Financing education as an international student can be challenging, especially when you need access to reliable loan providers.
The Commonwealth Bank of Australia offers various student loan options tailored for international students, alongside other providers globally.
This guide lists the 9 best Commonwealth Bank loan for international students to help you navigate your financial journey.
Best Commonwealth Bank Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Commonwealth Bank (CommBank) | Up to AUD 50,000 | Yes | 5.49% – 12.99% | Up to 7 years | Must be enrolled in an Australian institution. |
| 2. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.50% | Up to 20 years | Enrollment in eligible master’s programs. |
| 3. MPOWER Financing | Up to $100,000 | No | 7.49% – 14.98% | Up to 10 years | Partner universities only. |
| 4. NAB (National Australia Bank) | Up to AUD 60,000 | Yes | 6.99% – 13.99% | Up to 7 years | Must study in an Australian institution. |
| 5. Westpac Student Loans | Up to AUD 40,000 | Yes | 6.49% – 13.99% | Up to 7 years | Enrolled in Australia-based universities. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires U.S.-based co-signer. |
| 7. Discover Student Loans | Up to $200,000 | Yes | 5.49% – 12.39% | Up to 15 years | U.S.-based co-signer required. |
| 8. Sallie Mae | Up to $200,000 | Optional | 4.62% – 13.83% | Up to 15 years | Enrollment in a U.S. institution. |
| 9. ANZ Bank Australia | Up to AUD 30,000 | Yes | 6.00% – 12.99% | Up to 5 years | Available to students studying in Australia. |
1. Commonwealth Bank (CommBank)
The Commonwealth Bank of Australia provides loans specifically tailored to international students studying in Australia.
- Loan Amount: Up to AUD 50,000.
- Interest Rates: Fixed and variable rates between 5.49% and 12.99%.
- Loan Terms: Up to 7 years.
- Eligibility Requirements: Must be an international student enrolled at an Australian university and have a local co-signer.
- Unique Benefits: Flexible repayment options and no early repayment penalties.
2. Prodigy Finance
Prodigy Finance specializes in loans for international graduate students.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% to 12.50% (variable).
- Loan Terms: Flexible repayment options up to 20 years.
- Eligibility Requirements: Enrollment in a master’s program at partner universities.
- Unique Benefits: No need for a co-signer, and loan approval is based on future earning potential.
3. MPOWER Financing
MPOWER Financing caters to international students without requiring a co-signer or credit history.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates between 7.49% and 14.98%.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Enrollment in a partner institution.
- Unique Benefits: Provides visa support and access to career services for students.
4. NAB (National Australia Bank)
NAB offers personal loans to international students studying in Australia.
- Loan Amount: Up to AUD 60,000.
- Interest Rates: Fixed or variable rates between 6.99% and 13.99%.
- Loan Terms: Up to 7 years.
- Eligibility Requirements: Enrollment in an Australian university and local co-signer.
- Unique Benefits: Flexible loan amounts and repayment terms.
5. Westpac Student Loans
Westpac is another major lender offering loans to international students in Australia.
- Loan Amount: Up to AUD 40,000.
- Interest Rates: 6.49% to 13.99% (fixed or variable).
- Loan Terms: Up to 7 years.
- Eligibility Requirements: Requires enrollment at an Australian university and a local co-signer.
- Unique Benefits: Option to defer repayments while studying.
6. College Ave Student Loans
College Ave is a top choice for international students studying in the U.S.
- Loan Amount: Up to $150,000.
- Interest Rates: Fixed: 5.99% to 13.74%; Variable: 5.59% to 13.44%.
- Loan Terms: 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Offers quick loan approval and customizable repayment options.
7. Discover Student Loans
Discover provides competitive loans for international students with a co-signer.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 5.49% to 12.39%; Variable: 4.49% to 11.99%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Requires a creditworthy U.S.-based co-signer.
- Unique Benefits: No origination or late fees, with cash rewards for good grades.
8. Sallie Mae
Sallie Mae is one of the largest private lenders for international students.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 4.62% to 13.83%; Variable: 5.00% to 13.41%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in a U.S.-based institution.
- Unique Benefits: Co-signer release available after 12 months of on-time payments.
9. ANZ Bank Australia
ANZ Bank offers smaller loans for international students who need financial assistance.
- Loan Amount: Up to AUD 30,000.
- Interest Rates: 6.00% to 12.99% (fixed or variable).
- Loan Terms: Up to 5 years.
- Eligibility Requirements: Must have a local co-signer and study at an Australian institution.
- Unique Benefits: Straightforward application process and competitive rates.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Does Commonwealth Bank directly offer loans to international students?
Yes, Commonwealth Bank offers education loans for international students, but a local co-signer is typically required, and loans are tied to specific Australian universities.
Can I apply for these loans without a co-signer?
Some lenders, like MPOWER Financing and Prodigy Finance, do not require a co-signer. However, most lenders, including Commonwealth Bank, require a local co-signer.
What are the interest rates for international student loans in Australia?
Interest rates vary by lender and loan type, typically ranging from 5.49% to 13.99%. Commonwealth Bank offers competitive rates depending on your co-signer and institution.
Conclusion
Securing a loan as an international student can open doors to top-notch education in Australia and beyond.
Commonwealth Bank, along with other providers like MPOWER Financing and College Ave, offers a variety of options to meet the needs of international students.
Compare the 9 best Commonwealth Bank loan for international students to find the best solution for your financial and academic goals.
