Are you an international student pursuing undergraduate or postgraduate study from Australia and looking for a personal loan? Since you are not a native of Australia, you can encounter some roadblocks. Let My Assignment Services save you some trouble. I am going to guide you on how you can get a personal loan in Australia as an international student.
You are not alone seeking this loan.
Taking up education in a foreign land is not an easy task. The high cost of living and higher cost of education is what makes students seek student loans to finance their education.
If yo think you are the only one looking for ways of personal loans for international students in Australia, you will be surprised by the actual result.
How do you know you are eligible for loan?
In Australia, students can get a personal loan from three types of sources –
- Private banks
- Government banks
Unfortunately, international students cannot secure a loan from the government bank but you can definitely get one from the private ones. So, how do you know you can get the loan you desire? By checking if you meet the following eligibility criteria or not.
This is how you check eligibility for private bank –
- You should have an Australian visa (which you will have because you are going to study there)
- You should be a resident of Australia (if you are enrolled in a distance learning course, sorry)
- You should have a regular source of income (monthly allowance from the parents does not count)
- You should have an account with an Australian bank (which is the first thing you should do when you land in Australia)
If you are not in a mood to work part time or you can wave the incoming flow of cash goodbye.
This is how you check your eligibility for a university loan –
- Your university should be offering personal loan to the students
- You should be a regular and full time students of the university (no distance learning courses, please)
- You should have at least 18 credit points in one semester or 36 credit points in one academic year
- You must be capable of completing the course in time and with good grades
- You should have a part time job
- You should not be in the first or final semester
Have you ticked off all these pointers to be eligible for a student loan either from the bank or the university? Very well then, we shall proceed to the next section.
What type of loans can you apply for?
If you want to buy a new BMW or a sea facing apartment, you need to do something bigger than being a student in the Australian universities. ‘cause you cannot do that with a student tag hanging around your neck and definitely not in the student loan.
So, what are the various types of personal loans for international students in Australia can you apply for?
Generally, this type of loan is by the universities. This type of loan is most useful for the students who have a sudden shortage of money. There is no interest and you do not need a collateral. You can repay the entire amount at the earliest possible or maybe in the time period agreed upon.
How much can I expect to get?
The amount varies from university to university. The amount that you can get from the loan can be up to $1500.
General Purpose Loan
A general purpose loan is offered either by the university or by the private banks. A general purpose loan is used to cover other areas of interest than education. It may be cost of living, the money needed to travel to work, etc.
Since this type of loan is also available with the bank, the amount that you can borrow is larger than emergency loan. Universities offer a loan of up to $8000. The amount that can be obtained from the bank will be greater than what universities offer. The loan from the university will be interest free as well.
If you are nearing the end of the graduation and want to take a loan, you can apply for a graduate loan. You are eligible for this type of loan when you are in the final year of the graduation.
When do I need to repay this loan?
The best part is that you are free from the repayment of this loan for the first year. Nobody is going to ask you the reason you used this loan for and you can do whatever you want.
Unsecured Personal Loan
This loan, as the name suggests, is unsecured for the bank. How? You are not going to place any collateral with the bank in exchange of the loan offered. Feeling happy? Do not count your pennies so soon.
The downside of this loan is that you need to pay a higher rate of interest on this type of loan which makes it really expensive. But this loans is a no questions asked type, which means you can use it for any purpose you want. But nothing illegal, please.
What student loans are available for you?
Smile a little because Australia is one of the best countries to pursue an education from and offers a wide range of loan types. I have told you what kind of loans you can apply for. But what about the places you can take a loan from?
Here is some information about the students loans that are available for the students –
ANZ Fixed Rate Personal Loan
How do you know if you are eligible for this loan?
To take an ANZ Fixed Rate Personal Loan, you need to be –
- 18 years old or above
- Should have a job paying you at least $15,000 per annum
- Either an Australian resident, have a permanent residency status or a valid visa
What do you need for this loan?
- Income and employment details
- Driver’s license, if you have one
- ANZ account number, if you have one
What can you use this loan for?
- Pay another debt or loan
- Buy an automobile (car, motobike, truck or caravan)
- Renovate your home
- Celebrate an occasion (wedding maybe)
Westpac Unsecured Personal Loan
How do you know if you are eligible to apply for this loan?
- You must be 18 years old or above
- You must a regular permanent source of income
- Should be either a permanent resident of Australia or have an acceptable visa
- You must have confirmed employment in Australia
What information do you need to provide?
- Name, address and phone number of the present employer
- Weekly after tax income
- Investment details
- Any running debts
- Details of day to day expenses
Since you are spending so much for your education, why take any risks with the grades?
Assignments are highly valued in the academics and if you are not able to score well in the assignments, you are not going to do much well in the final scorecard.
No good score means bye bye personal student loan. So, why take any risks with the grades? Take assignment help from the top of the line subject experts at My Assignment Services who can assist you with the A to Z of the university assignments.
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