Studying abroad is a great opportunity, but it often requires significant financial planning.
International students in Australia may find it challenging to manage expenses like tuition fees, living costs, and other educational expenditures.
Personal bank loans can help bridge this financial gap by providing necessary funds to cover these costs.
In this article, we will explore the 9 best personal bank loans for international students in Australia, detailing loan amounts, co-signer requirements, interest rates, loan terms, and eligibility criteria for each provider.
Best Personal Bank 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 |
| Bendigo Bank | Up to AUD 40,000 | Yes | 7.25% – 12.75% | 5 – 7 years | International students with a valid student visa |
| BankSA | Up to AUD 50,000 | Yes | 6.5% – 11.5% | 5 – 7 years | Full-time international students with proof of enrollment |
1. Commonwealth Bank
- Loan Amount: Up to AUD 50,000
- Interest Rates: 6.99% – 13.5%
- Loan Terms: 1 – 7 years
Commonwealth Bank offers personal loans up to AUD 50,000, with interest rates ranging from 6.99% to 13.5%.
The loan term can vary from 1 to 7 years, providing flexibility.
International students need a co-signer and must be enrolled in a full-time program at an accredited institution in Australia with a valid student visa to apply.
2. ANZ Bank
- Loan Amount: Up to AUD 40,000
- Interest Rates: 7% – 14%
- Loan Terms: 5 – 7 years
ANZ offers personal loans of up to AUD 40,000, with interest rates ranging from 7% to 14%. Loan terms are available from 5 to 7 years.
Students must be enrolled at an eligible Australian university and must have a co-signer to qualify.
3. Westpac
- Loan Amount: Up to AUD 60,000
- Interest Rates: 6.5% – 12.5%
- Loan Terms: 5 – 10 years
Westpac provides personal loans up to AUD 60,000, with interest rates starting at 6.5% and going up to 12.5%.
The loan term can range from 5 to 10 years. Full-time international students at accredited Australian universities are eligible to apply, with a co-signer required.
4. NAB Bank
- Loan Amount: Up to AUD 35,000
- Interest Rates: 7.5% – 13%
- Loan Terms: 5 – 7 years
NAB Bank offers personal loans up to AUD 35,000 for international students with interest rates between 7.5% and 13%.
The loan term is between 5 to 7 years, and a co-signer is required. Students must be enrolled in full-time studies with a valid student visa.
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 ranging from 6.75% to 12%.
Loan terms range from 5 to 7 years, and international students must provide proof of enrollment in full-time studies at accredited Australian institutions. A co-signer is required.
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 loans of up to $80,000, with interest rates starting at 5.99% and going up to 12.99%.
Loan terms can range from 5 to 15 years, providing greater flexibility for repayment.
The best part is that College Ave does not require a co-signer, making it an excellent choice for international students who might not have access to a local guarantor.
This option is available to students enrolled in eligible institutions (U.S.-based option).
7. Suncorp Bank
- Loan Amount: Up to AUD 35,000
- Interest Rates: 6.25% – 13%
- Loan Terms: 5 – 7 years
Suncorp Bank offers loans of up to AUD 35,000, with interest rates ranging from 6.25% to 13%. The loan term is flexible, with options from 5 to 7 years.
Full-time international students with proof of enrollment and a valid student visa are eligible. A co-signer is required.
8. Bendigo Bank
- Loan Amount: Up to AUD 40,000
- Interest Rates: 7.25% – 12.75%
- Loan Terms: 5 – 7 years
Bendigo Bank offers personal loans of up to AUD 40,000, with interest rates ranging from 7.25% to 12.75%. Loan terms are between 5 to 7 years.
A co-signer is required for international students, who must have proof of enrollment and a valid student visa.
9. BankSA
- Loan Amount: Up to AUD 50,000
- Interest Rates: 6.5% – 11.5%
- Loan Terms: 5 – 7 years
BankSA provides personal loans up to AUD 50,000 with interest rates ranging from 6.5% to 11.5%.
The loan term can vary from 5 to 7 years, and international students are required to have a co-signer and proof of enrollment in full-time studies at accredited Australian institutions.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in Australia apply for personal loans?
Yes, international students in Australia can apply for personal loans, though most lenders require a co-signer. The student must be enrolled in an accredited institution and hold a valid student visa.
What are the interest rates for personal loans for international students in Australia?
Interest rates for personal loans typically range from 6% to 14% depending on the lender and the loan amount. For example, Westpac offers rates from 6.5% to 12.5%, while College Ave Student Loans has rates starting at 5.99%.
Do I need a co-signer to get a personal loan in Australia as an international student?
Most Australian banks and lenders require international students to have a co-signer for personal loans. However, College Ave Student Loans is a notable exception, as it does not require a co-signer, making it a convenient option for those without a local guarantor.
Conclusion
Personal loans for international students in Australia provide a valuable option for funding education-related expenses.
By understanding the various loan providers, terms, and eligibility criteria, you can choose the loan that best suits your needs.
Whether you need a higher loan amount, competitive interest rates, or flexible repayment options, there are plenty of lenders offering solutions for international students.
Be sure to carefully evaluate each provider’s terms and conditions to find the best loan for your studies.
