Apprentice loans

You can take out a loan starting from $2,001 regardless of how much you're making.

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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 31 January 2022.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$5,000
3 to 7 years
$0 to $649
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile.
A flexible loan with amounts from $5,000 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250
$0
You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐ Finder Exclusive: Apply before 31 October 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
Alex Bank Personal Loan

From 4.99% (fixed)
4.99%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 4.99% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 November 2021.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 Dec for a chance to win a $2,000 Bunnings gift card.
Wisr Personal Loan ($5,000 to $30,000)

From 6.49% (fixed)
6.49%
$5,000
3 to 7 years
$0 - Waived Establishment Fee
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 October 2021. T&Cs apply.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10

You'll receive a variable rate from 5.75% p.a. to 25.99% p.a.

Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Wisr  Personal Loan ($30,001 to $64,000)

From 6.49% (fixed)
7.11%
$30,001
3 to 7 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. if you apply and get approved by 27 October 2021. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$5,000
1 to 3 years
$0 to $649
$0
You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $5,000 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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You can still take out a loan for nearly any reason if you're an apprentice. In Australia, you’ve got multiple loan options to choose from. The Australian Government offers apprentices Trade Support Loans and there are also apprentice and standard personal loans offered by major banks.

Young apprentice in a workshop with noise cancelling headphones

What are my loan options as an apprentice?

There are a few loan options available to apprentices:

Trade Support Loans

If you get a Trade Support Loan from the Australian Government, you don't have to make repayments until your income reaches a minimum income threshold ($45,880 for 2019-20). This could be any time in the future, or possibly never.

Trade Support Loans are available up to $21,078 and are paid monthly in arrears. If you successfully complete your apprenticeship, you'll receive a 20% discount on your loan amount.

Personal loans

If you're looking to purchase a vehicle or need something else during your apprenticeship, you may be considering a car loan or personal loan for apprentices from a bank or lender. Some lenders will consider apprentices for loans, and you may even be able to take advantage of interest rate discounts.

How much you'll qualify for with a personal loan will depend on factors such as your:

  • Earnings. Your apprenticeship wage will affect the size of loan you qualify for. The more you earn, the more you will be able to borrow.
  • Age. If you're 21 years old or over, you qualify as an "adult" and may be able to qualify for greater finance than if you are younger.
  • Assets. If you own any assets of value, such as a vehicle (this could be the family car), using it as security could help you to be approved for a personal loan.
  • Savings. If you have any savings in your name, these could also be used as security on the loan.
  • Credit history. Your credit score will affect a lender's decision as to whether or not to offer you a loan. Luckily, you can check your credit score for free with Finder.

Youth Allowance, Austudy and ABSTUDY

  • Youth Allowance. Apprentices aged between 16 and 24 may be eligible for Youth Allowance. The amount that you're eligible for may vary.
  • Austudy. Apprentices aged 25 and over may be eligible for Austudy. Austudy is available up to $1,156, which includes a $550 coronavirus supplement as of late April 2020.
  • ABSTUDY. ABSTUDY is also available for apprentices of any age who are Indigenous Australians. The amount that you're eligible for may vary.

The Government's 2020-2021 Budget and the Apprenticeship support scheme

Prospective apprentices should be aware that that the Australian Government has put in place a record breaking investment in upskilling and reskilling Australians in its 20-21 budget. This part of the budget aims to boost the economy and help get Australians back in work during the current recession.

This scheme includes a $1.2 billion investment to create 100,000 new apprenticeships and traineeships, with a 50% wage subsidy for the businesses who employ said apprentices and trainees.

The wage subsidy for apprentices will support the following industries:

jobmaker graph

Source: www.budget.gov.au

How do I compare my apprentice loan options?

  • Interest. Trade Support Loans don't attract any interest and, in addition, if you complete your apprenticeship you receive a 20% discount. This essentially means you only repay 80% of what you borrow. Loans for apprentices offered by banks can attract fixed or variable interest rates. Youth Allowance, Austudy and ABSTUDY are government allowances and not required to be paid back.
  • Loan amount and term. You can get up to $21,078 through a Trade Support Loan and the Tools For Your Trade loan offers up to $5,500. The latter comes in the form of a grant that you don't have to repay. Funds for the Trade Support Loan are disbursed in stages over four years. You have to start repaying it only after your income reaches a minimum income threshold. Just how much you can borrow from a bank is up to any given bank's discretion, while the loan term in such cases is normally between 1 and 7 years.
  • Fees. While most loans for apprentices do away with the majority of fees, this is not always the case and some loans end up charging establishment fees, disbursement fees, settlement fees and early exit fees.
  • Features. If you're taking an apprentice loan from a bank, find out if it allows you to make extra repayments without charging penalties. This feature allows you to pay your loan off sooner. If your lender allows you to make extra repayments, find out if you can redraw this money if you need it in the future. You can also look for a loan that is part of a package which includes a cheque account and a debit card.

What are the benefits of a Trade Support Loan?

  • Means to better skills. If a lack of money is keeping you from getting an apprenticeship and furthering your career, you can easily turn to an apprenticeship loan or a student loan to take care of your finances and set yourself on a path to a better future.
  • Flexible loan purpose. In most instances, you can use the funds you receive through such loans for different purposes like buying tools of the trade, buying used vehicles and even taking care of everyday living expenses.
  • Repayment flexibility. In many instances, you don't have to start making repayments until you start earning or until your income reaches a minimum income threshold. When it comes to making repayments, you can choose from making weekly, fortnightly or monthly repayments. In addition, extra repayments are also allowed.

Loan options for casual and part-time employees

What income do I need to receive to be eligible for a personal loan?

Banks and lenders usually have set minimum income criteria for you to be eligible for a personal loan. Take a look at the loan options below to see if you meet the income requirements:

LenderLoan typeMinimum incomeLearn more
act.Unsecured Personal LoanNo minimumMore
ANZPersonal Loan$15,000 p.a.More
BankwestUnsecured Personal LoanNo minimumMore
Bank of MelbourneUnsecured Personal LoanNo minimumMore
BankSAUnsecured Personal LoanNo minimumMore
bcuUnsecured Multipurpose LoanNo minimumMore
Bendigo BankUnsecured Personal LoanNo minimumMore
CitibankReady Credit$40,000 p.a.More
CommBankUnsecured Personal LoanNo minimumMore
CUAPersonal LoanNo minimumMore
IMBPersonal LoanNo minimumMore
Latitude FinancialPersonal Loan$24,000 p.a.More
ME BankPersonal LoanNo minimumMore
NABPersonal LoanNo minimumMore
PlentiPeer-to-Peer LoanNo minimumMore
RACQUnsecured Personal LoanNo minimumMore
RACVPersonal LoanNo minimumMore
Society OnePeer-to-Peer Loan$30,000 p.a.More
St.GeorgeUnsecured Personal LoanNo minimumMore
WestpacUnsecured Personal LoanNo minimumMore
Wisr Unsecured personal loanNo minimumMore
LenderLoan typeMinimum incomeLearn more
Cash ConvertersMedium Personal Loan$1,000 per weekMore
Cash TrainCash Loan$1,200 per monthMore
Credit24Personal Loan$1,000 per monthMore
DollarsDirectShort Term Personal LoanNo minimumMore
Fair Go FinancePersonal Loan$500 per weekMore
FerratumPayday LoanNo minimumMore
MoneyMeShort Term LoanNo minimumMore
NimbleShort Term LoanNo minimumMore
Sunshine LoansShort Term Loan$450 per weekMore
Swoosh FinancePersonal LoanNo minimumMore

What to look out for with apprentice loans

  • Not comparing. Before applying for an apprentice loan, make sure you're not doing it on the back of a hasty decision. This is because if you drop out of your apprenticeship any time after you start, you still have to repay the loan.
  • Interest capitalisation. With some student loans, while you might not have to start making repayments until you receive your first pay, they start attracting interest from the first day, and this can soon add up.
  • Choosing ineligible alternatives. Before you choose any particular apprenticeship, find out if you can get a loan for it in the first place. For example, while some might require you to enrol in an approved Australian Apprenticeship traineeship course, others support most Certificate III and IV qualifications as well as certain Certificate II horticulture and agriculture qualifications.

Ready to apply?

Before you apply for an apprenticeship loan, take some time to compare the offerings on this page. Once you find a suitable option, simply click on the corresponding "Go to site" button to start the application process. Remember that different student and apprentice loans come with different eligibility criteria, which can include the following:

  • You should be between 18 and 25 years of age
  • You should be part of an approved Australian Apprenticeship course that is at least 12 months in duration

To complete an application for a typical apprentice loan, you may have to submit the following:

  • Your contact details
  • Copy of enrolment letter or statement
  • Copy of registration from training provider

Remember to compare all the available options before you apply for a personal loan as an apprentice. Use the comparison table above to research your options and do your due diligence before clicking through to a lender

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
    Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate of 8.99% p.a.
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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    2 Responses

      Default Gravatar
      BoejFebruary 1, 2015

      Hay I start my apprentice ship tomorrow as a cook and applied for student loan was wondering how long it takes to be approved thanks

        Avatarfinder Customer Care
        ShirleyFebruary 2, 2015Staff

        Hi Boej,

        Thanks for your question.

        Please note that if you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us.

        For more information on the status of your application, please contact the lender directly.

        Cheers,
        Shirley

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