Credit and Loans Officers analyse, evaluate and process credit and loan applications.

A Certificate II or III, or at least 1 year of relevant experience, is usually needed. Around one in three workers have a university degree. Even with a qualification, further experience or on-the-job training is sometimes required.

Tasks

  • analysing information about customers and examining references, credit ratings, investment risks, pay slips and other information against predetermined policy standards
  • contacting financial and credit institutions to obtain information about customers
  • preparing papers setting out conditions of credit and loans, rates of repayment and loan periods, and providing information about customers' standing to financial and credit institutions
  • authorising the approval of credit and loan applications and recommending credit and loan conditions and limits
  • keeping records of payments, and preparing routine letters requesting payment for overdue accounts and forwarding these for legal action
  • answering inquiries concerning credit standing of customers, loan balances and penalties
  • may recommend, approve and arrange mortgages
  • may work in a call centre

Job Titles

  • Credit or Loans Officer, Lending Consultant, or Loans Consultant

    Fast Facts

    • Avg. Weekly Pay

      $1,249 Before Tax
    • Future Growth

      moderate
    • Skill Level

      Certificate II or III
    • Employment Size

      31,100
    • Unemployment

      below average
    • Male Share

      49.6%
    • Female Share

      50.4%
    • Full-Time Share

      82.6%

    Find Vacancies

    This is a large occupation employing 31,100 workers. Over the past 5 years the number of jobs has stayed about the same.
    Moderate growth is expected in the future. New jobs and turnover from workers leaving may create between 10,001 and 25,000 job openings over the 5 years to 2020.

    • While there are jobs in many parts of Australia, New South Wales has a large share of Credit and Loans Officers.
    • They mainly work in: Financial and Insurance Services; Retail Trade; and Administrative and Support Services.
    • Full-time work is very common. Full-time workers, on average, work 38.5 hours per week (compared to the all jobs average of 40 hours).
    • Average earnings for full-time workers are around $1,249 per week (similar to the all jobs average of $1,230). Earnings tend to be lower when starting out and higher as experience grows.
    • The average age is 36 years (compared to the all jobs average of 40 years).
    • Around 5 in 10 workers are female.
    • In 2016, the unemployment rate was below average.

    Employment Outlook

    Number of Workers

    Source: ABS Labour Force Survey, Department of Employment trend data to November 2015 and Department of Employment projections to 2020.
    YearNumber of Workers
    200531000
    200634500
    200737100
    200833200
    200933900
    201030800
    201131800
    201231200
    201330700
    201428800
    201531100
    202032900

    Weekly Earnings

    Full-time Earnings

    All Jobs Average

    Weekly Earnings (before tax)

    Source: Based on ABS Characteristics of Employment survey, August 2015, Cat. No. 6333.0, Customised Report. Median earnings are before tax and do not include superannuation. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.
    EarningsCredit and Loans OfficersAll Jobs Average
    Full-Time Earnings12491230

    Hours

    Weekly Hours Worked

    Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Hours actually worked by people who usually work full-time, and share of employment by full-time and part-time status, for this job compared to the all jobs average.
    CategoryCredit and Loans OfficersAll Jobs Average
    Full-time82.668.4
    Part-time17.431.6
    Average Weekly Hours (full-time)38.540.0

    Main Industries

    Top Industries

    Main Employing Industries (% share)

    Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
    Main Employing IndustriesIndustry (% share)
    Financial and Insurance Services83.3
    Retail Trade11.2
    Administrative and Support Services2.6
    Public Administration and Safety1.2
    Other Industries1.7

    States and Territories

    • NSW

    • VIC

    • QLD

    • SA

    • TAS

    • NT

    • ACT

    Employment by State and Territory (% share)

    Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.
    StateCredit and Loans OfficersAll Jobs Average
    NSW42.731.8
    VIC25.025.5
    QLD16.619.8
    SA6.16.8
    WA6.211.2
    TAS2.12.0
    NT0.61.1
    ACT0.81.8

    Age Profile

    Age Profile (% share)

    Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Age profile of workers in this job compared to the all jobs average.
    Age BracketCredit and Loans OfficersAll Jobs AverageAll Jobs Average
    15-190.8-5.45.4
    20-2410.6-9.99.9
    25-3431.8-23.423.4
    35-4426.8-21.721.7
    45-5419.3-21.121.1
    55-596.3-8.78.7
    60-642.0-5.95.9
    65 and Over2.3-3.83.8

    Gender

    Male Share

    Female Share

    Gender (% share)

    Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Male and female share of employment in this job compared to the all jobs average.
    CategoryCredit and Loans OfficersCategoryAll Jobs Average
    Males49.6Males53.6
    Females50.4Females46.4

    Education Level

    Top Education Levels

    Highest Level of Education (% share)

    Source: ABS, Education and Work (2016). Findings based on use of ABS TableBuilder data. Highest qualification completed by workers in this job (in any field of study). Skill level requirements can change over time, the qualifications needed by new workers might be different from the qualifications of workers already in the job.
    Type of QualificationCredit and Loans OfficersAll Jobs AverageAll Jobs Average
    Post Graduate/Graduate Diploma or Graduate Certificate0.0-8.68.6
    Bachelor degree29.2-17.917.9
    Advanced Diploma/Diploma19.2-10.110.1
    Certificate III/IV11.7-18.918.9
    Year 1224.0-18.718.7
    Years 11 & 1015.9-17.717.7
    Below Year 100.0-8.18.1

    A Certificate II or III, or at least 1 year of relevant experience, is usually needed.
    Around one in three workers have a university degree. Even with a qualification, further experience or on-the-job training is sometimes required.

    If you are interested in this style of work, there are a wide range of training options available that could lead to this or a similar job.
    The pathway that is right for you will depend on your skills and interests.

    It is a good idea to speak to industry bodies, employers, and workers to learn more about the skills and qualifications you will need.

    Employers look for Credit and Loan Officers who provide good customer service, have strong interpersonal skills and are well presented.

    Knowledge

    The topics, subjects, or knowledge areas workers rate as most important are shown below.

    1. Economics and Accounting

      80% Important

      Economics and accounting, the financial markets, banking and checking and reporting of financial data.

    2. English Language

      73% Important

      English language including the meaning and spelling of words, rules of composition, and grammar.

    3. Mathematics

      69% Important

      Arithmetic, algebra, geometry, calculus, or statistics.

    4. Customer and Personal Service

      66% Important

      Customer and personal services. This includes understanding customer needs, providing good quality service, and measuring customer satisfaction.

    5. Clerical

      65% Important

      Word processing, managing files and records, stenography and transcription, designing forms, and other office work.

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    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

    Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

    Activities

    The work activities workers rate as most important are shown below.

    1. Getting Information

      90% Important

      Looking for, getting and understanding different kinds of information.

    2. Interacting With Computers

      86% Important

      Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

    3. Communicating with Supervisors, Peers, or Staff

      84% Important

      Giving information to supervisors, co-workers, and staff by telephone, in written form, e-mail, or in person.

    4. Analyzing Data or Information

      79% Important

      Looking at, working with, and understanding data or information.

    5. Making Decisions and Solving Problems

      79% Important

      Using information to work out the best solution and solve problems.

    Occupational Information Network Credit Analysts Opens in a new window
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

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