Can I get a personal loan on a bridging visa?

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.

Can I apply for a personal loan as an international student?

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.

Which visas make me eligible for a personal loan in Australia?

Eligibility varies between lenders, but common eligible visas include temporary skill shortage (subclass 482), student (subclass 500), working holiday (subclass 417 and 462) and partner (subclass 820/801) visas. The key factor is whether your visa allows you to legally work and remain in Australia for the length of the loan term.

Can international students apply for a personal loan?

Yes, some lenders do offer personal loans to international students, but options are limited. You'll usually need a steady income from part-time work, a local co-borrower or guarantor and a visa with at least 12 months remaining before expiry.

Can I use a temporary resident personal loan to pay for relocation or visa costs?

Yes. Personal loans for temporary residents can be used for a wide range of purposes, including relocation expenses, visa application fees or setting up a new home in Australia. Just make sure your loan purpose is disclosed to the lender during the application process.

Do I need a guarantor to get a personal loan as a temporary resident?

While not always required, some lenders may ask for a guarantor who is an Australian citizen or permanent resident. Having a guarantor can help improve your chances of approval or access to better rates, especially if your visa is due to expire soon or your income is lower.

What happens to my personal loan if my visa expires or I leave Australia?

You're still responsible for repaying your loan, even if you leave the country. Contact your lender before you move to discuss repayment options. Some lenders may allow international transfers or early repayment without penalty if your circumstances change.

How much can I borrow as a temporary resident?

Loan amounts depend on your income, visa type, credit history and overall financial situation. As a general guide, temporary residents tend to be offered smaller amounts than permanent residents, with maximum limits often ranging between $2,000 and $50,000.

Are temporary residents eligible for online lenders and digital banks?

Some online lenders and neobanks in Australia do consider applications from temporary residents, though criteria can differ from traditional banks. Expect to provide extra evidence of income and visa duration and check that the lender is licensed by ASIC before applying.