This is a question we are often asked at Fair Go Finance.

Generally, when a customer applies for a loan that is more than $2,000, we will ask if they have any form of security that they can use to secure their loan with.

This is often met with uncertainty, as many customers are not sure what security can and can’t be used.

So, to help clear this confusion up, please continue reading and we will explain what security can be used, what security can’t be used, and why security is needed.

What security can I use for my personal loan?

The types of items you can use to secure your loan with us, are those that are officially registered in your name.

This means most vehicles such as:

  • motorbikes
  • caravans
  • trailers
  • boats
  • trucks etc.

Anything that you pay registration for, which confirms it is registered with a government department in your name, is acceptable security for a personal loan.


What security can’t be used for my personal loan?

We have had many customers enquire as to whether they can use a valuable item they own, as their loan security.

Unfortunately, as much as we appreciate these items have a dollar value, we are not able to use them as security. This is because there is no way for us to know, or legally prevent that item from being sold, during the time it is meant to be security for the loan.

Here is a list of items which we are often asked to use, but unfortunately cannot accept.

  • mobile phones
  • game consoles such as x-box’s, playstations, nintendo’s etc
  • ipads, laptops, desktop computers, electronic devices
  • jewellery such as watches, rings etc.
  • clothing such as shoes and handbags
  • children (that was just a little joke, we know they are an expense.)


laptop security for a loan

Why do I need to provide security for a personal loan?

At Fair Go Finance, security is generally asked for when a loan is over $2000. This type of loan is referred to as a secured loan.

Especially if you are a new borrower, it helps give strength to your loan application.

It shows you are willing to offer something of value to you, to confirm your genuine commitment to repaying the loan.

It also allows the lender to repossess and sell that security, if you don’t repay your loan, and make no efforts to contact the lender to discuss other options.

What do you do with the security I offer?

First, we list your security asset in the loan contract, that you sign and agree to.

Then, we list our interest on your security, by contacting the government run registery called the Personal Property Securities Register (or PPSR.)

They will then record that a loan is secured by your asset.

This means that if you try to sell this security, the person buying it would find out there is a debt to Fair Go Finance listed against it, and would prevent them from going ahead.

What happens to my security when I repay my personal loan?

As soon as you repay your loan, we will contact the PPSR and have our interest against your asset removed. This will mean your asset is now unencumbered and can be sold whenever you want to.

We hope this has helped you to understand all about security for personal loans.

Here is a link to another one of our blogs, if you would like to understand more about unsecured and secured loans.

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Are you eligible to apply?


It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.