QLD Loan from Westpac or St George Bank without Guarantor?

[Hayden Wilson]

Hey there!

I am currently working part time and studying full time at university as well as re-opening my already successful home business.

I am looking at obtaining a legal document to say that I have the capacity to sign for finance. This is to avoid having mum as my guarantor as she will not meet the requirements with a bank. I would prefer to get a flexi loan through Westpac (so I only pay back what I use) or a Get Set loan from St George Bank (pay back what I use).

I have previously worked 8 months as an assistant to a bookkeeper where I also learned basic accounting so I am reliable with money and currently pay board.

I have worked a few jobs over the past 3 years and have always managed my finances well.

I am currently earning $23,400 from part time work (per annum, after tax), and am also averaging around $9,360+ from my home business.

 

[Rod]

Have you approached them for a loan?

 

[Hayden Wilson]

No I haven't. I want to have as much knowledge as possible before approaching them.

I know that lender's don't like to lend to under 18's because they are not able to enforce the contract in the odd chance I didn't pay or something went wrong.

 

[Rod]

Don't like your chances. You appear to know the law and the bank, regardless of age, can refuse loans based on their lending criteria and they can insist on guarantors.

They can't discriminate based on age, gender etc, BUT people still need to be of legal age before entering into a loan contract.

You can only use persuasion, not legal means, to get a loan.

 

[Homer jay]

Just get a low interest credit card it might be easier to get and after a few months of making payment then go for a loan.

 

[Hayden Wilson]

Thanks for the reply Homer Jay, do you have any suggestions on how/what card to go for? I was under the impression that I still had to be 18 for a credit card.

 

[Hayden Wilson]

Also thanks to you Rod for your replies and input.