Frequently Asked Questions

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.

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.

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.

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.

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.

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

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.

"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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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 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
• Dealership invoice (if you are purchasing a vehicle)

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
• Dealership invoice (if you are purchasing a vehicle)

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
• Dealership invoice (if you are purchasing a vehicle)

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
• Dealership invoice (if you are purchasing a vehicle)

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
• Dealership invoice (if you are purchasing a vehicle)

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
• Dealership invoice (if you are purchasing a vehicle)