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Student Loans

Rates and Fees verified correct on December 8th, 2016

Don’t put your finances on hold while you’re studying – find out what loan options you have as a student.

Many students find themselves on tight budgets while they make their way through university. Course fees and living expenses often start piling up quicker than expected when it's your first time out of home. Many students are only able to work part-time or casually and earn minimum wage (or close to it). It’s good to know that if you find yourself in need of a loan, there are options available to you.

Loans and credit card options for students

Just because you are a student, doesn't mean you don't have options available for finance. Compare your options below.

Rates last updated December 8th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Westpac Car Loan
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.
From 8.49% (fixed) 9.54% $10,000 1 to 7 years $250 Go to site More
SocietyOne Personal Loan
A competitive interest rate from 8.75% p.a. for five years. Comparison rate of 10.02% p.a. based on $30,000 over five years.
From 8.75% (fixed) 10.02% $5,000 5 years 3% (of loan amount) Go to site More
NRMA Car Loan
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
Bank of Melbourne Unsecured Personal Loan
An unsecured personal loan that gives you a choice between a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
Bank of Melbourne Secured Car Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Unsecured Variable Rate Personal Loan
This personal loan from Bank of Melbourne offers a low minimum borrowing amount.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
BankSA Fixed Rate Car Loan
Apply for a fixed rate car loan from multi-award winning BankSA.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
BankSA Unsecured Personal Loan
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
Citibank Ready Credit 7.9%
A low-rate, flexible personal loan that makes it easy to achieve what really matters to you.
From 7.9% (fixed) $5,000 2 years $149 (One off establishment fee) Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
IMB New Car Loan
This fixed rate new car loans up to 2 years old features no early repayment penalties
From 6.34% (fixed) 6.62% $2,000 1 to 7 years $199 Go to site More
Rates last updated December 8th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
ME Bank frank Credit Card
A great credit card option for students. No annual fee and a low interest rate on purchases.
11.99% p.a. $0 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
12.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
ANZ First Student Card
Student credit card with no annual fee for the first year and up to 44 days interest-free on purchases.
19.74% p.a. $0 p.a. annual fee for the first year ($30 p.a. thereafter) Go to site More info
ANZ Low Rate
$100 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $58 p.a. Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
19.99% p.a. 0% p.a. for 9 months $0 p.a. Go to site More info

How does a student loan work?

Student loans work in the same way as personal loans available to others working full-time and who have left study. The main differences are the eligibility criteria, which is usually more flexible as to allow those with lower incomes, with fewer assets or those with part-time jobs to apply and be approved. Because of these, student loans are usually for smaller amounts and the terms and repayments may be stricter. These personal loans may also come with benefits, such as discounted interest rates or waived fees.

Keep in mind that while many student loans can be used to finance a range of purposes, you may want to avoid taking out a student loan to cover small, everyday expenses. You need to factor the loan repayments into your budget before you apply, and if you are already struggling to manage your everyday expenses, adding loan repayments into your budgets may not be your best option.

Personal loans available to students

BrandEligibility criteriaStudent benefits
act.
  • Be in paid employment
-
Aussie
  • Be in regular paid employment
-
ANZ
  • Earn at least $15,000 p.a.
  • Casuals need to have been employed for 6 months
  • No loan application fee
  • Lower minimum of $1,000
  • No loan top-up fee
Bankwest
  • Work a minimum of 25 hours per work
  • Receive consistent hours and pay
-
Bank of Melbourne
  • Be over the age of 18
  • Be a permanent Australian resident
-
BankSA
  • Be over the age of 18
  • Be a permanent Australian resident
-
Bendigo Bank
  • Be in paid employment
  • Discounted interest rates
Citibank
  • Earn over $35,000 p.a.
  • Have good credit
-
Commonwealth Bank
  • Earn at least $14,000 p.a. after tax
  • No establishment fee when you apply in-branch
IMB 
  • Casuals need to have been employed for 12 months
-
Latitude Finance
  • Earn at least $24,000 p.a.
-
loans.com.au 
  • Eligibility on case-by-case basis
-
ME Bank
  • Be an Australian permanent resident
  • Be at least 18 years old
-
MoneyMe 
  • Be employed
  • Be over the age of 18
  • Good credit history will be rewarded
-
NAB
  • Have a good credit rating
  • Earn a regular income or wage
-
NRMA
  • Be able to provide evidence of a regular income or wage
-
RACQ
  • Earn an income that's sufficient to manage your loan repayments
-
Society One
  • Earn more than $25,000
  • Be able to afford the loan you apply for
-
St.George
  • Be over the age of 18
  • Be a permanent Australian resident
-
 Westpac
  • Casuals need to have been employed 12 months or more
  • Students may qualify for discounts

Student loan options that are available

When it comes to selection a student loan, there are a few options available:

Education-Loan-and-Personal-Loan
  • Secured personal loan. This type of loan requires you to attach an asset, such as a car or equity in a home, as a guarantee in order to be approved for the loan. These loans can be fixed or variable and usually come with lower rates due to the guarantee, which can be repossessed by the lender in case you default on the loan.
  • Unsecured personal loan. This loan does not require a guarantee, although as such, usually comes with higher rates. This type of loan is generally more flexible and can be used for a range of purposes, and also comes with fixed or variable terms.
  • Medical student loan. This is an innovative type of loan offered by a few lenders to medical and dental students. Qualifying students in their final year of study can secure a loan that they can put towards their course, living expenses, debt consolidation, or other purposes.
  • Graduate loan. If you’re a university student in your final year of study, you may be eligible to take out a loan and enjoy no repayments for the first year. This graduate loan can be used to finance anything of your choice and can help cover expenses while you find a job in your first year out of uni.
  • Car loan. If you’re looking at purchasing a car, students may also be eligible to take out a car loan with a wide range of lenders. These loans require that you attach the car as a guarantee on the loan, but in return you can usually enjoy quite competitive rates and fees.
  • Payday loan. If you really find yourself strapped for cash and in an emergency situation, you also have the option of taking out a short-term loan. These are small, short term financing solutions and can be accessed by those receiving benefits, working part-time, or even those with bad credit.

How to compare student loans

Before you apply for any student loan, it’s important to compare your options to ensure you choose the most competitive one for you:

  • How much can I afford? While you may be approved for the loan, keep in mind that ultimately it’s up to you to decide whether you can afford the loan or not. Take a look at the rate, the fees, and see how much your repayments will be. If you don’t think you’ll comfortably make the repayments, you may need to reconsider the loan. Use our personal loan calculator to help.
  • Who is the lender? Are they reputable? Can they be easily contacted? Have other customers left positive reviews of their services/products online? The reputation of the lender should inform your decision.
  • How much can I borrow? You should also check the loan amount being offered to ensure it will be sufficient for your needs. Keep in mind that the amount you’re actually approved for will depend on the criteria set by the lender and your ability to repay the loan.
  • How competitive are the rates and fees? Compare the rates and fees you will be charged to other similar loan products and see how they fare. Are they competitive? You want to select the product that will cost you the least, so make sure you’re getting the product that’s giving you the best deal.
  • What are the restrictions? You should familiarise yourself with the terms of the loan to see if there are any restrictions that will affect you. The last thing you need is to take out the loan only to find out you can’t use the loan amount the way you wanted, or you can’t make extra repayments like you’d planned. Find out what you can and can’t do with a personal loan.

Benefits and drawbacks to consider

  • Package options. Some lenders offer student package options that allow you to combine loans with transaction and savings account, credit cards and other products to save money.
  • Tailored products. As the needs of many students are quite unique, many lenders have developed innovative loan products specifically for students.
  • Flexibility Some student loan products have flexible features that can help you to better manage your loan. One of these features is the no required repayments for the first year with the graduate loans.
  • Fewer options. As students generally work fewer hours and earn less money than those in full-time positions, there may be fewer loan options available to them.
  • The risk of getting into debt. If you work casual hours or are on a strict budget, taking on a loan puts you at risk of getting into a cycle of debt.

Things you may want to avoid with a student loan

While student loans can offer you a way to access finance that may be needed by you, you should consider your ability to afford the loan before applying. Students are generally on tight budgets, and a loan is a serious and long-term expense to take on. Consider your financial circumstances, compare the options available and decide whether this loan is right for you.

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Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

SocietyOne Unsecured Personal Loan

Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

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