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

    • $1,249 Weekly Pay
    • 32,900 workers Employment Size
    • Strong Future Growth
    • Lower skill Skill level rating
    • Lower unemployment Unemployment
    • 86.4% Full-Time Full-Time Share
    • 38.7 hours Average full-time
    • 36 years Average age
    • 49.3% female Gender Share

    The number of Credit and Loans Officers grew very strongly over the past 5 years and is expected to grow strongly over the next 5 years:
    from 32,900 in 2018 to 35,900 by 2023.
    Job openings can come from new jobs being created, but most come from turnover (workers leaving).
    There are likely to be around 20,000 job openings over 5 years (that's about 4,000 a year).

    • Size: This is a large occupation.
    • Unemployment: Unemployment was below average in 2017.
    • Location: Credit and Loans Officers work in most regions of Australia.
    • Industries: Most work in Financial and Insurance Services; Retail Trade; and Professional, Scientific and Technical Services.
    • Earnings: Full-time workers earn 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.
    • Full-time: Most work full-time (86.4%, much higher than the all jobs average of 68.4%).
    • Hours: Full-time workers spend around 38.7 hours per week at work (compared to the all jobs average of 40.0 hours).
    • Age: The average age is 36 years (compared to the all jobs average of 40 years).
    • Gender: 49.3% of workers are female (compared to the all jobs average of 46.7%).

    Employment Outlook

    Number of Workers

    Source: ABS Labour Force Survey, Department of Jobs and Small Business trend data to May 2018 and Department of Jobs and Small Business projections to 2023.
    YearNumber of Workers
    200832700
    200928400
    201025400
    201126700
    201229800
    201324700
    201429700
    201524100
    201633000
    201726600
    201832900
    202335900

    Weekly Earnings

    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

    Main Industries

    Main Employing Industries (% Share)

    Source: Based on ABS Labour Force Survey, annual average 2017, 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 Services87.3
    Retail Trade5.8
    Professional, Scientific and Technical Services2.4
    Administrative and Support Services1.2
    Other Industries3.3

    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 2017, 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
    NSW34.431.6
    VIC28.626.2
    QLD18.819.7
    SA8.26.7
    WA7.710.8
    TAS1.32.0
    NT0.41.1
    ACT0.71.8

    Age Profile

    Age Profile (% Share)

    Source: Based on ABS Labour Force Survey, annual average 2017, 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
    15-190.0-5.25.2
    20-248.5-9.99.9
    25-3434.3-23.623.6
    35-4428.9-21.721.7
    45-5421.5-20.820.8
    55-594.0-8.88.8
    60-641.8-6.06.0
    65 and Over1.1-4.04.0

    Education Level

    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 Certificate0-8.68.6
    Bachelor degree29.2-17.917.9
    Advanced Diploma/Diploma19.2-10.110.1
    Certificate III/IV11.7-18.918.9
    Year 1224-18.718.7
    Years 11 & 1015.9-17.717.7
    Below Year 100-8.18.1

    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.

    Before starting a course, check it will provide you with the skills and qualifications you need.

    • Compare undergraduate and postgraduate student experiences and outcomes on the QILT website.
    • Compare Vocational Education and Training (VET) courses, providers and student outcomes on the My Skills website.
    • You might be interested in Financial Services VET training pathways on the AAPathways website.

    The course listings on this page are provided by Good Education Group.

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

    Knowledge

    These are important topics, subjects or knowledge areas.

    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.

    Occupational Information Network
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
    The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2041.00 - Credit Analysts.

    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

    These are kinds of activities workers regularly do in this job.

    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
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
    The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2041.00 - Credit Analysts.

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