International students who are pursuing their graduate or undergraduate courses in Australia often seek personal loans to meet their expenses. But they often face a lot of difficulties when they try to apply for a personal loan in Australia because they are not citizens of Australia.
My Assignment Writing Help is therefore here to help you out with this problem. If you read this article you will be able to learn the way of getting a personal loan in Australia for an international learner.
There are a lot of students who look for personal loans. So, don’t think of yourself alone in the queue. It is not at all an easy task to continue higher education in a foreign country. They have to spend a lot of money on their living and their education. Students often look for personal loans to gather the finance for their studies.
How Will You Understand That You Are Capable Of Getting A Loan?
Students in Australia may receive a personal loan from the following kinds of sources:
- Private banks
- Government banks
But this is to inform you that the government banks do not provide a loan to international students. But the private banks provide loans to those students. So, if you want to know whether you may get your desired loan you have to meet the below-mentioned eligibility norms:
You May Check The Eligibility Norms For A Private Bank In The Following Way:
- You must have an Australian visa because you are going to continue your higher studies there.
- You must be a resident of Australia in case you are registered in a distance learning course you will not be eligible to get a loan.
- You must have a permanent source of income. Banks do not count the monthly allowance given by parents as your income.
- You must have an account with an Australian bank. This is the first thing you should do when you come to Australia for the first time for your studies.
If you do not want to take up a part-time job or you are capable enough to manage finance you should not think of getting a personal loan.
You May Check The Eligibility Norms For A University Loan In The Following Way:
- Your university should be providing personal loans to the learners.
- You must be a regular and full-time student. They do not count the students of distance learning courses to be eligible for a personal loan.
- You must have a minimum of 18 credit points in one semester or 36 credit points in an academic year.
- You should be competent enough to finish the course timely and secure decent grades.
- You must take up a part-time job.
- You will not get a loan if you are a student in the first or last semester.
What Type Of Loans Can You Apply For?
The international students who dream of purchasing a new BMW or a seafaring bungalow have to do some great work. It will not be possible for you to acquire all these things till you are a student. So, what type of personal loans may you apply for in case you’re an international student in Australia?
This kind of loan is generally given by the universities which is very useful for the learners who have an unexpected lack of money. You do not need to pay any interest for this and you will not require any collateral. You may pay back the total money as early as possible or within the given timeframe. Then the question arises how much money can you obtain from a university? Truly speaking this depends on the university. You may approximately expect to obtain about $1500 as an emergency loan.
General Purpose Loan
Universities or private banks generally provide this kind of loan which is utilized to fulfill other purposes other than education. One may use it for living, traveling, etc. As this kind of loan is provided by the bank you may get more than the emergency loan. You may get up to $8000 as a general-purpose loan from the universities. If the koan is provided by the bank you will get more than this. But you do not need to pay any interest if the loan is provided by the university.
Students who are about to complete their graduation and want to obtain a personal loan may apply for a graduate loan. If you are a student in the final year of the graduation course you will be able to get this kind of loan. But the most interesting part of this loan is the repayment rules. You do not need to repay the loan in the first year and you will not be bound to answer anyone for which purpose you have utilized the loan amount. So, you may do whatever you want with the borrowed amount.
Unsecured Personal Loan
This kind of loan is unsecured for the bank because you do not need to provide any collateral to the bank for the loan. But the drawback of this loan is that you have to pay high interest for this kind of loan which is very costly. But no one will ask you any questions about this kind of loan. So, you may do anything with the money. But you should not do anything illegal.
What Type Of Student Loans Are Obtainable For You?
We all know that Australia is a very popular educational hub. Most students dream of studying in Australia. In Australia, various types of loans are available for students also. We have given you a clear idea about the type of loans but now you have to learn from where you may take a loan. We have given some valuable information below about the available student loans:
ANZ Fixed Rate Personal Loan
How will you understand whether you are capable enough of this kind of loan? If you want to get an ANZ Fixed Rate Personal Loan you have to fulfill the following criteria:
- Your age must be 18 years or above.
- You must have a job with a $15000 salary per year.
- You must be either a student of Australia with permanent resident status or a legal visa.
What Will You Require For This Loan?
- You have to provide the details of your income and employment.
- Driving licence if available
- ANZ account number if available
For Which Purpose You May Utilize The Loan?
- Repay any loan or debt
- Purchase an automobile like a motorbike, car, caravan, or truck.
- Refurbish your home
- Celebrate an occasion like a wedding
Westpac Unsecured Personal Loan
How will you understand whether you are capable enough of this kind of loan? You have to fulfill the following criteria to be eligible to get this loan:
- Your age must be 18 years or above.
- You should have a permanent income source.
- You must be a permanent resident of Australia or have a logical visa.
- You should have an ascertained job in Australia.
What Details Are Required To Be Provided For This Loan?
- Full name, address, and contact details of the current employer.
- Weekly income after tax
- Investment details
- Day-to-day expense details
- Any existing debts
As you are spending a lot of money on your studies you should not take risks with your grades. Assignments play a very important role in academics. So, in case you are unable to obtain good grades in your assignments you will not be able to do an outstanding result in the final. And if you are not able to secure good marks you will not be eligible to get a personal loan. So, you need to focus on your grades. You may take assignment help services from us. My Assignment Writing Help is here to assist you with any kind of assignment. If you take our expert assistance you will get 100% unique content from us.