All You Need to Know About International Student Loans Australia

International Student Loans in Australia & Eligibility Criteria

24 Aug 2023 2127 16 minutes

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Students from many different countries often wish to study in Australia. The reason behind this is, it has the best facilities and universities across the globe for studying any course. This is just one of the many reasons why students wish to study abroad. A few more include affordable country, English language as a medium of study, calm environment, greenery around, easy employment options, and working hours flexibility.

Though most students are interested in it, not everyone is doing it, right? While some say that they are not interested in moving abroad, the real truth is, they are afraid about the expenditure. If you are also stuck because of the same, then you should read this blog and know about international student loans Australia.

Yes, you heard it right! Now, you can get your dream of studying in Australia to come true with affordable and student-friendly loans. Now, let’s read more about it in the below section.

Who Is Eligible to Get Student Loans in Australia?

Before you rush into seeking student loans for international students in Australia, you must know whether you are eligible for it or not and, if not, then how to get it. So, read this section carefully to avoid falling into any trouble in the latter part.

When it comes to seeking a loan for students studying in Australia, there are two main options:

  • Go for a loan from the university
  • Seek help from private banks

So, the eligibility varies according to one of the two options you chose from above. Let's take a look at the eligibility criteria for both options ofInternational Student Loans Australia in a sequence:

University Loans

The first option a student should and would try is at their particular university, and for getting approval, you need to ensure meeting the criteria mentioned below:

a) Have an Australian Visa

This is a mandatory step because, without an Australian visa, you cannot stay in that country, and then how would it be possible for you to study in that particular university? So, having an Australian Visa is a must.

b) Belong not from the first or final semester of the course

The first and final semester students are generally not considered for this loan because either they have just started the course or about to complete it soon.

c) Be a regular full-time student of that university

If you are doing distance learning from this university, then you are not eligible for this loan as it is only available for the ones who are doing full-time regular classes at the respective university.

d) Hold a good academic record

Since the students with average or good scores can only get easy employment and payback the loan, the loan is also granted only to them.

e) Be employed in a part-time job

You must have a part-time job to be able to pay the interest or pay back the loan before you are considered eligible to avail this loan.

f) Clear previous dues and provide financial background

If you have any previous dues, then you must clear them beforehand, and you should be financially able to pay back the loan to get it granted from the university.

g) Be able to complete the course on time

The next thing is if you are able to complete the course on time. If you are not good at it and need extra time to complete the course, then you might not get this loan granted.

This is the eligibility criteria for seeking student loans for international students in Australia from a university. Now, let’s take a look at the requirements of private banks for the same.

Private Banks

If you are not eligible for seeking a loan at university or want to go for private banks, then first check if you meet the eligibility criteria before you proceed:

a) Have an Australian Visa

This is again here a mandatory step because, without an Australian visa, you cannot stay in that country, and then how would it be possible for you to study at any university in that country? So, having an Australian Visa is a must to get a loan from any private bank.

b) Reside in Australia

You should be residing in Australia during this course period to get this loan because if you are not residing in the country, then how will you complete the course, and if not, then what is the purpose of seeking this loan? So, your residing in the country is necessary to seek student loans for international students in Australia.

c) Have an account in the private bank of Australia

You should have an account in a private bank in Australia, and only after that can you apply and get a loan for your study in that country as an international student.

d) Earn income on a monthly basis

You should have a regular source of income- be it a full-time or part-time job, not considering the monthly allowance sent by your parents to ensure that you can pay back the loan.

e) Secure admission in the bank’s approved universities

You should secure a position in any of the universities that are approved by the bank to get a loan from that particular bank.

f) Be financially sound

You should be financially able to pay back the bank the taken loan on time, and only, in that case, are you granted the aid.

g) Provide security to bank

Be it in the form of government securities, personal bonds, lands, property, or whatever but you should provide some kind of security to the bank for getting approval of your loan.

These are the eligibility criteria that a student should meet to be able to get a loan from a private bank in Australia. Now, the next query is what types of loans can an international student apply for in Australia, right? For this, you might search online, “Student loans Australia for international students” But, this will get you vast information that is again too much. To avoid that trouble, read the below section.

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What Are the Types of Loans for Students in Australia?

In this section, the experts of Global Assignment Help Australia have researched and drafted the different types of loans available for students in Australia. Go through them carefully so that you can make the right choice.

Car Loan

If you are studying in Australia, then you can easily get a car loan, but the car would be attached as collateral to the loan. And also, the interest rate for this type is really competitive.

Emergency/Short-Term Loans

As the name suggests, this is the type of loan that is granted to students who are running out of money. This is an interest-free loan till you agree to payback on the deadline, and if you fail to do so, then an interest of 2.5% will be applied.

Graduate Loan

This loan type is apt for students who are in the final year of their graduation as it is interest-free for one year and is only for students nearing the end of their course.

Long-Term/General-Purpose Loan

This loan type is provided by both universities and private banks for students who need expenses other than the tuition fees. They cover everything from living expenses to travel, and also you can borrow a higher amount as compared to an emergency loan.

Medical Student Loan

This loan is especially for students who are studying medicine in Australia. They can take a loan for living, travel, tuition fee, clear their debts, and others if they fulfill the qualification criteria.

Payday Loan

This is a small amount of loan granted for students who are in an emergency and out of a part-time job, bad credit history, and in need of some financial help.If you come in this category, then you can count on student loans for international students in Australia.

Secured Personal Loans

In this type of loan, the student puts his property or any other valuable asset as a guarantee to the bank at a low-interest rate. But, the catch here is, if he fails to pay back on time, the property then will belong to the bank.

Unsecured Loan

In this type of loan, the student does not have to put anything in collateral or for exchange purposes. But, the interest rates are quite expensive; thus, this can be used for all purposes.

These are a few types of International Student Loans Australia you can take. If you are wondering about the sources from which you can take a loan, then the below section will guide you.

“Where Can I Take a Student Loan in Australia?” Here!

After going through the above sections of this blog, you might also want to seek student loans Australia for international students for your further studies. If that is the case, then here are a few sources you can refer to regarding this context:

ANZ Fixed Rate Personal Loan

If you are thinking of taking this, then you need to know its eligibility and requirements and the purpose/use of seeking it. So, let’s have a look at them:


  1. Age should be 18 or above
  2. A job paying $15,000 per annum or more
  3. A permanent residency status or valid visa


  1. Income/employment details
  2. Driving license
  3. ANZ account number (if any)


  1. Pay another loan
  2. Buy an automobile
  3. Renovate home
  4. Travel expenses
  5. Celebrate occasions

Westpac Unsecured Personal Loan

If this type interests you, then have a look at its eligibility, requirements, and purpose before committing to it:


  1. Age should be 18 or above
  2. A regular and permanent job for income
  3. A permanent residency status or valid visa


  1. Name, address, and phone number of present employer
  2. Weekly after-tax income
  3. Investment details
  4. Details of running debts
  5. Information of day-to-day expenses

This is all you need to know about student loans Australia for international students. Now, if you want to repay that loan, then read the below section for detailed information on the same.

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How to Repay Your Student Loan in Australia?

There are 2 ways for repaying the loan you’ve taken for your education in Australia being an international student; they are as mentioned below:

Repayment for Short-Term Goals

There are a set of terms and conditions you need to fulfill for this process:

  1. a) Repay within 6 months from the date of loan approval.
  2. b) Repay in 1 year can be done if the loan sum is huge.
  3. c) Repay in the form of online payment, cheque, cash, or money draft.
  4. d) Repay delayed after 7 days of deadline leads to special interest rate varied by universities

Repayment for Long-Term Goals

Here are a set of terms and conditions that you need to follow if you choose this:

  1. a) Repay on a fortnight or monthly basis as agreed at the time of loan approval.
  2. b) Repay the amount in full as your course period is over.
  3. c) Repay can be made through online payment, cheque, cash, or money draft.
  4. d) Repay if not done on time; you cannot get your documents or see course-end results.
  5. e) Repay in case of long terms can give you the relaxation of a year or two after graduation.
  6. f) Repay can be asked from a guarantor if a student fails to do so on time.

These are the two mediums in which you can consider repaying the International student loans Australia. However, if you are already struggling with this financial issue and can’t afford more on your academics, then turn to us. We have a professional team of experts who will ensure the delivery of top-quality assignments on time at student-friendly rates.


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