Studying in Australia is an exciting and enriching experience, but it can also come with a hefty price tag.
Between tuition fees, living expenses, and travel costs, international students often need financial assistance to help fund their studies.
Fortunately, Australia offers several loan options for international students that can help alleviate these financial pressures.
In this article, we’ll explore the 7 best loans for international students in Australia, providing you with essential details about each loan provider, including loan amounts, co-signer requirements, interest rates, loan terms, and eligibility criteria.
Best Loan for International Students in Australia
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Commonwealth Bank | Up to AUD 50,000 | Yes | 6.99% – 13.5% | 1 – 7 years | Full-time international student with valid student visa |
| ANZ Bank | Up to AUD 40,000 | Yes | 7% – 14% | 5 – 7 years | Enrolled at an eligible Australian university with a student visa |
| Westpac | Up to AUD 60,000 | Yes | 6.5% – 12.5% | 5 – 10 years | Full-time students at accredited Australian institutions |
| NAB Bank | Up to AUD 35,000 | Yes | 7.5% – 13% | 5 – 7 years | International students with a valid student visa |
| Bank of Melbourne | Up to AUD 45,000 | Yes | 6.75% – 12% | 5 – 7 years | Full-time students enrolled in eligible Australian institutions |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | International students enrolled in eligible institutions (US-based option) |
| Suncorp Bank | Up to AUD 35,000 | Yes | 6.25% – 13% | 5 – 7 years | Full-time international students with proof of enrollment and visa |
1. Commonwealth Bank
- Loan Amount: Up to AUD 50,000
- Interest Rates: 6.99% – 13.5%
- Loan Terms: 1 – 7 years
Commonwealth Bank offers loans for international students up to AUD 50,000.
Interest rates range from 6.99% to 13.5%, and loan terms vary between 1 to 7 years.
International students must have a valid student visa and be enrolled in a full-time program at an eligible Australian institution.
A co-signer is required to qualify for this loan.
2. ANZ Bank
- Loan Amount: Up to AUD 40,000
- Interest Rates: 7% – 14%
- Loan Terms: 5 – 7 years
ANZ offers loans up to AUD 40,000 with interest rates ranging from 7% to 14%. The loan term can be between 5 to 7 years.
International students who are enrolled at eligible Australian universities with a valid student visa are eligible to apply. A co-signer is required for approval.
3. Westpac
- Loan Amount: Up to AUD 60,000
- Interest Rates: 6.5% – 12.5%
- Loan Terms: 5 – 10 years
Westpac offers higher loan amounts of up to AUD 60,000, with interest rates from 6.5% to 12.5%.
Loan terms are flexible, ranging from 5 to 10 years.
Full-time international students enrolled in accredited Australian institutions are eligible to apply for this loan, and a co-signer is required.
4. NAB Bank
- Loan Amount: Up to AUD 35,000
- Interest Rates: 7.5% – 13%
- Loan Terms: 5 – 7 years
NAB Bank provides loans up to AUD 35,000 with interest rates between 7.5% and 13%.
The loan term is flexible, ranging from 5 to 7 years. International students with a valid student visa can apply, but a co-signer is required.
5. Bank of Melbourne
- Loan Amount: Up to AUD 45,000
- Interest Rates: 6.75% – 12%
- Loan Terms: 5 – 7 years
Bank of Melbourne offers loans of up to AUD 45,000 with interest rates between 6.75% and 12%.
The loan term can vary between 5 and 7 years, and international students must be enrolled in full-time programs at eligible Australian institutions. A co-signer is required to secure the loan.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave Student Loans offers international students the chance to borrow up to $80,000 with interest rates starting at 5.99% and going up to 12.99%.
The loan term can be extended from 5 to 15 years, offering flexible repayment options.
College Ave does not require a co-signer, which is a huge benefit for international students who may not have local guarantors. Students must be enrolled in eligible institutions to apply.
7. Suncorp Bank
- Loan Amount: Up to AUD 35,000
- Interest Rates: 6.25% – 13%
- Loan Terms: 5 – 7 years
Suncorp Bank offers loans up to AUD 35,000 with interest rates ranging from 6.25% to 13%.
Loan terms are available from 5 to 7 years, and international students with a valid student visa and proof of enrollment at an accredited Australian institution are eligible to apply. A co-signer is required.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students apply for loans in Australia?
Yes, international students can apply for loans in Australia, but most lenders require a co-signer, and the student must be enrolled at an accredited institution with a valid student visa.
What are the interest rates on study loans for international students in Australia?
Interest rates for international student loans in Australia typically range from 6% to 14%, depending on the loan provider, the loan amount, and other factors. For example, Westpac offers rates from 6.5% to 12.5%, while College Ave Student Loans has rates starting at 5.99%.
Is it necessary to have a co-signer to get a loan in Australia?
Many Australian loan providers require international students to have a co-signer. However, College Ave Student Loans is a notable exception, as it does not require a co-signer, making it a convenient option for students who do not have a local guarantor.
Conclusion
Australia offers a variety of loan options for international students to help manage the cost of tuition, living expenses, and other education-related costs.
By comparing the different loan providers, you can find one that fits your financial needs, whether you’re looking for a low interest rate or a flexible repayment term.
Be sure to review the eligibility requirements and terms of each loan carefully before applying.
With the right loan, studying in Australia can be a reality, without financial stress holding you back.
