Form questions
Loan application questions for a pre qualification check
Ask 12 to 15, and say at the top that the result is not a credit decision. Never skip the amount and purpose, income and living expenses measured over the same period, and existing debts with their repayments. A lender asks about all three, so a check that skips one gives false comfort.
A loan pre qualification has to find out whether a full application is worth making before anyone obtains a credit report or quotes a rate. These questions gather the amount, purpose, income, expenses and existing debts a lender would ask about, so a borrower learns early whether the loan is likely to fit.
The questions
The loan
How much would you like to borrow ($)?NumberRequired
What is the loan for?DropdownRequired
Car, home improvements, combining debts, business equipment, working capital, other.
Over how long would you like to repay it?Dropdown
Is the loan for you personally or for a business?Single choiceRequired
Business lending is assessed differently, so this decides which questions below matter.
Legal entity name, if the loan is for a businessShort text
ABN, if the loan is for a businessShort text
Years trading under this entityNumber
You and your work
Full nameNameRequired
EmailShort textRequired
Short text, since the email component renders nothing on a published classic form.
MobileShort text
Employment typeDropdownRequired
Full time, part time, casual, self employed, contract, retired, not working.
How long have you been in your current job or business?Dropdown
Number of dependantsNumber
Income and expenses
Your income per month after tax ($)NumberRequired
Name the period and after tax in the label, or answers mix weekly, yearly, gross and net.
Other regular income per month ($)Number
Living expenses per month ($)NumberRequired
List groceries, bills, transport and childcare in the label, since a classic field description is not shown.
Rent or mortgage repayment per month ($)Number
Do you expect your finances to change in the next 12 months?Single choice
A planned change, such as parental leave or retirement, belongs in the picture from the start.
Debts and savings
Existing debtsTable
Columns: type, lender, balance owing, monthly repayment, and the limit for any card.
Have you missed a repayment on any debt in the last 12 months?Single choice
Is any of this loan meant to repay existing debts?Single choice
Savings you could put towards the purchase ($)Number
Consent and next steps
Before you submitMultiple choiceRequired
Two ticks: I understand this is a pre qualification, not a credit decision; I agree to be contacted about the result.
How would you like to receive the result?Single choice
Best time to call, if you chose a phone callSingle choice
Which questions to make required
Nine questions are required: the amount, the purpose, personal or business, name, email, employment type, monthly income, monthly expenses and the consent ticks. Without any of them no rough assessment is possible. The debts table stays optional because a borrower with no debts would otherwise face an empty required table, and the business details matter only when the loan is for a business.
- How much would you like to borrow ($)?
- What is the loan for?
- Is the loan for you personally or for a business?
- Full name
- Employment type
- Your income per month after tax ($)
- Living expenses per month ($)
- Before you submit
The form built from these questions
A static copy of the finished form, from its own example page.
Three ways to change this bank
For a car dealer's finance enquiry, add the vehicle, its price, the deposit, any trade in and whether the buyer wants a balloon payment at the end, and shorten the purpose list to new car, used car and refinancing. For a small business loan, make the entity name, ABN and years trading required, add an annual turnover band and what the funds will buy, and ask whether the business's tax lodgements are up to date. For an existing borrower asking for help with repayments, replace the loan section with what has changed, the repayment they are currently making, the amount they could afford and for how long, and remove any wording that sounds like a new application.
Questions people ask
Is a pre qualification the same as a loan approval?
No. A pre qualification is a rough indication based on what the borrower reports, and it is not a credit decision. A lender still has to make inquiries, verify the borrower's finances and assess the loan before approving it. Say this at the top of the form and again on the thank you screen, so nobody treats the result as an offer.
Does a pre qualification affect a credit score?
The form itself does not, unless the lender obtains a credit report as part of the check. State plainly whether that happens. Moneysmart warns that applying for a lot of loans can hurt a credit score, which is one reason borrowers like a check that gives an early answer without starting a formal application.
What does responsible lending require of a lender?
ASIC's Regulatory Guide 209 describes three steps for credit licensees: make reasonable inquiries about the consumer's financial situation, requirements and objectives; take reasonable steps to verify that financial situation; and assess whether the credit contract is not unsuitable. A pre qualification form covers part of the first step only.
Why ask income and expenses over the same period?
So they can be compared without guesswork. If income is typed as a yearly salary and expenses as a weekly budget, somebody converts them later and mistakes creep in. Asking both per month, after tax, in the question label gives numbers a person can subtract straight away and a borrower can sanity check before submitting.
Should the form ask for payslips and bank statements?
Not at pre qualification. Documents belong to the verification step of a full application, once the borrower has decided to go ahead. Asking for them early turns a two minute check into a chore, and it collects sensitive files from people who may never apply, which the lender then has to store and protect.
Can the same form work for a business loan?
For a first conversation, yes, with the business questions filled in. Business lending is assessed differently from consumer credit, and a lender will ask for trading history, turnover and financial statements later. The personal or business question at the top tells the lender which process the enquiry belongs to.
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