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

Also known as: Lending Consultant, or Loans Consultant.

You can work as a Credit or Loans Officer without formal qualifications, however, they may be useful. VET (Vocational Education and Training) and university are both common study pathways for Credit and Loans Officers.

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

All Credit and Loans Officers

  • $1,295 Weekly Pay
  • Strong Future Growth
  • Lower unemployment Unemployment
  • 32,900 workers Employment Size
  • Lower skill Skill level rating
  • 84% Full-Time Full-Time Share
  • 43 hours Average full-time
  • 38 years Average age
  • 56% female Gender Share

The number of people working as Credit and Loans Officers (in their main job) 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 2018.
  • Location: Credit and Loans Officers work in many regions of Australia.
  • Industries: Most work in Financial and Insurance Services; Retail Trade; and Wholesale Trade.
  • Earnings: Full-time workers on an adult wage earn around $1,295 per week (below the average of $1,460). Earnings tend to be lower when starting out and higher as experience grows.
  • Full-time: Most work full-time (84%, much higher than the average of 66%).
  • Hours: Full-time workers spend around 43 hours per week at work (compared to the average of 44 hours).
  • Age: The average age is 38 years (compared to the average of 40 years).
  • Gender: 56% of workers are female (compared to the average of 48%).

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
200832700.0
200928400
201025400
201126700
201229800
201324700
201429700
201524100
201633000
201726600
201832900
202335900

Weekly Earnings

Weekly Earnings (Before Tax)

Source: Based on ABS Survey of Employee Earnings and Hours (cat. no. 6306.0), May 2018, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. 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 Earnings12951460

Main Industries

Main Employing Industries (% Share)

Source: Based on ABS Census 2016, Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
Main Employing IndustriesIndustry (% share)
Financial and Insurance Services85.7
Retail Trade6.4
Wholesale Trade1.1
Professional, Scientific and Technical Services0.9
Other Industries5.9

States and Territories

  • NSW

  • VIC

  • QLD

  • SA

  • TAS

  • NT

  • ACT

Employment by State and Territory (% Share)

Source: Based on ABS Census 2016, 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
NSW35.731.6
VIC27.425.6
QLD18.320.0
SA7.87.0
WA8.110.8
TAS1.52.0
NT0.41.0
ACT0.81.9

Age Profile

Age Profile (% Share)

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
Age BracketCredit and Loans OfficersAll Jobs AverageAll Jobs Average
15-190.5-5.05.0
20-247.1-9.39.3
25-3432.3-22.922.9
35-4426.1-22.022.0
45-5421.7-21.621.6
55-597.2-9.09.0
60-643.7-6.06.0
65 and Over1.3-4.24.2

Education Level

Highest Level of Education (% Share)

Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). 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 Certificate10.9-10.110.1
Bachelor degree25.5-21.821.8
Advanced Diploma/Diploma15.4-11.611.6
Certificate III/IV11.9-21.121.1
Year 1225.7-18.118.1
Year 114.4-4.84.8
Year 10 and below6.2-12.512.5

You can work as a Credit or Loans Officer without formal qualifications, however, they may be useful. VET (Vocational Education and Training) and university are both common study pathways for Credit and Loans Officers.

Thinking about study or training?

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

  • Search and compare thousands of higher education courses, and their entry requirements from different institutions across Australia at Course Seeker website.
  • 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.

Or check out related courses on Job Outlook.

Useful links and resources


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.

Filter Skills & Knowledge

Knowledge

These are important topics, subjects or knowledge areas.

  1. Customer and Personal Service

    78% Skill level

    Understanding customer needs, providing good quality service, and measuring customer satisfaction.

  2. Sales and Marketing

    63% Skill level

    Showing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.

  3. Mathematics

    63% Skill level

    Arithmetic, algebra, geometry, calculus, or statistics.

  4. English Language

    61% Skill level

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

  5. Clerical

    58% Skill level

    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 skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2072.00 - Loan Officers.

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.

Filter Work Environment

Demands

The physical and social demands workers face most often are shown below.

  1. Telephone

    100% Important

    How often do you talk on the telephone?

  2. Contact With Others

    95% Important

    How much do you have contact with people (face-to-face, by telephone, or any other way)?

  3. Freedom to Make Decisions

    93% Important

    How much freedom do you have to make decision on your own?

  4. Spend Time Sitting

    92% Important

    How much time do you spend sitting?

  5. Being Exact or Accurate

    92% Important

    How important is being very exact or highly accurate?

Occupational Information Network
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2072.00 - Loan Officers.

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