Studying in Australia is a dream for many international students, thanks to its world-class universities and vibrant student life.
However, tuition fees, accommodation, and living expenses can add up, making financing your education a challenge.
Fortunately, various loan providers offer student loans for international students in Australia.
These loans can help bridge the financial gap, providing you with the means to pursue your education abroad.
In this article, we’ll explore the 9 best student loans for international students in Australia, comparing the loan amounts, co-signer requirements, interest rates, and terms offered by different providers.
We’ll also give you a detailed description of each loan provider, including specific loan terms and eligibility requirements, helping you make an informed decision.
Best Student Loan for International Students in Australia
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Commonwealth Bank of Australia | Up to AUD 20,000 | Yes | 6.99% – 14.5% | 1 – 7 years | Full-time international students enrolled at recognized universities |
| ANZ Bank | Up to AUD 30,000 | Yes | 8% – 14% | 5 – 10 years | International students with an Australian student visa |
| Westpac | Up to AUD 50,000 | Yes | 8.5% – 14.5% | 5 – 10 years | Admitted to a registered Australian university |
| NAB Bank | Up to AUD 25,000 | Yes | 7% – 12% | 5 – 10 years | International students with a valid visa for Australia |
| Bank of Melbourne | Up to AUD 35,000 | Yes | 6.75% – 13.5% | 5 – 10 years | Students enrolled in a recognized educational institution |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Students admitted to eligible institutions abroad |
| Bank of Queensland | Up to AUD 40,000 | Yes | 7.25% – 12.5% | 5 – 10 years | Full-time international students enrolled in Australian universities |
| Macquarie Bank | Up to AUD 30,000 | Yes | 6.5% – 10.5% | 5 – 10 years | Students with an offer letter from an Australian university |
| Bendigo Bank | Up to AUD 25,000 | Yes | 6% – 12% | 5 – 10 years | Students enrolled in full-time courses at recognized universities |
1. Commonwealth Bank of Australia
- Loan Amount: Up to AUD 20,000
- Interest Rates: 6.99% – 14.5%
- Loan Terms: 1 – 7 years
Commonwealth Bank offers education loans of up to AUD 20,000 with interest rates ranging from 6.99% to 14.5%.
Loan terms range from 1 to 7 years, with a co-signer required.
This loan is available for full-time international students enrolled at recognized universities in Australia.
The loan can be used for tuition fees, living expenses, and other study-related costs.
2. ANZ Bank
- Loan Amount: Up to AUD 30,000
- Interest Rates: 8% – 14%
- Loan Terms: 5 – 10 years
ANZ Bank offers loans of up to AUD 30,000 with interest rates between 8% and 14%.
The repayment period is flexible, ranging from 5 to 10 years.
ANZ requires a co-signer and provides financial support for international students who are enrolled in recognized educational institutions in Australia.
3. Westpac
- Loan Amount: Up to AUD 50,000
- Interest Rates: 8.5% – 14.5%
- Loan Terms: 5 – 10 years
Westpac offers one of the largest loan amounts for international students, with a maximum of AUD 50,000. Interest rates range from 8.5% to 14.5%, and the loan term spans 5 to 10 years.
A co-signer is required for this loan, and it can be used for tuition fees, living expenses, and other education-related costs.
4. NAB Bank
- Loan Amount: Up to AUD 25,000
- Interest Rates: 7% – 12%
- Loan Terms: 5 – 10 years
NAB Bank provides loans of up to AUD 25,000 for international students with interest rates ranging from 7% to 12%.
The repayment period is flexible, lasting from 5 to 10 years. Students with a valid Australian student visa are eligible for this loan, and a co-signer is required.
5. Bank of Melbourne
- Loan Amount: Up to AUD 35,000
- Interest Rates: 6.75% – 13.5%
- Loan Terms: 5 – 10 years
Bank of Melbourne offers loans up to AUD 35,000 for international students, with interest rates ranging from 6.75% to 13.5%.
The repayment term can range from 5 to 10 years, and students must be enrolled at a recognized Australian university. A co-signer is required for this 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 loans up to $80,000 for international students looking to study abroad, including in Australia.
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 major benefits of College Ave loans is that they do not require a co-signer, making it an ideal option for students without a co-signer in Australia.
7. Bank of Queensland
- Loan Amount: Up to AUD 40,000
- Interest Rates: 7.25% – 12.5%
- Loan Terms: 5 – 10 years
Bank of Queensland offers loans of up to AUD 40,000 with interest rates ranging from 7.25% to 12.5%.
The loan term ranges from 5 to 10 years and can be used for tuition fees, accommodation, and other educational expenses.
A co-signer is required, and the loan is available to full-time international students enrolled in Australian universities.
8. Macquarie Bank
- Loan Amount: Up to AUD 30,000
- Interest Rates: 6.5% – 10.5%
- Loan Terms: 5 – 10 years
Macquarie Bank offers loans of up to AUD 30,000 for international students with interest rates ranging from 6.5% to 10.5%.
Loan terms span from 5 to 10 years, and a co-signer is required.
Students with an offer letter from an Australian university are eligible for this loan.
9. Bendigo Bank
- Loan Amount: Up to AUD 25,000
- Interest Rates: 6% – 12%
- Loan Terms: 5 – 10 years
Bendigo Bank offers loans up to AUD 25,000 with interest rates between 6% and 12%.
The repayment term ranges from 5 to 10 years, and the loan is available to international students enrolled in full-time courses at recognized Australian universities.
A co-signer is required for this loan.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in Australia apply for student loans?
Yes, many banks in Australia offer student loans for international students. Some of the banks that provide loans include Commonwealth Bank, ANZ Bank, and Westpac. These loans typically require a co-signer and are available to students admitted to recognized universities in Australia.
Do I need a co-signer for an international student loan in Australia?
Most of the loan providers, such as ANZ, Westpac, and NAB Bank, require a co-signer. However, College Ave Student Loans is one of the exceptions that do not require a co-signer, making it a great option for international students without a co-signer in Australia.
What is the maximum loan amount I can borrow for studying in Australia?
The maximum loan amount varies by provider. For instance, Westpac offers loans up to AUD 50,000, while ANZ Bank offers loans up to AUD 30,000. Loan amounts typically depend on the cost of tuition, living expenses, and other education-related costs.
Conclusion
Choosing the best student loan for international students in Australia can make a significant difference in financing your education abroad.
The 9 loan options discussed here provide various loan amounts, interest rates, and terms to suit your needs.
Make sure to carefully assess each loan’s terms and determine which one fits your financial situation best.
Whether you require a co-signer or not, there are plenty of options to help you fund your studies in Australia.
