What to expect when applying for a Good Loan
November 28, 2022
We follow the government’s Responsible Lending guidelines, which means that before you commit to a loan, we have to make enquiries so we can be satisfied you can afford the loan and it meets your requirements.
One of our Good Loans Advisors will have a conversation with you about your budget, including your income and usual expenses, to complete a loan application form.
Your Good Loans Advisor may ask clarifying questions to better understand your own unique situation, and ensure that the application is a realistic estimate of your future budget. They need to make sure you have enough money left to repay a loan as well as meet all your essential living costs.
You will need to provide documentation to support your application including:
- Evidence of the income coming into your account
This could be a payslip, or a statement from MSD, Studylink or ACC.
- Your bank statements
You will need bank statements from the previous three consecutive months, for all the accounts you use, including any store cards or credit cards.
You can also choose to use Credit Sense to give us access to your bank statements electronically.
- Confirmation of other loans
We need to be able to confirm the amount of your other liabilities. This could be another loan statement, your Hire Purchase balance, or your buy now, pay later statement.
It’s possible that you may be asked for some additional documentation to complete the application.
This might include documents such as:
Further proof of income
If you work casual or seasonal work, or your income varies quite a lot, we may need to ask you for more documents that prove the loan would be affordable
Further proof of liabilities
For example, your bank statement might show a regular payment going out that you have since cancelled, and we would require proof of cancellation so we could exclude it from your budget
Identity verification
We also need to confirm you are who you say you are. This can be any of following:
Evidence of address
An official document that has your name and current residential address, such as:
- A New Zealand driver’s license
- A power, gas, water, internet or rates bill
- A government document, a bank document or insurance policy
- A document from an NZQA registered education provider
- A residential rental agreement
- A letter from your current employer
- Confirmation of other loans
If you have recently moved, or are in temporary accommodation we may need some more information.
Joint finances
If your household income and expenses are shared, you will need to complete a joint application and provide confirmation documentation as above for both of you.
DEBTsolve
If you work with a Financial Wellbeing Coach to apply for a debt solution loan as part of the DEBTsolve programme will follow a similar process and require the same documents.