Credit and Loans Officers
Overview
Snapshot
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
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analysing information about customers and examining references, credit ratings, investment risks, pay slips and other information against predetermined policy standards
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contacting financial and credit institutions to obtain information about customers
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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
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authorising the approval of credit and loan applications and recommending credit and loan conditions and limits
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keeping records of payments, and preparing routine letters requesting payment for overdue accounts and forwarding these for legal action
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answering inquiries concerning credit standing of customers, loan balances and penalties
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may recommend, approve and arrange mortgages
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may work in a call centre
Characteristics
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University
-
Vocational Education and Training (VET)
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Informal or on-the-job
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Administrative
-
Enterprising
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Helping
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Sedentary
Outlook
JSA 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: Jobs and Skills Australia 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.
Number of Workers
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 Jobs and Skills Australia 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)
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
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Most Credit and Loans Officers work in the Financial and insurance services industry. They are also employed in industries like:
Source: ABS Labour Force Survey, annual average 2021.
Regions
Employment across Australia
NSW
VIC
QLD
SA
WA
TAS
NT
ACT
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 |
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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:
- Melbourne - West
- Melbourne - South East
- Melbourne - Inner
- Sydney - Inner South West
- Sydney - Parramatta.
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
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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)
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)
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.
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57%
Active listeningListening to others, not interrupting, and asking good questions.
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57%
Critical thinkingThinking about the pros and cons of different ways to solve a problem.
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57%
Reading comprehensionReading work related information.
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57%
SpeakingTalking to others.
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55%
Judgment and decision makingFiguring out the pros and cons of different options and choosing the best one.
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54%
Serving othersLooking for ways to help people.
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50%
WritingWriting things for co-workers or customers.
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48%
MathematicsUsing maths to solve problems.
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46%
Complex problem solvingNoticing a problem and figuring out the best way to solve it.
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45%
Active learningBeing able to use what you have learnt to solve problems now and again in the future.
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45%
MonitoringKeeping track of how well work is progressing so you can make changes or improvements.
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45%
NegotiationBringing people together and trying to sort out their differences.
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45%
PersuasionTalking people into changing their minds or their behaviour.
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43%
Social perceptivenessUnderstanding why people react the way they do.
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43%
Coordination with othersBeing adaptable and coordinating work with other people.
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43%
InstructingTeaching people how to do something.
-
41%
Time managementManaging your own and other peoples' time to get work done.
-
39%
Management of personnel resourcesMotivating, developing, and directing people as they work, and choosing the best people for the job.
-
37%
Learning strategiesFiguring out the best way to teach or learn something new.
-
30%
Systems analysisFiguring 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 serviceUnderstanding customer needs, providing good quality service, and measuring customer satisfaction.
-
63%
Sales and marketingShowing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.
-
63%
MathematicsArithmetic, algebra, geometry, calculus, or statistics.
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61%
English languageEnglish language including the meaning and spelling of words, rules of composition, and grammar.
-
58%
ClericalWord processing, managing files and records, stenography and transcription, designing forms, and other office work.
-
57%
Economics and accountingEconomics and accounting, the financial markets, banking and checking and reporting of financial data.
-
56%
Law and governmentHow our laws and courts work. Government rules and regulations, and the political system.
-
54%
Computers and electronicsCircuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
-
49%
Administration and managementBusiness principles involved in strategic planning, leadership, and coordinating people and resources.
-
44%
Education and trainingCurriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
-
40%
Personnel and human resourcesRecruiting and training people, managing pay and other entitlements (like sick leave), and negotiating pay and conditions.
-
33%
PsychologyHuman behaviour; differences in ability, personality, and interests; learning and motivation; research methods; assessing and treating disorders.
-
31%
Communications and mediaMedia production, communication, and dissemination. Includes written, spoken, and visual media.
-
24%
Production and processingRaw materials, production processes, quality control, costs, and ways of making and distributing goods.
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18%
Foreign languageForeign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
-
17%
GeographyDescribing 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 securityUse of equipment, rules and ideas to protect people, data, property, and institutions.
-
14%
Sociology and anthropologyGroup behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
-
12%
TelecommunicationsTransmission, broadcasting, switching, control, and operation of telecommunications systems.
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12%
Building and constructionMaterials, 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 visionSee details that are up-close (within a few feet).
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63%
Oral expressionCommunicate by speaking.
-
59%
Oral comprehensionListen to and understand what people say.
-
57%
Written comprehensionRead and understand written information.
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57%
Written expressionWrite in a way that people can understand.
-
55%
Deductive reasoningUse general rules to find answers or solve problems logically.
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52%
Inductive reasoningUse lots of detailed information to come up with answers or make general rules.
-
52%
Speech recognitionIdentify and understand the speech of another person.
-
50%
Working with numbersAdd, subtract, multiply, or divide.
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48%
Problem spottingNotice when something is wrong or is likely to go wrong, even if you can't solve the problem.
-
48%
Speech claritySpeak clearly so others can understand you.
-
48%
MathematicsChoose the right maths method or formula to solve a problem.
-
46%
Sorting or orderingOrder or arrange things in a pattern or sequence (e.g., numbers, letters, words, pictures, mathematical operations).
-
45%
CategorisingCome up with different ways of grouping things.
-
34%
Flexibility of closureSee a pattern (a figure, object, word, or sound) hidden in other distracting material.
-
32%
BrainstormingCome up with a number of ideas about a topic, even if the ideas aren't very good.
-
30%
Selective attentionPay attention to something without being distracted.
-
30%
MemorizationRemember things like words, numbers, pictures, and procedures.
-
29%
MultitaskingDo two or more things at the same time.
-
25%
Finger dexterityPut together small parts with your fingers.
Activities
These are kinds of activities workers regularly do in this job.
-
72%
Building good relationshipsBuilding good working relationships and keeping them over time.
-
68%
Planning and prioritising workDeciding on goals and putting together a detailed plan to get the work done.
-
66%
Keeping your knowledge up-to-dateKeeping up-to-date with technology and new ideas.
-
66%
Researching and investigatingLooking for, getting and understanding different kinds of information.
-
62%
Making decisions and solving problemsUsing information to work out the best solution and solve problems.
-
62%
Working with the publicGreeting or serving customers, clients or guests, and public speaking or performing.
-
58%
Negotiating and resolving conflictsHandling complaints and disagreements, and negotiating with people.
-
58%
Communicating with the publicGiving information to the public, business or government by telephone, in writing, or in person.
-
58%
Collecting and organising informationCompiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.
-
57%
Giving expert adviceProviding guidance and expert advice to management or other groups.
-
56%
Communicating within a teamGiving information to co-workers by telephone, in writing, or in person.
-
55%
Making sense of information and ideasLooking at, working with, and understanding data or information.
-
55%
Providing office supportDoing day-to-day office work such as filing and processing paperwork.
-
53%
Checking compliance with standardsDeciding whether events or processes comply with laws, regulations, or standards.
-
51%
Influencing peopleConvincing people to buy something or to change their minds or actions.
-
51%
Scheduling work and activitiesWorking out the timing of events, programs, and activities, as well as the work of others.
-
45%
Working with computersUsing computers to program, write software, set up functions, enter data, or process information.
-
45%
Looking for changes over timeComparing objects, actions, or events. Looking for differences between them or changes over time.
-
44%
Documenting or recording informationEntering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
-
42%
Explaining things to peopleHelping 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%
AdministrativeFollowing set procedures and routines. Working with numbers and details more than with ideas, usually following rules.
-
86%
EnterprisingStarting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.
-
57%
HelpingWorking with people. Helping or providing service to others.
-
38%
AnalyticalIdeas and thinking. Searching for facts and figuring out problems in your head.
-
14%
CreativeWorking with forms, designs and patterns. Often need self-expression and can be done without following rules.
-
14%
PracticalPractical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.
Values
-
86%
RelationshipsServe 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%
IndependenceWork 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%
SupportSupportive 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%
AchievementResults oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.
-
67%
RecognitionAdvancement 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 conditionsJob security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.
Demands
-
100%
TelephoneTalk on the telephone.
-
95%
Contact with peopleHave contact with people by telephone, face-to-face, or any other way.
-
93%
Freedom to make decisionsHave freedom to make decision on your own.
-
92%
Spend time sittingSpend time sitting at work.
-
92%
Being exact or accurateBe very exact or highly accurate.
-
92%
Frequent decision makingFrequently make decisions that impact other people.
-
91%
Electronic mailUse electronic mail.
-
90%
Face-to-face discussionsTalk with people face-to-face.
-
88%
Impact of decisionsMake decisions that have a large impact on other people.
-
87%
Letters and memosWrite letters and memos.
-
86%
Unstructured workHave freedom to decide on tasks, priorities, and goals.
-
84%
TeamworkWork with people in a group or team.
-
83%
Indoors, heat controlledWork indoors with access to heating or cooling.
-
83%
Contact with the publicWork with customers or the public.
-
82%
Repeating same tasksRepeat the same tasks or activities (e.g., key entry) over and over, without stopping.
-
80%
Time pressureWork to strict deadlines.
-
80%
CompetitionCompete with others, or be aware of competitive pressures.
-
65%
Lead or coordinate a teamLead others to do work activities.
-
63%
Automation of tasksDo tasks that are mostly automated.
-
63%
Consequence of errorWork where mistakes have serious consequences.
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.
Links and downloads
Research and reports
The Skills Priority List provides a current labour market rating and a future demand rating for nearly 800 occupations nationally. Current labour market ratings are available for occupations at a state and territory level.
Downloads
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Occupation profiles data are available for download.
The Employment Projections are available for download.