instalments and the rest in one big sum. Your monthly repayments will most likely be lower but because you'll have to repay the lump payment plus interest, the total cost of the car loan is likely to be higher.

"Payday" lenders are generally lenders of last resort. In return for access to short-term credit (about 30 days) and loans that are typically of small nominal value, payday borrowers pay extremely high fees and interest rates.SocietyOne is not a payday lender. We look for creditworthy, quality borrowers who typically have established relationships with major banks. Our loans range up to 60 months, from $5,000 to $50,000, which does not fit with the definition of a payday loan. We think quality borrowers with good track records are not getting the best rate they deserve.

SocietyOne is not a bank. Marketplace lending provides a different and interesting alternative for creditworthy borrowers and fixed income investors to get a better deal. Part of the attraction is that it can provide better rates and returns without the infrastructure cost and complexity that comes from being a traditional bank or deposit-taking institution.

Once you're approved the funds will be transferred to your bank account, usually within 24 hours.

It's an exciting new way for people to borrow money from other people. The people providing the funding are investors who would like to loan money to creditworthy borrowers. Borrowers get the recognition for their good credit behaviour by saving with better rates. For investors, it offers an opportunity to invest in a new, attractive fixed income asset class.

You may need to supply us with the following information and documents as part of your personal loan application:

  • Your personal details ‚Äì name, address, date of birth
  • A driver's licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts

If you're applying for a secured personal loan, you'll also need to provide asset details as part of the verification process.

The documents we require depend on your ownership of the vehicle but it will help to have these things handy:

  • Registration certificate
  • Proof of insurance
  • Invoice or proof of private sale, if you are purchasing a vehicle

A secured personal loan is secured against an asset that you own, most commonly your house or car, as a form of collateral. An unsecured personal loan requires no security which can mean a stricter lending criteria but far more flexibility for those who are eligible.

SocietyOne offers fixed rate personal loans – which means the interest rate doesn't change during the term of your loan so your repayments will remain the same. In addition we don't charge early repayment fees if you want to pay off your loan earlier than you originally expected. Variable rate personal loan interest rates may go up and down during the loan term.

For personal loans, investors own units in the Trust and the Trust invests in loans which are approved in accordance with our credit assessment criteria. Investors have no direct interest (legal or beneficial) in the individual loans.

For livestock loans you receive an equitable interest in the loan which entitles you to receive the interest and capital repayments for the proportion of the loan you have funded. More detailed investor information on our personal and livestock loan products can be found here.

Register your interest in investing at our registration page. After a quick identity check, we'll provide you with a link to an application form to complete and the Information Memorandum.

During the application process, we'll ask you to upload a wholesale investor certificate from your accountant and a copy of a statement for the bank account to which you direct us to pay distributions.

On receipt of the forms, we'll provide you with direct deposit details so you can fund your investment.

Currently only wholesale clients can invest through SocietyOne. Find out more about wholesale clients. Please note that wholesale clients includes individuals who meet the requirement. Over 90% of current investors on the SocietyOne platform are individuals/SMSFs.

The first thing you should do is check your eligibility with the lender. If you're looking to apply for a personal loan with SocietyOne, you'll need to ensure you meet our lending criteria below:

  • You need to be at least 18 years of age
  • Be an Australian citizen or a permanent resident of Australia
  • You must earn more than $30,000 per annum
  • It's important that you have a good credit history

If you're applying for a secured personal loan, you will need to have an asset to pledge as security. At SocietyOne, your asset will need to meet a minimum value, depending on the amount you wish to borrow. Acceptable assets include:

  • Vehicles (passenger and light commercial vehicles)
  • Motorbikes
  • Caravans
  • Marine (boats and personal watercrafts)

We do not accept heavy commercial vehicles.

You will need to provide asset details, proof of ownership or purchase invoice, and insurance as part of the verification process.

We charge a one-off establishment fee that is included in your total loan amount. There are no monthly fees or early repayment fees. You can learn more about how our rates and fees work here.

Loan amount limits

The minimum and maximum amounts you are able to borrow:

  • $5,000 to $50,000 for unsecured personal loans
  • $5,000 to $70,000 for secured personal loans

Loan terms

Your repayments are split evenly over your loan term. A shorter loan term means less interest is paid over the life of the loan, while loans with longer terms will have lower regular repayments.

You can choose the loan term that suits you:

  • 2 years, 3 years or 5 years for unsecured personal loans
  • 2 years, 3 years, 5 years or 7 years for secured personal loans.

We charge a one-off establishment fee. This is included in your total loan amount. There are no monthly fees or early repayment fees. So you have the security of a fixed rate loan, with the flexibility to pay it off early. Visit our rates & fees page for further details.

To be eligible for any SocietyOne personal loan, you need to be employed and earning more than $30,000 per annum (Centrelink can be used to support this income).

Our interest rates are personalised for each customer and are determined based upon factors such as your credit score - the higher your score, the lower your interest rate.

Once you're approved the funds will be transferred to your bank account, usually within 24 hours.

The amount you can borrow depends on the loan options you choose and your serviceability (this is a calculation of how much you can afford to repay)

With an unsecured personal loan, you can borrow from $5,000 to $50,000. However, if you choose our secured option, you can borrow up to $70,000.

With either option, you should borrow the amount that best suits your situation, making sure you will be comfortable paying off each instalment.

The amount you can borrow depends on the loan options you choose and how much you can afford to repay.

With an unsecured personal loan, you can borrow from $5,000 to $50,000. However, if you choose our secured option, the maximum loan size is $70,000.

With either option, you should borrow an amount that suits your situation, so that you will be comfortable paying off each instalment.

Yes, we use this and assess your financial situation to calculate your interest rate and reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our credit assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

Please contact customer service at customer.service@societyone.com.au.

Fixed interest rate

Our personal loans have a fixed interest rate, meaning your interest rate doesn't change during the life of your loan and your regular repayments are always the same.

Fixed rate personal loans can help make it easier for you to budget. With no early repayment fees, our fixed rate loans give you more freedom and allow you to pay off your debt sooner.

Our fixed rates for unsecured personal loans range from 6.45% p.a*

Our fixed rates for secured personal loans range from 5.45% p.a*

Comparison rate

If you're looking to compare personal loans, the comparison rate is the most transparent way to compare the true costs. A comparison rate takes into account the interest rate as well as the known fees and charges that are payable (such as establishment fees), making it easier to understand the complete cost of the personal loan with a more transparent comparison of the products.

Our comparison rates for unsecured personal loans range from 6.45% p.a*

Our comparison rates for secured personal loans range from 5.45% p.a*

If you need short-term or medium-term assistance with your repayments please get in touch with us immediately. Our customer service team can discuss options with you that can include flexibility with instalments due, time extensions and other hardship solutions depending on your circumstances.

Applying for a SocietyOne loan is simple.

  • Get your rate: In as little as 2 minutes we'll give you an interest rate and comparison rate based on your credit profile.
  • Apply online: Most people finish their application within 5 minutes (and it's easier to do if you're enjoying your morning coffee).
  • Get paid: Once approved, we'll have the loan funds in your account in as little as 1 business day.

Get your rate now and get started.

We offer 2, 3 or 5 year terms with our unsecured loans, or up to 7 years with our secured loan option.

You also have the freedom to pay out your loan early in full or make additional lump sum payments during the life of your loan with no extra fees or penalties.

Personal loan repayments can be made in either fortnightly or monthly instalments by direct debit.

Your regular repayments are calculated based on your loan amount, interest rate, loan term (2, 3 or 5 years with an unsecured loan or up to 7 years with a secured loan), and whether you have chosen fortnightly or monthly repayments.

Most personal loans come with two options, as a secured or unsecured loan. But which option is best for you?

With a secured loan, you will need to provide an asset as security, such as a car. Secured loans can benefit from lower rates, longer loan terms and the ability to borrow larger amounts. They're great if you own an asset outright, or are looking to buy a car. However, if you don't repay the loan on time, the lender has the right to seize and sell your asset.

With an unsecured loan, You don't have to put up an asset for security. The benefit of an unsecured loan is faster, simpler application and assessment, so you could get the money faster.

If you have poor credit, this means that there are some marks against your credit report such as defaulted loans, missed payments or even bankruptcy. There are some specialist lenders that cater for people with bad credit, however these often come with high interest rates that could get you in more trouble if you can't afford it. By checking your score with SocietyOne, you can see where you need to improve before applying for any credit.

You can see your credit score here. It only takes a minute to check your score.
Have your driver's licence number handy, as we will need it to verify your identity and to access your credit report from Experian.

Checking your score won't impact your credit score. Get started now!

Your credit score is calculated by a credit bureau, using an algorithm that looks at the information from your credit file such as accounts open, defaults, missed payments and even bankruptcies. Your credit score will range from 1000 to 1,200 depending on the bureau but generally a higher credit score suggests you are less risky. If you have a low credit score, it can make it difficult to obtain a loan or credit.

If you notice something that doesn't seem right or believe you've been a victim of identity theft, we'll help you take the next step in reporting issues. Alternatively, you can contact your credit provider directly to correct it.

A credit report is a full report of the data stored in your credit file at one of the credit bureaus (e.g. Experian or Equifax). Although the information in your credit file is generally the same at each credit bureau, each of them organises the data differently and formats its credit report in their own way. Everyone is entitled to one free credit report each year, after which they cost money to obtain and can take weeks to receive. You need to request these directly from the bureau.

Refresh your browser, clear your cookies, or try another browser. Otherwise, contact credit.scores@societyone.com.au.

We will resolve it as soon as possible.

There are a number of credit bureaus in Australia, Experian, Equifax, and illion. Credit bureaus collect information on your borrowing history, debt, repayment history, home loan, credit limit for each of your credit products, number of credit inquiries, and any bad events to calculate your credit score. We use the Experian credit score to provide you with the SocietyOne score insights

SocietyOne cannot and does not access your credit information unless you authorise us to do so. We have partnered with Experian, one of Australia's three official credit reporting agencies, to help our customers access their credit file information.

Experian collects information from a number of different companies that provide credit, such as banks, utility providers, telcos and insurance companies, to deliver your credit report. When you sign up for a SocietyOne credit score, you are simply authorising us to access some of your credit information, including your credit score.

Your credit score is important for a number of reasons:

  • Your credit score is often used by a credit provider (such as banks, lenders, credit card companies, utilities, and telecommunications companies) to determine the risk of lending you money or extending your credit.
  • It provides you with an opportunity to take actions to improve your score, increasing the chances that your future applications will be approved.
  • Having a better credit score may also give you access to better offers.