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 may be able to apply 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.
| Brand | Eligibility requirements | Visas requirements |
|---|---|---|
| ANZ |
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| Bank of Melbourne |
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| BankSA |
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| Bankwest |
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| Commonwealth Bank |
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| Fair Go Finance |
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| St.George |
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| Westpac |
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Westpac accepted visas100 - 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.
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?
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
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
Hi Noel,
Thanks for reaching out to 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, 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 PR 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 here for car loans. Please click on the name of your preferred lender to check its eligibility criteria and get more info. Then you may click on the ‘Go to Site’ button to submit an online application.
Hope this information helped.
Cheers,
Rench
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
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
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.
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.
Cheers,
Arnold
Are any loans available if 457 visa expires in less than one year and Permanent Residency is in process?
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,
Rench
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?
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.
Cheers,
Jonathan
Hi,
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?
Thanks
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,
Elizabeth
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
Hi Rommel,
Thanks for your question.
Please be advised that finder.com.au 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.
Stephanie
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
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.
Cheers
Matt
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 ?
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,
Elizabeth