Personal Loans For Temporary Residents

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Temporary residence doesn't cut off your access to finance. Find out what your options are.

Whether you’re planning on making your permanent residence here in Australia or you're just here to work for a few years, you still might find yourself in need of a personal loan. There are banks and lender who may consider you for a loan even if you aren't a permanent resident. However, it's important to know what loans you're eligible for and how to find the right one for you before you submit your application.

How does a personal loan for a temporary resident work?

A personal loan is a product that allows you to purchase an asset or make an investment. You will then pay the lender back with interest over a set amount of time, usually within five to seven years. For a temporary resident, such as an individual on a work visa, extra criteria need to be met in order to qualify.

Most lenders will need the details of your visa before you are approved to ensure that the terms of the personal loan do not exceed the amount of time left on your visa. You may also need to meet higher minimum income criteria or show extra credentials. One advantage of applying for a loan in Australia is that your overseas credit history is not a factor.

Personal loans temporary residents can consider applying for

There are a number of banks and lenders in Australia who consider applications for personal loans from people that have a temporary resident visa.

Compare temporary resident personal loan options

So you can have all the tools at your disposal, these are the eligibility requirements for most Australian brands that offer personal loans to temporary residents. Keep in mind lenders will still consider applications on a case-by-case basis.

BrandEligibility requirementsVisas requirements
  • 18 years old
  • Earn $15,000 p.a.
  • Temporary subclass work visas e.g. skilled and business visas accepted
  • Working holiday visas not accepted
Bank of Melbourne
  • 18 years old
  • Have an Australian residential address
  • Minimum two years left on your visa when you apply
  • Proof of taxable income
  • 18 years old
  • Have an Australian residential address
  • Minimum two years left on your visa when you apply
  • Proof of taxable income
  • 18 years old
  • Have a regular permanent income
  • Eligible working visas, e.g. 457, are accepted
 Commonwealth Bank
  • 18 years old
  • Earn $14,000 p.a.
  • Reside in Australia
  • 457 working visas are accepted
Fair Go Finance
  • Earn $500 per week
  • Can be from a combination of wage/eligible Centrelink payments
  • Temporary visa holders can apply
  • 18 years old
  • Have an Australian residential address
  • Minimum two years left on your visa when you apply
  • Proof of taxable income
  • 18 years old
  • Have an Australian residential address
  • 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

How you can compare your personal loan options

When comparing your options, be sure that you consider the following points:

  • Interest rates. Interest rates can vary greatly between lenders. Make sure that you study this carefully and understand how much your monthly repayments will be as well as how much over the loan amount you will be paying in interest. A personal loan calculator can help you determine these numbers.
  • Fees. Compare the fees between various lenders. Some may charge for processing the application while others could have a monthly charge.
  • Eligibility requirements. Not all temporary visas are widely accepted. While a Temporary Work (skilled) Visa or Subclass 457 is considered by most banks, other types of visas may not be. Some banks will also require that you have a certain amount of time left on the visa. Investigate this thoroughly before filling out an application.
  • Secured. In some instances you can qualify for a secured personal loan. This is where an item of worth, such as a car, is used to guarantee the loan.

What are the benefits and drawbacks to consider?

  • Overseas credit history not a factor. Any bad credit you hold overseas is not a determining factor when applying for a personal loan in Australia.
  • Competitive rates. You can find competitive rates if you compare your options before applying.
  • Flexibility. You can choose to pay the loan off over a term of between one and seven years, depending on what works best and when your visa ends.
  • Higher rates. In comparison to a home loan or refinance, the rates for a personal loan are generally higher.
  • Less choice. As not all personal loans are available to temporary residents, you have less to choose from.
  • Documents that are required. As a temporary resident, you may have to show more documentation than a permanent Australian resident or citizen. A copy of your passport and visa will be required, along with details of your work history in Australia.

Is there anything to avoid?

  • Applying for more than you need. Only apply for the amount of money you need to make your purchase or fund a trip. You want to make sure that you are not paying interest for something you could have paid for out of pocket.
  • Making too many applications. Compare your options first and only apply with one that you find meets your individual needs and offers you the best rates. If you apply for too many in a short space of time, your credit history can be negatively impacted.

How can I make sure I'm approved?

There's no way to make sure you're approved for a personal loan, but a way to give yourself the best chance is to ensure you meet all of the minimum eligibility criteria. Minimum criteria for personal loans usually stipulates:

  • Age. You'll need to be over the age of 18.
  • Visa. Check if any specific Visa types are excluded from the lender's criteria, or if any other criteria is mentioned.
  • Employment. You will generally need to be in permanent employment earning an income of $50,000 p.a.
  • Financials. You will need an Australian bank account that is in good standing.

The right loan will depend on your needs and situation, so starting a comparison using the table above can help you narrow down your choices. You can click through to the review pages from the table above and once you've found a loan you're eligible for and that you want to apply for, click "Go to Site" to submit your application.

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30 Responses

  1. Default Gravatar
    MelissaAugust 9, 2017


    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.

    • Staff
      ArnoldAugust 9, 2017Staff

      Hi Melissa,

      Thanks for your inquiry.

      Yes, you may still be able to apply for a loan. Please just make sure you explain your current situation.

      Hope this information helped.


  2. Default Gravatar
    MeganAugust 4, 2017

    Are any loans available if 457 visa expires in less than one year and Permanent Residency is in process?

    • Staff
      RenchAugust 4, 2017Staff

      Hi Megan,

      Thanks for reaching out us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Yes, you’re actually on the correct page on where you can compare your options for personal loans that will consider temporary residents.

      You may click the name of your preferred insurer to know more details and you may click the green ‘Go to site’ button to submit an online application through their official site.

      Best regards,

  3. Default Gravatar
    LouisJune 10, 2017

    I am a UK Citizen about to apply for an Australian partner visa to move out with my wife, who is an Australian, next year. We want to start a small business in her home town.

    My question is regarding loans. We will have a proportion of the start-up costs as cash, but may require up to $50,000 in the form of a loan to help with this. My worry is that even though we have very good credit histories, once we move to Australia these will mean nothing and we won’t be able to gain the funds needed to start our business.

    What are our options?

    • Staff
      JonathanJune 10, 2017Staff

      Hi Louis!

      Thanks for the comment.

      Many lenders will assess your loan application based on your visa, assets, ability to repay and other financial aspects. Additionally, it is also crucial to start building your credit history which may help financing your business in the future. One way to do start is to open a bank account.

      You may visit this page to help you understand how to apply for loans and to see our list of lenders. Click “Go to Site” green button to proceed with your application.

      Hope this helps.


  4. Default Gravatar
    RajOctober 11, 2016

    This is Raj, I’m a student and I’m having a valid student visa for two years but It can be extended up to three years too. I just need to know I’m working here so can I apply for loan in any banks?
    I’m pretty sure that I’ll be able to pay monthly payment. Could you please advise me?


    • Staff
      ElizabethOctober 11, 2016Staff

      Hi Raj,

      The banks outlined on the table above will consider temporary residents for loans as long as you meet the eligibility criteria and show you have the ability to repay the loan you’re applying for. As mentioned in the page above, you won’t be able to apply for a loan with terms longer than is left on your visa.

      Hope this has helped,


  5. Default Gravatar
    September 7, 2016

    Hi, good morning, I just have granted 188 business innovation visa for 4 years, and me and my wife thought in by one coffee shop, or a restaurant. I have 330k in a bank, and then we want to buy a unit and I can pay the deposit, but we’ll need 150k home loan. Do you think we’ll have problems?
    what bank can be the best for my case?
    thank you very much

    • Staff
      StephanieSeptember 8, 2016Staff

      Hi Rommel,

      Thanks for your question.

      Please be advised that is a financial comparison website and not a lender.

      For your specific query, we suggest that you contact a lender direct or a financial planner to assess and discuss your situation.

      Sorry I couldn’t have been of more help.


  6. Default Gravatar
    July 23, 2016

    Hi I just have granted visa 187 which is sort pr but still waiting for confirmation on pr am I able to buy firm out car worth of 70000 thanks

    • Staff
      MattJuly 25, 2016Staff

      Hi Mohammed,

      Thanks for your comment and unfortunately we’re unable to provide specific advice. If you’d like to discuss your eligibility please get in touch with one of the lends on this page.


  7. Default Gravatar
    NishaadJune 6, 2016

    I am 573 student visa holder with working rights in australia and a visa for 2 years. Is it possible for me to get a car loan ?

    • Staff
      ElizabethJune 6, 2016Staff

      Hi Nishaad,

      You may be eligible for a loan with terms of less than two years. You can take a look at the list above to find out about some of your options and the criteria that’s in place. Click through to the lender’s page to find out what loans are on offer.

      I hope this helps,


  8. Default Gravatar
    June 2, 2016

    I am 457 visa holder and got visa holder and got visa for 3years.I wonder whether I am eligible for loan or not.

    • Staff
      ElizabethJune 3, 2016Staff

      Hi Samron,

      You can have a look through the table above and find a loan that you meet the requirements for – all the requirements are listed above. Once you see one that are eligible for you can click through to read more information about it and apply if it suits your needs.

      Hope this helps,


  9. Default Gravatar
    AddieMay 18, 2016


    I am on a temp Visa 461, which is a NZ Family Visa, wanted to know if I am eligible for a personal loan, I am a full Time employee earning about $52,000 per annum. Which bank is the best and how could I apply for a personal loan.

    • Staff
      ElizabethMay 18, 2016Staff

      Hi Addie,

      As you can see from the table above banks and lenders have various criteria when it comes to approving temporary residents for loans. Generally you will need to apply for a loan with terms less than how long you have left on your visa and your application will be judged on a case-by-case basis.

      I can’t recommend a specific lender for you but have a look through the options above and find one to suit your needs and criteria – you can then get in touch with the lender directly to discuss your situation.

      Hope this helps,


  10. Default Gravatar
    nilApril 29, 2016

    I am in Australia on 457 visa and working from last month.I want to take some amount as loan to buy some stuffs for my flat. I am wondering would it will be suitable now to apply for the loan after a month or should i wait for some more periods?

    • Staff
      ElizabethMay 2, 2016Staff

      Hi Nil,

      As long as you meet the minimum criteria set by the lender you can apply for the loan, so you can apply for the loan now. Lenders mainly want to check that the loan term is longer than your visa term so you will be able to repay during that time.

      Hope this has helped,


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