Credit and Loans Officers

ANZSCO ID 5522

Overview

Snapshot

Employed
45,700
Future Growth
6.4%
Weekly Earnings
$1,450
Full-Time Share
84%
Female Share
56%
Average age
38

Summary

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

Also known as: Lending Consultant, or Loans Consultant.

Formal qualifications are not essential to work as a Credit or Loans Officer. Although some workers have a Vocational Education and Training (VET) qualification or university degree in banking and finance, accounting, business and management or management and commerce.

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

Characteristics

Job Type
Clerical And Administrative Workers
Skill Level
Medium skill
ANZSCO Occupation group
Unemployment Rate
Below average
Industries
Pathway(s)
  • University
  • Vocational Education and Training (VET)
  • Informal or on-the-job
Interests
  • Administrative
  • Enterprising
  • Helping
Physical Demand
  • Sedentary

Outlook

Employment Outlook

The NSC produces employment projections to show where likely future job opportunities may be. The latest data are for the five years from November 2021 to November 2026. Over this period, the number of workers:

  • is expected to grow moderately
  • is likely to reach 42,700 by 2026.
  • Source: National Skills Commission Employment Projections to 2026.

    Notes: The number employed includes people who work in this occupation as their main job. People who work in more than one job are counted against the occupation they work the most hours in.

    Employment projections figures are rounded to the nearest 100. Calculations based on these rounded figures may result in differences to the numbers that are displayed on this page. Employment projections data (including occupations) can be downloaded from the Employment Projections page.

Projected Change
6.4%
(or 2,600 jobs)
From
40,100
in 2021
To
42,700
in 2026

Number of Workers

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and National Skills Commission Employment Projections to 2026.
Year Employment
2011 26,300
2012 26,100
2013 27,700
2014 28,200
2015 31,900
2016 28,900
2017 30,100
2018 30,500
2019 23,600
2020 32,600
2021 40,100
2026 42,700

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and National Skills Commission Employment Projections to 2026.


Earnings and hours

Working arrangements

  • Around 84% of people employed as Credit and Loans Officers work full-time hours, in all their jobs combined. This is 18 percentage points above the all jobs average (66%).

    Full-time workers work an average of 43 hours per week in their main job. This is similar to the all jobs average (44 hours per week).

    More than a third of workers regularly work overtime or extra hours (either paid or unpaid).

    Median full-time earnings are $1,450 per week, this is lower than the all jobs median ($1,593):

    • 3 in 4 workers earn more than $1,124
    • 1 in 4 earn more than $1,698

    Median hourly earnings are $38, this is similar to the all jobs median ($41 per hour).

    Sources: Full-time share and full-time hours: ABS, 2016 Census, customised report. Compared to the all jobs average. Overtime hours: ABS, Characteristics of Employment, 2021. Full-time median earnings and median hourly earnings: ABS, Survey of Employee Earnings and Hours, May 2021. Compared to all jobs median.

Weekly Earnings (Before Tax)

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, 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.
Earnings Credit and Loans Officers All Jobs Average
Full-Time Earnings 1,450 1,593
Total Earnings 0 0

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, 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.


Industries

Main industries

1
Financial and Insurance Services
87.6%
2
Retail Trade
4.0%
3
Public Administration and Safety
2.6%
4
Health Care and Social Assistance
2.0%
5
Other industries
3.7%

Regions

Employment across Australia

NSW

35.7% All occupations: 31.6%

VIC

27.4% All occupations: 25.6%

QLD

18.3% All occupations: 20.0%

SA

7.8% All occupations: 7.0%

WA

8.1% All occupations: 10.8%

TAS

1.5% All occupations: 2.0%

NT

0.4% All occupations: 1.0%

ACT

0.8% All occupations: 1.9%

Employment by State and Territory (% Share)

State Credit and Loans Officers All Jobs Average
NSW 35.7 31.6
VIC 27.4 25.6
QLD 18.3 20.0
SA 7.8 7.0
WA 8.1 10.8
TAS 1.5 2.0
NT 0.4 1.0
ACT 0.8 1.9


  • Around 73% of Credit and Loans Officers live in capital cities, compared with the all jobs average of 62%.

    New South Wales has a large share of employment relative to its population size.

    The regions with the largest share of workers are:

    Source: Based on ABS Census 2016, Customised Report. Share of workers across Australian states, territories and regions, in this job compared to the all jobs average.


Worker profile

Age and gender

Age In Years
38
All Jobs Average is 40
Female Share
56%
All Jobs Average is 48%
  • The median age of Credit and Loans Officers is 38 years. This is similar to the all jobs average of 40 years.

    A large share of workers are aged 25 to 34 years.

    Females make up 56% of the workforce. This is 8 percentage points above the all jobs average of 48%.

    Source: Based on ABS Census 2016, Customised Report. Age profile and gender share compared to the all jobs average.

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 Bracket Credit and Loans Officers All Jobs Average
15-19 0.5 5.0
20-24 7.1 9.3
25-34 32.3 22.9
35-44 26.1 22.0
45-54 21.7 21.6
55-59 7.2 9.0
60-64 3.7 6.0
65 and Over 1.3 4.2
Median Age 38 40

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.


Employment Pathways

Education, training and experience

Formal qualifications are not essential to work as a Credit or Loans Officer. Although some workers have a Vocational Education and Training (VET) qualification or university degree in banking and finance, accounting, business and management or management and commerce.

Visit

  • Course Seeker to search and compare higher education courses.
  • ComparED to compare undergraduate and postgraduate student experiences and outcomes.
  • My Skills to compare Vocational Education and Training (VET) courses, providers and student outcomes.
  • AAPathways website to explore Financial Services VET training pathways.

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 Qualification Credit and Loans Officers All Jobs Average
Post Graduate/Graduate Diploma or Graduate Certificate 10.9 10.1
Bachelor degree 25.5 21.8
Advanced Diploma/Diploma 15.4 11.6
Certificate III/IV 11.9 21.1
Year 12 25.7 18.1
Year 11 4.4 4.8
Year 10 and below 6.2 12.5

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.


Skills and Knowledge

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

Skills

Skills can be improved through training or experience.

  • 57%

    Active listening

    Listening to others, not interrupting, and asking good questions.

  • 57%

    Critical thinking

    Thinking about the pros and cons of different ways to solve a problem.

  • 57%

    Reading comprehension

    Reading work related information.

  • 57%

    Speaking

    Talking to others.

  • 55%

    Judgment and decision making

    Figuring out the pros and cons of different options and choosing the best one.

  • 54%

    Serving others

    Looking for ways to help people.

  • 50%

    Writing

    Writing things for co-workers or customers.

  • 48%

    Mathematics

    Using maths to solve problems.

  • 46%

    Complex problem solving

    Noticing a problem and figuring out the best way to solve it.

  • 45%

    Active learning

    Being able to use what you have learnt to solve problems now and again in the future.

  • 45%

    Monitoring

    Keeping track of how well work is progressing so you can make changes or improvements.

  • 45%

    Negotiation

    Bringing people together and trying to sort out their differences.

  • 45%

    Persuasion

    Talking people into changing their minds or their behaviour.

  • 43%

    Social perceptiveness

    Understanding why people react the way they do.

  • 43%

    Coordination with others

    Being adaptable and coordinating work with other people.

  • 43%

    Instructing

    Teaching people how to do something.

  • 41%

    Time management

    Managing your own and other peoples' time to get work done.

  • 39%

    Management of personnel resources

    Motivating, developing, and directing people as they work, and choosing the best people for the job.

  • 37%

    Learning strategies

    Figuring out the best way to teach or learn something new.

  • 30%

    Systems analysis

    Figuring out how a system should work and how changes in conditions, operations, and the environment will affect it.


Knowledge

These are important topics, subjects or knowledge areas.

  • 78%

    Customer and personal service

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

  • 63%

    Sales and marketing

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

  • 63%

    Mathematics

    Arithmetic, algebra, geometry, calculus, or statistics.

  • 61%

    English language

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

  • 58%

    Clerical

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

  • 57%

    Economics and accounting

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

  • 56%

    Law and government

    How our laws and courts work. Government rules and regulations, and the political system.

  • 54%

    Computers and electronics

    Circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

  • 49%

    Administration and management

    Business principles involved in strategic planning, leadership, and coordinating people and resources.

  • 44%

    Education and training

    Curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

  • 40%

    Personnel and human resources

    Recruiting and training people, managing pay and other entitlements (like sick leave), and negotiating pay and conditions.

  • 33%

    Psychology

    Human behaviour; differences in ability, personality, and interests; learning and motivation; research methods; assessing and treating disorders.

  • 31%

    Communications and media

    Media production, communication, and dissemination. Includes written, spoken, and visual media.

  • 24%

    Production and processing

    Raw materials, production processes, quality control, costs, and ways of making and distributing goods.

  • 18%

    Foreign language

    Foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.

  • 17%

    Geography

    Describing land, sea, and air, including their physical characteristics, locations, how they work together, and the location of plant, animal, and human life.

  • 14%

    Public safety and security

    Use of equipment, rules and ideas to protect people, data, property, and institutions.

  • 14%

    Sociology and anthropology

    Group behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.

  • 12%

    Telecommunications

    Transmission, broadcasting, switching, control, and operation of telecommunications systems.

  • 12%

    Building and construction

    Materials, and methods used to construct or repair houses, buildings, or other structures like highways and roads.


Abilities

Workers use these physical and mental abilities..

  • 64%

    Near vision

    See details that are up-close (within a few feet).

  • 63%

    Oral expression

    Communicate by speaking.

  • 59%

    Oral comprehension

    Listen to and understand what people say.

  • 57%

    Written comprehension

    Read and understand written information.

  • 57%

    Written expression

    Write in a way that people can understand.

  • 55%

    Deductive reasoning

    Use general rules to find answers or solve problems logically.

  • 52%

    Inductive reasoning

    Use lots of detailed information to come up with answers or make general rules.

  • 52%

    Speech recognition

    Identify and understand the speech of another person.

  • 50%

    Working with numbers

    Add, subtract, multiply, or divide.

  • 48%

    Problem spotting

    Notice when something is wrong or is likely to go wrong, even if you can't solve the problem.

  • 48%

    Speech clarity

    Speak clearly so others can understand you.

  • 48%

    Mathematics

    Choose the right maths method or formula to solve a problem.

  • 46%

    Sorting or ordering

    Order or arrange things in a pattern or sequence (e.g., numbers, letters, words, pictures, mathematical operations).

  • 45%

    Categorising

    Come up with different ways of grouping things.

  • 34%

    Flexibility of closure

    See a pattern (a figure, object, word, or sound) hidden in other distracting material.

  • 32%

    Brainstorming

    Come up with a number of ideas about a topic, even if the ideas aren't very good.

  • 30%

    Selective attention

    Pay attention to something without being distracted.

  • 30%

    Memorization

    Remember things like words, numbers, pictures, and procedures.

  • 29%

    Multitasking

    Do two or more things at the same time.

  • 25%

    Finger dexterity

    Put together small parts with your fingers.


Activities

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

  • 72%

    Building good relationships

    Building good working relationships and keeping them over time.

  • 68%

    Planning and prioritising work

    Deciding on goals and putting together a detailed plan to get the work done.

  • 66%

    Keeping your knowledge up-to-date

    Keeping up-to-date with technology and new ideas.

  • 66%

    Researching and investigating

    Looking for, getting and understanding different kinds of information.

  • 62%

    Making decisions and solving problems

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

  • 62%

    Working with the public

    Greeting or serving customers, clients or guests, and public speaking or performing.

  • 58%

    Negotiating and resolving conflicts

    Handling complaints and disagreements, and negotiating with people.

  • 58%

    Communicating with the public

    Giving information to the public, business or government by telephone, in writing, or in person.

  • 58%

    Collecting and organising information

    Compiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.

  • 57%

    Giving expert advice

    Providing guidance and expert advice to management or other groups.

  • 56%

    Communicating within a team

    Giving information to co-workers by telephone, in writing, or in person.

  • 55%

    Making sense of information and ideas

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

  • 55%

    Providing office support

    Doing day-to-day office work such as filing and processing paperwork.

  • 53%

    Checking compliance with standards

    Deciding whether events or processes comply with laws, regulations, or standards.

  • 51%

    Influencing people

    Convincing people to buy something or to change their minds or actions.

  • 51%

    Scheduling work and activities

    Working out the timing of events, programs, and activities, as well as the work of others.

  • 45%

    Working with computers

    Using computers to program, write software, set up functions, enter data, or process information.

  • 45%

    Looking for changes over time

    Comparing objects, actions, or events. Looking for differences between them or changes over time.

  • 44%

    Documenting or recording information

    Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

  • 42%

    Explaining things to people

    Helping people to understand and use information.


Interests and demands

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.

Interests

Interests are the style or type of work we prefer to do. All interest areas are shown below.

  • 95%

    Administrative

    Following set procedures and routines. Working with numbers and details more than with ideas, usually following rules.

  • 86%

    Enterprising

    Starting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.

  • 57%

    Helping

    Working with people. Helping or providing service to others.

  • 38%

    Analytical

    Ideas and thinking. Searching for facts and figuring out problems in your head.

  • 14%

    Creative

    Working with forms, designs and patterns. Often need self-expression and can be done without following rules.

  • 14%

    Practical

    Practical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.


Values

Work values are important to a person’s feeling of satisfaction. All six values are shown below.
  • 86%

    Relationships

    Serve and work with others. Workers usually get along well with each other, do things to help other people, and are rarely pressured to do things that go against their sense of right and wrong.

  • 76%

    Independence

    Work alone and make decisions. Workers are able to try out their own ideas, make decisions on their own, and work with little or no supervision.

  • 71%

    Support

    Supportive management that stands behind employees. Workers are treated fairly by their company, they are supported by management, and have supervisors who train them well.

  • 67%

    Achievement

    Results oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.

  • 67%

    Recognition

    Advancement and the potential to lead. Workers are recognised for the work that they do, they may give directions and instructions to others, and they are looked up to in their company and their community.

  • 62%

    Working conditions

    Job security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.


Demands

The physical and social demands that workers face most often are shown below:
  • 100%

    Telephone

    Talk on the telephone.

  • 95%

    Contact with people

    Have contact with people by telephone, face-to-face, or any other way.

  • 93%

    Freedom to make decisions

    Have freedom to make decision on your own.

  • 92%

    Spend time sitting

    Spend time sitting at work.

  • 92%

    Being exact or accurate

    Be very exact or highly accurate.

  • 92%

    Frequent decision making

    Frequently make decisions that impact other people.

  • 91%

    Electronic mail

    Use electronic mail.

  • 90%

    Face-to-face discussions

    Talk with people face-to-face.

  • 88%

    Impact of decisions

    Make decisions that have a large impact on other people.

  • 87%

    Letters and memos

    Write letters and memos.

  • 86%

    Unstructured work

    Have freedom to decide on tasks, priorities, and goals.

  • 84%

    Teamwork

    Work with people in a group or team.

  • 83%

    Indoors, heat controlled

    Work indoors with access to heating or cooling.

  • 83%

    Contact with the public

    Work with customers or the public.

  • 82%

    Repeating same tasks

    Repeat the same tasks or activities (e.g., key entry) over and over, without stopping.

  • 80%

    Time pressure

    Work to strict deadlines.

  • 80%

    Competition

    Compete with others, or be aware of competitive pressures.

  • 65%

    Lead or coordinate a team

    Lead others to do work activities.

  • 63%

    Automation of tasks

    Do tasks that are mostly automated.

  • 63%

    Consequence of error

    Work where mistakes have serious consequences.

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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