Studying abroad in Australia can be an exciting experience, but the financial burden can be overwhelming, especially for international students.
Education loans can help bridge the gap between tuition fees, living costs, and other expenses.
Many banks and financial institutions in Australia offer education loans tailored for international students.
In this article, we will explore the 7 best education loans for international students in Australia, comparing key features such as loan amounts, interest rates, eligibility requirements, and loan terms.
Best Education 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 | Enrolled in an accredited Australian university |
| ANZ Bank | Up to AUD 40,000 | Yes | 7% – 14% | 5 – 7 years | International student with an Australian student visa |
| Westpac | Up to AUD 60,000 | Yes | 6.5% – 12.5% | 5 – 10 years | Full-time international students enrolled at an accredited institution |
| NAB Bank | Up to AUD 35,000 | Yes | 7.5% – 13% | 5 – 7 years | International students with valid Australian student visa |
| Bank of Melbourne | Up to AUD 45,000 | Yes | 6.75% – 12% | 5 – 7 years | Enrolled in an eligible Australian university |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in an eligible institution (international students 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 education loans with a borrowing limit of up to AUD 50,000.
The interest rates range from 6.99% to 13.5%, and the loan term can be anywhere from 1 to 7 years.
The bank requires international students to have an Australian student visa and be enrolled in an accredited 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 Bank provides loans up to AUD 40,000 with an interest rate ranging from 7% to 14%.
Loan terms can span from 5 to 7 years, and international students can apply as long as they hold a valid student visa and are enrolled in an eligible Australian university. A co-signer is necessary.
3. Westpac
- Loan Amount: Up to AUD 60,000
- Interest Rates: 6.5% – 12.5%
- Loan Terms: 5 – 10 years
Westpac offers a larger loan limit of up to AUD 60,000, with interest rates ranging from 6.5% to 12.5%.
The loan term is flexible, with options ranging from 5 to 10 years. International students enrolled full-time at accredited Australian institutions can apply, though 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 provides education loans up to AUD 35,000, with interest rates ranging from 7.5% to 13%. Loan terms are available between 5 and 7 years, and a co-signer is required.
International students must hold an Australian student visa and be enrolled in an accredited university.
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 education loans with a maximum borrowing limit of AUD 45,000.
Interest rates range from 6.75% to 12%, with loan terms between 5 to 7 years.
The bank requires international students to be enrolled in a recognized institution in Australia, and a co-signer is necessary for loan approval.
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 a unique option for international students, with loan amounts up to $80,000.
The interest rates range from 5.99% to 12.99%, and the loan term can be extended from 5 to 15 years.
One of the key benefits is that a co-signer is not required, making it an excellent option for international students who may not have a local co-signer available.
7. Suncorp Bank
- Loan Amount: Up to AUD 35,000
- Interest Rates: 6.25% – 13%
- Loan Terms: 5 – 7 years
Suncorp Bank offers education loans up to AUD 35,000, with interest rates ranging from 6.25% to 13%.
Loan terms range from 5 to 7 years, and a co-signer is required.
International students must have a valid student visa and be enrolled in a full-time course at an eligible Australian university.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students apply for education loans in Australia?
Yes, international students can apply for education loans in Australia. However, they typically need a co-signer, especially for larger loan amounts. Some banks like College Ave Student Loans offer loans that do not require a co-signer.
What is the interest rate on education loans for international students in Australia?
The interest rate for education loans for international students in Australia typically ranges from 6% to 14%, depending on the lender and loan amount. For example, Westpac offers rates from 6.5% to 12.5%, and College Ave Student Loans offers rates from 5.99% to 12.99%.
How much can international students borrow through education loans in Australia?
The borrowing limit depends on the lender. For example, Westpac allows borrowing up to AUD 60,000, while ANZ Bank provides loans up to AUD 40,000. It’s important to review loan terms and eligibility before applying.
Conclusion
Finding the right education loan can be a crucial part of financing your studies in Australia as an international student.
The 7 best education loans listed in this article offer competitive interest rates, flexible loan terms, and eligibility requirements designed for international students.
Whether you need a co-signer or prefer a loan that doesn’t require one, there are various options to consider. Be sure to compare the loan details and select the one that best suits your financial needs.
