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Loans for international students in Australia: Requirements & procedures
Compare student loans for international students in Australia, with details about eligibility, amounts, and repayment terms.
Studying in Australia is a dream for many. And it’s possibly one of the most exciting chapters of a student’s life. But then the actual costs start showing up. Tuition, books, rent, flights, insurance, food… it all stacks up quickly. That’s why understanding student loans for international students in Australia is important, especially since it’s one of the early decisions you’ll need to make.
In this guide, we’ve hand-picked loan options that international students can easily access to fund their studies in Australia. We’ll walk you through what lenders look for, how much you can borrow, how repayment works, and the pros and limitations of each.
Without further ado, let’s dive in.
1. Prodigy Finance
Prodigy Finance offers international student loans designed for postgraduate students pursuing degrees abroad, including master’s programs in Australia. What makes it stand out is that it does not require a co-signer, or a collateral. Instead of relying on credit history or family guarantees, Prodigy assesses your future earning potential. Plus, the entire process is online, fast, and structured.
Which is the financial entity that grants this loan?
Prodigy Finance is a private international financial services company. It’s not a government program and nor is it a traditional bank. It operates as a global education-focused lender that funds students studying abroad.
How can the loan be requested?
The entire application process is online. Students create an account, submit their application, upload the required documents, and sign the final agreement electronically.
Eligibility requirements:
Prodigy Finance evaluates students based on future earning potential rather than credit score. The core eligibility requirements include:
- Admission to a supported university and program (proof required during final verification stage).
- Enrollment in a postgraduate program (primarily master’s degrees).
- Intention to study abroad.
- Residence in one of Prodigy’s supported countries.
There is no requirement for a co-signer, guarantor, collateral, or existing credit history.
Minimum course length:
Minimum course length is not publicly fixed but must align with the supported postgraduate programs.
How much can a student get from this loan?
Students can borrow up to $220,000, depending on the university, program, and affordability assessment. The loan covers tuition and related academic expenses such as books, equipment, rent etc. There are no hidden fees; however, a $500 processing fee is required once the offer is finalized and the funding is allocated.
Payment conditions:
- Interest rate: Starting from 9.66%.
- Repayment term: Up to 15 years.
- Upfront fees: $500 processing fee.
- Early repayment: Allowed at any time with no penalties.
Monthly payments depend on the total borrowed amount, interest rate, and selected repayment term. Exact EMI amounts are calculated at loan confirmation.
When should this loan be paid?
Full repayment begins after graduation, with a grace period for students to start employment. But, students can make limited payments while they’re studying, depending on loan terms. Basically, the repayment structure is designed to align with post-degree income growth.
Does this loan require insurance?
Prodigy Finance does not require separate loan insurance or collateral.
2. Spark Finance
Spark Finance provides tailored education loans for international students pursuing undergraduate or postgraduate degrees in Australia or New Zealand. This loan allows students to secure funding with the support of an eligible Australian or New Zealand citizen or permanent resident cosigner. Funds are disbursed directly to the university, and the responsibility of repayment initially rests with the cosigner until the student starts working and earning.
Which is the financial entity that grants this loan?
Spark Finance is a private financial services provider. It operates as a specialised education lender focused on supporting international students in Australia and New Zealand.
How can the loan be requested?
The application process is online. Students create an account, complete a digital application, upload the required documents, and sign the agreement. There’s no need to visit a physical branch.
Eligibility requirements:
To qualify, applicants must:
- Be a citizen of one of the supported countries.
- Have confirmed acceptance into an undergraduate or postgraduate degree at an Australian or New Zealand university.
- Have a cosigner who is an Australian or New Zealand citizen or permanent resident, with at least 3 years of strong credit history.
- Meet minimum English proficiency requirements (typically IELTS 6.5 or equivalent).
The cosigner’s credit score, income, expenses, and debt levels are also assessed.
Minimum course length:
No fixed minimum course length is specified beyond enrollment in an eligible degree program.
How much can a student get from this loan?
Loan amounts vary depending on the student’s program, tuition fees, and the cosigner’s financial profile. Spark Finance covers tuition costs which are paid directly to the university, and the maximum amount is assessed case-by-case.
Payment conditions:
- Interest rate: Starting from 12.59% APR (fixed or variable options available).
- Repayment term: 3 to 8 years.
- Repayment structure: Initially handled by the cosigner.
- Monthly payments depend on the loan size, term selected, and personalised interest rate.
When should this loan be paid?
Repayments begin during the study period and are primarily managed by the cosigner. Once the student graduates and starts working, there is an option to transfer the repayment responsibility or share repayments.
Does this loan require insurance?
Insurance is not bundled into the loan. We recommend the applicants to review the final loan agreement for any specific terms and conditions.
3. MONEYME
MONEYME is a B Corp Certified Australian digital lender offering fast, flexible student loans through a fully online process. With over 450,000 customers globally, MONEYME focuses on simple terms, transparent pricing, and competitive rates that aim to beat traditional banks. Students can check their personalised interest rate, repayments, borrowing power, and eligibility in about 90 seconds without impacting their credit score. And funding’s available in as little as 60 minutes after approval.
Which is the financial entity that grants this loan?
MONEYME is a private digital lender.
How can the loan be requested?
The entire process is online. There is no paperwork required and no need to visit a branch. Students can:
- Check their personalised interest rate.
- Estimate repayments.
- Calculate borrowing power.
- And confirm eligibility.
All without impacting their credit score. If approved, funds can be transferred the same day.
Eligibility requirements:
Approval is based on MONEYME’s credit and financial assessment process. Students can confirm eligibility through the online pre-check tool before formally applying.
How much can a student get from this loan?
Students can borrow between $5,000-70,000, depending on their approved borrowing power. Borrowing capacity is calculated individually through MONEYME’s online assessment tool.
Payment conditions:
- Interest rate: From 5.99% p.a. (comparison rate from 6.70% p.a.).
- Loan term: 3 to 7 years.
- Monthly fee: $10.
- Establishment fee: $395 (or $495 for loans over $15,000), spread across repayments.
- Early repayment fee: $0.
Your monthly repayment amount will be decided based on your loan amount, personalised rate, and chosen terms.
When should this loan be paid?
You can select a 3-7 year repayment period based on your financial situation. Since there is no early repayment fee, you can pay off the loan sooner to reduce interest costs.
Does this loan require insurance?
There is no mention of mandatory loan insurance in MONEYME’s details. Applicants should review the final loan agreement for any additional coverage terms.
4. Loans from home-country banks
Many students choose to apply for loans in their home country that cover the costs of studying abroad. These aren’t Australia-specific loans per se, but they are education loans from lenders in the student’s home country that can be used to finance studies in Australia.
Here are examples of such home-country options that grant student loans for international students in Australia:
Spain
- Banco Santander has education loans that can cover university studies either in Spain or abroad, for both undergraduate and postgraduate programs.
- CaixaBank offers students loans to finance their studies at certain pre-decided centers.
Kenya
- Bank of Baroda Kenya offers education loans that include and cover overseas study costs.
USA
- Sallie Mae, MPOWER Financing, and SiFi are some examples of private lenders that offer study abroad loans.
5. University loans
Many Australian universities offer students with financial support options, including short-term loans, hardship funds, and emergency assistance. These loans can help both local and international students manage urgent expenses, living costs, or unexpected financial challenges during their studies. The loan amounts vary widely by institution and are designed to help students overcome short-term financial stress.
Here are some examples of what universities provide:
- The University of Sydney provides loans of up to approx. $1,400 (AUD 2,000), which can be repaid within two years after graduation.
- Monash University offers loans ranging from approx. $535-2,140 (AUD 750-3,000), generally repayable within 6 to 12 months.
- The University of Melbourne offers loans of approx. $3,500 (AUD 5,000) for eligible students with an Australian co-signer. If the co-signer lives overseas or is not an Australian citizen/permanent resident, students may access up to approx. $2,140 (AUD 3,000).
Because these programs change over time, we strongly recommend that you contact your university’s student finance or international support office directly to understand the exact terms, conditions, and application process.
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Choosing the right student loans for international students in Australia
Finding the right student loans for international students in Australia comes down to understanding your requirement, your support system, and your long-term plans. Every option we’ve mentioned above serves a different need — from small short-term gaps to full tuition coverage. Ultimately, the best student loans are the ones that align with your course type, financial backing, and future plans. Compare eligibility requirements carefully, calculate your total repayment cost, and choose the structure that supports both your education and your financial stability after graduation.
