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Personal loans for temporary residents

It's harder for temporary residents to qualify for a personal loan. Here are some lenders who accept applications from temporary residents on specific visas, and tips to get approved.

By

Rebecca Pike

Edited by

Richard Whitten

Updated

Jan 3, 2024

Fact checked

1 - 6 of 6

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to site More Info Compare
Fair Go Finance Large Personal Loan Variable14 Months - 2 Years $5,050 - $10,000	Interest Rate (p.a.) 21.90% to 25.90%	Comp. Rate (p.a.) 28.71% to 33.80%	Application Fee $546 - $795	Monthly Fee $9	Monthly Repayment $1,183.48	Go to site More Info Compare
ANZ Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 7.49% to 19.99%	Comp. Rate (p.a.) 8.18% to 20.58%	Application Fee $150	Monthly Fee $10	Monthly Repayment $947.71	More Info Compare	Special Offer: For a limited time, ANZ is waiving the $150 approval fee for new borrowers or existing borrowers increasing their personal loan. Applications must be made between 14 February and 14 May 2024. Other conditions apply.
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to site More Info Compare
Westpac Unsecured Personal Loan Fixed1 - 7 Years $4,000 - $50,000	Interest Rate (p.a.) 7.99% to 20.49%	Comp. Rate (p.a.) 9.18% to 21.61%	Application Fee $250	Monthly Fee $12	Monthly Repayment $959.79	More Info Compare
CommBank Fixed Rate Personal Loan Fixed1 - 7 Years $4,000 - $50,000	Interest Rate (p.a.) 8.50% to 20.50%	Comp. Rate (p.a.) 9.53% to 21.39%	Application Fee $0	Monthly Fee $15	Monthly Repayment $962.03	More Info Compare

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Showing 6 of 6 results

Can a temporary resident get a personal loan in Australia?

Yes, temporary residents of Australia can take out personal loans, though it may be more difficult to meet eligibility criteria. There are no laws or regulations stopping temporary residents from receiving a loan and the decision lies with the lender. This will depend on the type of visa you hold and not all temporary residents will be eligible for specific lenders.

Since temporary residents are seen by lenders as more risky, you may have to meet stricter criteria regarding employment and income. It’s also possible that you may have to pay higher interest rates and have more limited loan options.

What should I consider when looking for a personal loan as a temporary resident?

The key factors to consider are:

Lenders may view you as a higher risk. Given your visa status, lenders may consider lending to you as more risky. There’s the possibility you may not be able to repay your loan before your visa expires. They will also take into account that your visa could be terminated at any given point, even if it’s unlikely. As a result, your interest rates may be higher than if you held a permanent visa.
Loan terms are restricted. Your loan term will also be limited to the length of your visa, which may result in higher monthly repayments.
Your overseas credit history doesn’t apply. This can be either good or bad news. On one hand, if you have a poor overseas credit history, it won’t count against you. On the other, your good credit history won’t be of any use either. You’ll be starting with a clean slate, and will have to build an Australian credit history from scratch.
Some temporary visas may not be eligible. Temporary work visa holders have a better chance of getting a loan than other temporary visa holders. This is because they have employment, likely a permanent role, which reduces the lender’s risk. Other types of temporary visas, like working holiday and bridging visas won’t be eligible.

What’s the eligibility criteria for a temporary resident personal loan?

The eligibility criteria for temporary residents is stricter than permanent residents. While each lender will have their own requirements, these are the key factors most lenders will consider:

Age

You'll need to be over 18 to be legally able to borrow in Australia.

Eligible visa

Different lenders accept different visas, so be sure to check before you apply. Most lenders consider subclass 457 visas, while others may also accept business visas.

Employment

You'll generally need to be permanently employed and earn a regular income to show financial stability. Lenders may ask you for up to 3 years of employment history.

Income

The amount you earn will factor into your application. Be sure to show your income from your employment, as well as any passive income you earn.

Credit History

Lenders will not look at your overseas credit history, only your history with Australian financial institutions. Make sure you honour your debts, pay your bills on time, and regularly save.

Time in Australia

The more time you've spent in Australia, the better. How long you'll continue to spend is also important, as it will help lenders determine whether you'll be able to pay back the loan.

Eligibility criteria of major lenders

We’ve listed the eligibility criteria of a few lenders, including the Big Four Australian lenders. Keep in mind that even if you tick the boxes, lenders will consider your application on a case-by-case basis.

Lender	Eligibility requirements	Visa requirements	Review personal loans
NAB	At least 18 years old Reside in Australia	An acceptable temporary residency visa Visitor visa (except a special category visa - NZ Citizen), working holiday, bridging, transit/short stay/seasonal, exchange/gap year and student visas not accepted	NAB Personal Loans
ANZ	18 years old Earn $15,000 p.a.	Temporary subclass work visas e.g. skilled and business visas accepted Working holiday visas not accepted	ANZ Personal Loans
CommBank	18 years old Earn $14,000 p.a. Reside in Australia	457 working visas are accepted	CommBank Personal Loans
Fair Go Finance	Earn $500 per week Can be from a combination of wage/eligible Centrelink payments	Be a permanent resident or on a working or sponsorship visa	Fair Go Finance Personal Loans
Westpac	18 years old Be an Australian permanent resident or have an approved visa Have confirmed employment	Hold one of the following accepted visas 100 - Partner (Provisional and Migrant) Visa 103 - Parent visa 115 - Remaining Relative visa 119 - Regional Sponsor Migration Scheme 120 - Labour Agreement visa 121 - Employer Nomination Scheme 124 - Distinguished Talent visa 132 - Business Talent (Permanent) visa 143 - Contributory Parent visa 151 - Former Resident visa 155 - Return Resident visa 160 & 165 - Business Skills (Provisional) visa 175 - Skilled Independent visa 176 - Skilled Sponsored visa 186 - Employer Nomination Scheme 187 - Regional Sponsor Migration Scheme 188 - Business Innovation and Investment 189 - Skilled Independent visa 190 - Skilled Nominated visa 405 - Investor Retirement visa 457 - Temporary Work (Skilled) visa 475 & 487 - Skilled Regional Sponsored visa 489 - Skilled Regional (provisional) visa 801 - Partner visa 835 - Remaining Relative visa 855 - Labour Agreement visa 856 - Employer Nomination Scheme 857 - Regional Sponsor Migration Scheme 858 - Distinguished Talent visa 885 - Skilled Independent visa 886 - Sponsored visa 887 - Skilled Regional visa 888 - Business Innovation and Investment (permanent) visa 890 - Business Owner 892 - State or Territory Sponsored Business Owner visa 893 - State or Territory Sponsored Investor visa	Westpac Personal Loans

Can I get a personal loan on a 485 visa?

If you’re on a temporary graduate visa, or the 485 visa, you can work full time but you may not be able to get a personal loan. However, you could apply for a home loan if you need one.

Lenders will be more likely to lend once you transition to another visa category, like a permanent residency, employer sponsored visa or a partner visa. While you wait, you could improve your chance of getting a loan by strengthening your credit score, saving money and finding permanent employment.

What kind of personal loans can I apply for as a temporary resident?

You can generally apply for a secured or unsecured personal loan. Your chance of getting a loan will increase if you opt for the secured option and offer collateral. You should also be able to apply for a car loan and a short-term or payday loan, as these lenders tend to have more open eligibility criteria. There are a many types of loans from many different lenders, so be sure to compare your personal loans to make sure you're getting the best deal.

What can I use a temporary resident personal loan for?

Personal loans are generally flexible when it comes to use, unless you apply for a car loan. With a car loan, you can only use the funds for the purchase of a car and related expenses. Here’s what you can use a temporary resident personal loan for:

Cars. You could get either a car loan or a personal loan, which you can use to buy a car. A car loan may be cheaper as you can use the car as security.
Education. If you’re at university and need a loan to cover your tuition fees or buy textbooks, you can apply for a personal loan.
Work tools. Business owners can borrow to fund or rent the equipment, machinery, or electronics they need for their business.
Appliances. TVs, refrigerators, washing machines and dishwashers are some appliances you can buy with a personal loan.
Emergencies. In case of emergency expenses, like car repairs or an unexpected medical bill, a personal loan can help you meet those urgent bills.

How can I improve my chance of approval as a temporary resident?

You can maximise your chance of approval by following a few simple steps, though approval is never guaranteed. In short, to increase your chance you’ll need to prove that you’re able to pay back the loan and that you’re a trustworthy borrower.

One way to do this is by having permanent employment and receiving a regular income, along with the bank statements to prove this.
Offering some security, like a vehicle or a term deposit, will also help. The asset will reduce the lender’s risk and increase your likelihood of receiving a loan.
Building a good credit history by paying your bills on time and saving shows you are responsible with your money which can also go a long way to improving your odds.

How can I compare personal loans?

By comparing personal loans, you can find a loan that both suits your circumstances and your wallet. There are a few things to look out for while comparing personal loans.

Interest rate. Comparing interest rates between lenders can tell you if your lender is offering you a competitive rate. Keep in mind that the rate advertised may not be the same rate you receive. This is because some lenders offer personalised or risk-based interest rates, tailored to your risk profile. The higher the risk, the higher the interest rate and vice versa.
Comparison rate. The comparison rate includes the interest rate and other fees and charges that come with the loan, such as application and monthly fees. These fees will ultimately increase the cost of your loan. The comparison rate helps you understand the loan's total cost, but is only an indication.
Loan terms. Most personal loan terms range from 1 to 7 years. For temporary residents, you should look at the length of your visa as an indicator of your loan term. Keep in mind that with short terms, your monthly repayments may be higher. Longer terms come with lower monthly repayments, as you’re able to spread the cost for longer. But you’ll also be paying more in interest.
Repayment flexibility. Are you able to repay the loan early without penalty? Can you make additional repayments without being charged? Can you tailor your repayments according to when you get paid, that is weekly, fortnightly or monthly?
Asset requirements. This usually applies to secured personal loans and car loans. Before you apply for the loan, you need to check if your asset meets the lender’s requirements. This can be the age of your car or how much you currently have in your term deposit.
Eligibility and visa requirements. This may seem obvious, but looking into it can help you filter lenders. Some may refuse all types of temporary visas and may only accept a subclass 457 visa. Some lenders may also have requirements on the time left on your visa. Looking into their requirements can help you determine whether you can apply. You should also meet their income, employment and credit requirements.

What are the pros and cons of personal loans for temporary residents?

Pros

Overseas credit history does not count. If you have a bad credit history abroad, it does not play a role in applying for credit in Australia.
Build credit history. By taking out a loan, you can build your credit history and improve your chance of getting more credit in the future. This is only the case if you make your repayments on time and meet your credit obligations.
Flexibility. Personal loans are generally flexible. They allow you to pay off your loan over a term of 1 to 7 years, depending on when your visa ends. Depending on the loan, you can also use the funds for a variety of purposes.

Cons

Good overseas credit history does not count. If you have a good credit history back home, this will not count in your favour.
Higher rates. You may receive higher interest rates depending on your risk profile. This can make the loan more expensive.
Fewer choices. Not all personal loans are available to temporary residents.
More documentation. You may have to show more documentation than a permanent resident or citizen of Australia. You will also have to provide a copy of your passport and visa, along with details of your work history in Australia.

How can I apply for a temporary resident personal loan?

The personal loan application process is basically the same for a temporary resident. But before you apply you need to make sure the lender actually accepts applications from borrowers with your specific visa type.

Work out what kind of loan you need and how much you want to borrow. Use a personal loan repayment calculator to work out your repayments and see how much you can afford to borrow.
Start comparing loans and lenders. Look for loans with low interest rates and minimal fees.
Before you submit an application, check a lender's website carefully to see if you can get a loan with your visa type. You might find the information hidden in an FAQ section, or you might need to use the lender's chat support function to find more information. Most lenders won't approve loans for borrowers on student or working holiday visas, for example. But they might approve borrowers with specific skilled work visas.
Once you've found a suitable lender, apply for the loan. You'll need to provide some information to the lender, including personal ID, proof of employment, an Australian bank account and evidence of income and savings.
Wait for approval. It won't take long to get your application approved or rejected. A rejection can temporarily hurt your credit score. So before you rush to apply for another loan from a different lender, rethink your approach. Work out why you were rejected. You may need to borrow less, provide some kind of security for the loan or improve your credit score before applying again.

Why compare personal loans with Finder?

We're free

Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.

We're experts

We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independent

We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).

Frequently asked questions

No. Most lenders require that you have a valid, temporary visa before applying for a personal loan. This does not include bridging visas, criminal justice or enforcement visas. Depending on the lender, you need to have either a permanent visa, a work visa, a temporary skilled visa, a skilled sponsored visa or a business visa.

The good news is that your bridging visa is transitional. You will move on to another visa category, and while you wait, you can work towards improving your chance of getting a loan. This can include strengthening your credit score, improving your employment history, adding to your savings and proving to the lender that you’re an all round good borrower.
If you’re looking for financial assistance as an international student on a student visa, you may have better luck speaking to your university rather than applying for a loan.

Most lenders have strict eligibility criteria, and may consider you if you hold a skilled temporary working or business visa. However, both international students and permanent residents are unable to apply for government assistance through the Higher Education Loan Program (HELP).

You could speak to your university and find out what your options are.

This can include scholarships and awards for international students. You could also apply for The Australian Awards, International Postgraduate Research Scholarship (IPRS) and the Endeavour Scholarships and Fellowships.

Not all universities are alike. You may find that your university offers student and general purpose loans to permanent residents or full fee-paying onshore international students.

There are also education loans offered by universities like University of Melbourne. It requires a guarantor and you will have to repay the loan before you complete your course.

Depending on which country you’re from, there may be loans offered by your home country, which will allow you to study in Australia. Countries include Canada, Sweden, Norway, Germany, Denmark, the UK and the US.

You should start by making an appointment with your university’s student financial assistance officer.

Thank you for your feedback!

Rebecca Pike

Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.

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38 Responses

KatieOctober 22, 2018

Are there any banks that will lend to a person on VISA 461?

Reply

Finder

JhezelynOctober 23, 2018Finder

Hello Katie,

Thank you for your comment.

The banks and lenders listed above are those who consider people on a VISA 461. As long as you meet the eligibility criteria and you have a proof that you are capable for the repayment, you can then apply. Just click the Go to Site button to apply.

Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

Regards,
Jhezelyn

Reply

KatrinaSeptember 29, 2017

My partner is currently on bridging visa( no current end date on visa). Has a great income coming in, need to buy a car loan no more than $10,000. Who can help us?

Reply

ArnoldSeptember 30, 2017

Hi Katrina,

Thanks for your inquiry

Actually, the page above shows your best options in landing a personal loan for a car. Please check out the temporary resident personal loan options portion of the page. Please do take note that these banks have different eligibility requirements that you must know before applying for a loan.

Hope this information helps

Cheers,
Arnold

Reply

NoelSeptember 13, 2017

Hi Good Morning. Just want to ask if i could get a car loan i am 457 visa holder but will apply my pr this month. Can i apply for a car loan while i am on a bridging visa (class wa). I have a loan right now while im on a 457 visa but my loan will be fully paid next month. Im just wondering if i could get another loan while on a bridging visa while waiting for my p.r. Thank you

Reply

Finder

RenchSeptember 13, 2017Finder

Hi Noel,

Thanks for reaching out to us.

Yes, a select number of lenders will allow student and bridging visa holders with stable incomes to borrow, however, there may be stricter eligibility rules involved in these cases.

Although car loans are usually restricted to permanent residents and citizens, migrants on a 457 may have a better chance of being approved for car loans so long as they meet certain financial conditions.

You may compare your options from our list of car loans for temporary residents in Australia. Please click on the name of your preferred lender to check its eligibility criteria and to get more information. When you are ready, you may click on the ‘Go to site’ button to submit an online application.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

Hope this information helped.

Cheers,
Rench

Reply

JenAugust 23, 2017

Hi,

I am on bridging visa at the moment while waiting for my Temporary Visa (I am on a Partner (Provisional and Migrant) Visa application). I just learned that the immigration just extended the processing time for partner’s visa which means it will take me longer (probably a year) to get the result of the temporary visa. My partner and I are planning to apply for a loan (for property investment). We both have permanent jobs. Am I eligible?

Thanks

Reply

Finder

HaroldAugust 23, 2017Finder

Hi Jen,

Thank you for your inquiry.

If you’re a non-resident foreigner and you want to buy any residential property in Australia, you will first need to obtain approval from FIRB. You can apply for approval online and, while there is no limit to the number of new dwellings you can purchase, you will usually need to apply for approval before each purchase.

I hope this information has helped.

Cheers,
Harold

Reply

MelissaAugust 9, 2017

Hi.

This is a long shot but I am currently on 417 working holiday visa and I am in the process of going for my 187 , i am in full time work with company who is sponsoring me, I have over a month left on my current visa, could I take a loan out to help pay for 187 ? Thanks.

Reply

ArnoldAugust 9, 2017

Hi Melissa,

Thanks for your inquiry.

Your options might be limited given that you only have a month left on your visa. However, you may still want to give it a try. Check the lenders featured on this website. Get in touch with them and see if they can still accommodate your application.
Hope this information helped.

Cheers,
Arnold

Reply

Personal loans for temporary residents

It's harder for temporary residents to qualify for a personal loan. Here are some lenders who accept applications from temporary residents on specific visas, and tips to get approved.

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Can a temporary resident get a personal loan in Australia?

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