Best 10 International Students Loan Lenders in Australia

Best 10 International Students Loan Lenders in Australia

We have to set up this page to let you know the Best 10 International Students Loan Lenders in Australia. All you should know about these students loan Lenders in Australia.

My dear, we want you to know that you are on the point, where you will not ask questions about the Students Loan Lenders in Australia you can as well as check out our last post on the best 10 International Student Loan Lenders in the USA.

Meanwhile, recruitmentformat.com is one of the best sites that gives the latest and informative information about scholarships and Jobs both home and away. Without wasting so much of your time let’s start right away on the top 10 International Students Loan Lenders in Australia.

What you Should Know

There are a lot of things you should know about Students Loan Lenders in Australia. Our team has been getting a lot of messages based on this topic.

That is the reason we have to create this page to tell you all you should know. Without wasting your time, firstly we want you to know that Australia, officially the Commonwealth of Australia.

It is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the largest country by area in Oceania and the world’s sixth-largest country.

However, that it is generally not easy for international students to cater for their study costs like tuition fees, accommodation costs, transport costs, feeding costs, and others.

In Australia, the government and other organizations ease this burden by providing foreign students with financial aids for their studies.

Foreign students in Australia have the of taking loans to cater for their study expenses if they cannot get scholarships or grants.

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The student loan system in Australia is called Higher Education Loan Program (HELP) which is being offered by the Australian government to cater for stunts study costs.

The system doesn’t cater to international students but Australian citizens only. However, other sources offer student loans to foreign nationals who aren’t having the fund to cater for their study costs. These student loan sources are two and they are Private Banks and, Universities (in Australia).

Thus, private banks and various universities in Australia are the sources for international students to get loans. The loans are either offered to undergraduate students who want to pursue bachelor’s degrees, graduate students.

Who want to further in their academic sojourns, or those who want to pursue career programs at trading and technical colleges in Australia.

Let’s tell you all about the best 10 Students Loan Lenders in Australia among these student loan lenders in Australia.

1. ANZ Student Loans

Interest Rate: 17.95% (per annum)

Repayment Options: 6 months – 5 years

Loan Amounts: $1,000 – $40,000

ANZ is one of the top loan sources or lenders in Australia for domestic and international students. The various types of loans offered under the student loans are secured personal loan which you must have a collateral to get it.

An unsecured loan that doesn’t require collateral, a payday loan is meant for emergency purposes among others. Borrowers can borrow as little as $1,000 and as high as $40,000 and they are at liberty to pay back in 6 months to 5 years with an interest rate of 17.95% per annum.

When you get a loan from ANZ, you will not pay you do not have to pay an approval fee, which is $250 and the application process is online where it only takes few minutes to complete and if affirmed, you will get your funds within 24 hours. ANZ is among the top banks in Australia, and it was established in 1951.

2. Westpac Student Loan

Interest Rate: 8.99% – 16.99% (per annum)

Repayment Options: 1 year – 7 years

Loan Amounts: $4,000 – $50,000

Westpac is another student loan provider for international students in Australia. Westpac began operations in 1817 in New South Wales and offers a wide variety of financial products and services to its customers, from savings accounts and term deposits to credit cards.

It also offers a range of personal loans, giving borrowers access to the finance they need to make important purchases and investments.

Students who want to borrow from Westpac for study purposes can do that by applying for personal loans. This loan is limited to $50,000 with an 8.99% – 16.99% interest rate per annum which can be repaid within 1 – 7 years.

When you pay back a loan with more than 2 years of repayment terms within 2 years, you will be charged $175. However, this fee can be waived if you refinance another personal loan with Westpac.

To be eligible for the loan as an international student, you must be 18 years or more, have a valid visa, and be gainfully employed. One of the Best 10 International Students Loan Lenders in Australia.

3. Defence Bank Student Loan

Interest Rate: 8.99% (per annum)

Repayment Options: 1 year – 5 years

Loan Amounts: Not disclosed

Defence Bank Limited operates as a bank in Australia and offers saving accounts, loans, debit, credit cards, insurance, term deposits, and online banking services. Its loans of which student loan is part comes with repayment options from 1-5 years depending on the amount borrowed.

The loan also does not charge for extra repayments or early payouts, which makes it one of the best for borrowers. Like other lenders, Defence Bank requires a borrower to be 18 years or above, have a valid visa and means of income to be eligible to take its loans.

4. Study Loans Private Student Loans

Interest Rate: 9.82 % (per annum)

Repayment Options: 1 year – 7years

Loan Amounts: $2,000 – $50,000

Study Loans is a private outlet that gives out student loans to foreign students in Australia. They have flexible, competitive, and simple to understand loans as an alternative to banks and other traditional funding sources.

In a simple breakdown on how its loan works, if you borrowed $2,001 for a course period that lasts for a year, and your monthly income is $50,000 you will be paying $41.67 monthly provided that your repayment loan term is 1 year.

To be eligible for a student loan on this platform, you must be studying in any of the accredited universities in Australia and have a valid visa. One of the Best 10 International Students Loan Lenders in Australia.

5. HSBC Student Loan

Interest Rate: 9.50% to 15.99% (per annum)

Repayment Options: 1 year – 5 years

Loan Amounts: $5,000 – $50,000

This is another top student loan lender in Australia. It provides unsecured personal loans to undergraduate and graduate domestic and foreign students starting from $5000 to $50,000 and has fixed monthly repayment terms.

The loan can be used for any of the study expenses like tuition, materials, books, etc. Its interest rate falls within the competitive range – 9.50% to 15.99% (per annum). The application process is easy to come by in as much as you meet the basic requirements for the loan.

6. Moneyplace Student Loan

Interest Rate:  7.65% to 21.00% (per annum)

Repayment Options: 3 years – 5 years

Loan Amounts: $5,000 – $35,000

MoneyPlace is a fully licensed peer-to-peer lender in Australia which was established a few years back. It has a funding strategic relationship with Auswide Bank. Its service is 100% online with no hidden and monthly fees and providing some customers with $0 establishment fees.

It has an interest rate of 7.65% to 21.00% per annum. The amount which can be borrowed is between $5,000 to $35,000, and you have the of paying back within 3 years to 5 years.

7. Great Southern Bank Student Loan

Interest Rate:  9.39% (per annum)

Repayment Options: 3 years – 5 years

Loan Amounts: $5,000 – $50,000

Great Southern Bank which is formerly known as  CUA and Credit Union is the largest customer-owned bank in Australia.

It offers all sorts of commercial and retail banking services. Its loans can help students further their education and career across all expenses that one takes care of or covered.

The bank has $0 establishment fees for a limited time with conditions. It has no penalties for early payments or extra repayments and no monthly fees.

It has a 9.39% per annum interest rate and a 10.89% per annum comparison rate based on $30,000 over five years. Furthermore, it doesn’t require an application fee as well, and the application can easily be done online without stress.

8. RateSetter Australia Student Loan

Interest Rate: 8.42% (per annum)

Repayment Options: 1 year – 5 years

Loan Amount: $1,000 $ 35,000.

RateSetter Australia commenced operations in 2014, and it is a British-Australian business, based in Sydney. It was the first peer-to-peer lending platform in the country open to retail customers. RateSetter offers low rates for borrowers with good credit.

The bank has an interest rate of 8.42% per annum; the comparison rate is 10.97% per annum based on $10,000 over three years with an application fee of $220 upfront and $5.00/ month.

This is an unsecured personal loan, and you must be 18 years or above, be a student in any of the universities in Australia and have monthly income before being allowed to apply for the loan.

9. Harmoney Student Loan

Interest Rate: 5.35% – 29.9% (per annum)

Repayment Options: 3 years – 5 years

Loan Amount: $2,000 $50,000.

This online lending service in Australia offers student and other personal loans to international students. Borrowers can borrow up to $50,000 which can be paid in three to five years.

The advantage of taking a loan from Harmoney is that is application process is easy and fast and, there are no hidden charges. Its interest rate is 5.35% to 26.9% per annum, with a comparison rate of 7.69% to 28.21% per annum based on $30,000 over five years.

When you meet basic requirements and provide all details required, you will receive the funds within 24 hours in your account. One of the Best 10 International Students Loan Lenders in Australia.

10. NOW FINANCE  Student Loan

Interest Rate: 5.95% – 17.95% (per annum)

Repayment Options: 2 years – 7 years

Loan Amount: $5,000 $50,000.

NOW FINANCE offered international unsecured student loans and refinance loans as well. You can borrow up to $50,000 with no fees, now and forever. The repayment condition is 2 years to 7 seven years.

In a five year for a $30,000 loan at 5.95%, you will pay a cost of $34,757.21 including fees. The minimum income that you must be earning to be qualified for this loan is $22,000 per annum and you must have good credit score history.

Conclusion Apply Now for FREE

International students who are looking to get student loans in Australia can only get them through private banks and universities. They are not eligible to get the loans offered by the government of Australia called HELP.

These loans are mostly unsecured, which means there is no need for collateral, but borrowers must have creditworthiness and have good income per annum.

So many banks and universities offered international students loans in Australia, the BEST 10 has been provided to give you an insight into what is in stock regarding the loans.

Before going for a particular lender, ensure you compare its rates, repayment terms and loan amounts to others. We hope this article will help you in deciding the lenders to choose while taking student loans in Australia.