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Personal Loans with Part 9 Debt Agreement

Find out what your options are when looking for a personal loan with a Part 9 debt agreement on your file with Savvy.

Personal Loans with Part 9 Debt Agreement

Find out what your options are when looking for a personal loan with a Part 9 debt agreement on your file with Savvy.
  Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
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Last updated
March 27th, 2025


Looking for a personal loan but currently under a Part IX debt agreement? While there are plenty of restrictions that are placed on you during your agreement, it’s important to know that there may still be avenues open to you when it comes to borrowing the money you need.

How can I get a personal loan with a Part 9 debt agreement?

There are plenty of lenders in Australia who specialise in personal loans for people with bad credit, including some who can approve applications for those who are repaying a debt agreement.

These come with more restrictions on loan amounts (no more than $15,000) and length (up to three years), as well as other conditions such as displaying a good repayment history for at least one to two years prior. Also, you’ll pay more in interest and fees than you would if you had good credit.

However, you’re likely to find that you’ll have more luck applying for financing once you’ve been discharged. Without the restrictions of your agreement’s monthly commitments, more lenders will be willing to approve loan to you, particularly if you were able to make your payments without any real trouble.

Savvy is partnered with lenders who can work with individuals who’ve struggled with their credit in the past, including those under a debt agreement. When you apply with us, a member of our team will walk you through the options available and any requirements you’ll have to meet.

How can I work out my affordability?

Determining what you can afford to borrow is a large part of the personal loan process, as your lender will always want to make sure you’re able to comfortably repay the amount you’re asking for. You can work out your disposable (available) income by subtracting your regular expenses, such as rent, utilities and food, from your monthly income.

Lenders want to see clear daylight between your maximum disposable income and the portion of it dedicated to your loan repayments. For example, if you had $1,000 of disposable income each month, your lender is unlikely to approve you for a loan with monthly repayments of $700.

By applying with Savvy, we can give you a clear idea of how much you’ll be able to borrow based on your monthly budget to help you maximise your chances of loan approval.

Top tips for getting personal loan approval with a Part IX

Personal loan repayment calculator

It’s important to have an idea of what different loans might cost you overall before you apply. Fortunately, Savvy’s personal loan repayment calculator is simple to use and tells you everything you need to know about how much different offers might add up to overall based on a variety of different factors.

$500
$200,000

How much you need to pay on your personal loan (not including interest or fees)

Your estimated repayments

$98.62

Total interest paid: Total amount to pay:
$1233.43 $5,143.99

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Personal loan eligibility and documentation

Common personal loan questions answered

Can I still be approved if I’m receiving Centrelink benefits?

Yes – there’s a range of Centrelink benefits that can be counted as income towards your application, such as age, disability support and veterans’ pensions. Apply with Savvy today and you can speak with one of our friendly support team members about your options.

What if I have unpaid defaults?

You can still be approved with unpaid defaults, but not all default types will be accepted. For example, while lenders may accept one or two unpaid finance defaults (such as on other loans) in the past two years, any within the last six months will likely rule you out from getting a loan. Accepted non-finance defaults can include utility or phone bills and equipment hire, which have no limit with some lenders.

Can I apply with my partner?

Yes – you can submit a joint personal loan application through Savvy. Applying with a second person can increase your chances of approval, as your lender can rely on two sources of income and two borrowers, rather than one.

Will I be able to apply with a guarantor?

Some lenders may also enable you to apply with a parent or family member as guarantor. This essentially means that if you become unable to repay your loan, your lender will require your guarantor to take over and repay it. This may be especially helpful if you’re under a Part IX and your parent has a strong credit history, for instance.

How quickly can I have my application approved?

Personal loans can be approved and funded as soon as the same day you apply. However, for people with more complex credit histories, lenders may take more time to assess their borrowing profiles and decide whether to approve the loan they’re applying for.

Should I apply with a lender that offers guaranteed approval?

No – there’s no such thing as a loan with guaranteed approval or one without a credit check. This is because all lenders are required to conduct credit checks and assess whether loans are affordable for borrowers as part of their responsible lending obligations. If a lender is advertising guaranteed approval, this is a red flag.

Can I use my car as security for my personal loan?

Yes – secured loans are also available, which can potentially help you save by offering lower interest rates. If your car is eligible to be security on your loan (it must meet your lender’s criteria relating to age and condition), you may expand your borrowing power up to as much as $30,000 and loan term up to five years.

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