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Compare Student Loans & Education Loans

Higher education can be a lofty expense for many students. If you need help getting past the cost barrier, compare student loans below to find a funding option with the right qualifications.

How much do you need and for how long? Let our student loan repayment calculator do the homework so you can study on personalised terms.

Calculate your repayments

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)6.75%

Personal loan comparison rate7.45%

Monthly repayments (approx)$315

Total repayments (approx)$11,351

Total interest repayments (approx)$1,351

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of23/02/2021

GO TO OurMoneyMarket

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Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

Hide info -

OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)6.75%

Personal loan comparison rate7.45%

Monthly repayments (approx)$315

Total repayments (approx)$11,351

Total interest repayments (approx)$1,351

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of23/02/2021

GO TO OurMoneyMarket

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A no-fuss way to arrange the finance you need, when you need it all while enjoying competitive variable interest rates.

Overview

Minimum loan amount$3,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)9.99%

Personal loan comparison rate13.51%

Monthly repayments (approx)$329

Total repayments (approx)$11,858

Total interest repayments (approx)$1,858

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO MyState

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1300 763 831

Data accurate as of21/09/2020

GO TO MyState

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Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)10.99%

Personal loan comparison rate11.81%

Monthly repayments (approx)$335

Total repayments (approx)$12,089

Total interest repayments (approx)$2,089

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$249

GO TO Bankwest

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 17 19

Data accurate as of21/09/2020

GO TO Bankwest

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)11.99%

Personal loan comparison rate13.15%

Monthly repayments (approx)$340

Total repayments (approx)$12,268

Total interest repayments (approx)$2,268

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO Westpac

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments feeYes

Missed payment feeYes

For debt consolidation?Yes

Sponsored No

Telephone1300 720 697

Data accurate as of21/09/2020

GO TO Westpac

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1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.74%

Personal loan comparison rate13.81%

Monthly repayments (approx)$342

Total repayments (approx)$12,335

Total interest repayments (approx)$2,335

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$10

Application / establishment fee$195

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)11.40%

Personal loan comparison rate12.27%

Monthly repayments (approx)$348

Total repayments (approx)$12,559

Total interest repayments (approx)$2,559

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

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As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.99%

Personal loan comparison rate15.78%

Monthly repayments (approx)$350

Total repayments (approx)$12,609

Total interest repayments (approx)$2,609

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO People's Choice Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 11 82

Data accurate as of21/09/2020

GO TO People's Choice Credit Union

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Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.

Overview

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.29%

Monthly repayments (approx)$356

Total repayments (approx)$12,844

Total interest repayments (approx)$2,844

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO The Mac

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 622 278

Data accurate as of21/09/2020

GO TO The Mac

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You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)15.60%

Personal loan comparison rate16.47%

Monthly repayments (approx)$356

Total repayments (approx)$12,847

Total interest repayments (approx)$2,847

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO Arab Bank

Other Fees & Information

Monthly fee$8

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1800 64 64 84

Data accurate as of6/11/2018

GO TO Arab Bank

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All-purpose Personal Loan for quick and easy funds when you need them.

Overview

Minimum loan amount$500

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.91%

Monthly repayments (approx)$358

Total repayments (approx)$12,901

Total interest repayments (approx)$2,901

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Regional Australia Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 768 710

Data accurate as of21/09/2020

GO TO Regional Australia Bank

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)13.40%

Personal loan comparison rate14.28%

Monthly repayments (approx)$359

Total repayments (approx)$12,925

Total interest repayments (approx)$2,925

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)16.40%

Personal loan comparison rate17.31%

Monthly repayments (approx)$374

Total repayments (approx)$13,484

Total interest repayments (approx)$3,484

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)19.45%

Personal loan comparison rate20.34%

Monthly repayments (approx)$390

Total repayments (approx)$14,068

Total interest repayments (approx)$4,068

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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students sitting on university stairs

Student loans in Australia – Invest in your future potential

If you’re looking to secure your future in Australia, the hefty costs can sometimes weigh heavily on your student experience. Parents and guardians may not always be able to help you juggle the study expenses or handle cash flow issues. However, a student personal loan levels the playing field and enables you to stand on your own two feet, whether you’re a fresher or headed towards post-grad.

But before you take this route, use our student loans guide to educate yourself about available options and how to choose the right one for you.

What are student loans, and how do they work?

Due to personal loans having a plethora of uses, they can also double as a student loan. In this case, the borrowed money is simply fashioned to pay for expenses associated with higher education. That means your student loan will come with all the features common to personal loans.

For instance, once you borrow the amount you need, you’ll have to make repayments over a specified period. You’ll also need to pick up the tab for borrowing costs, including interest and other fees and charges such as establishment fees.

What can I use a student loan for?

Aussie students generally spread their lump sum over the following study and living expenses:

  • Tuition fees or course fees
  • Textbooks and other course material
  • Various learning equipment, including computers
  • Accommodation and rentals
  • Groceries and other household items
  • Utility bills

It’s generally best not to splash out on non-essentials, such as alcohol or expensive clothing, since each penny you spend tips you further into debt.

Secured vs unsecured student loans

Most student loans are unsecured. That means you’ll be able to borrow money without using any personal assets to guarantee the debt. Alternatively, you can apply for a secured loan which earmarks your car, property, or high-value asset for repossession if you default. It’s fairly standard to have higher rates for unsecured personal loans since they pose more risk to the lender than secured personal loans.

Fixed rate vs variable rate student loans

Student loans can also be classified by interest rate type. Taking out a fixed-rate loan means the lender charges you the same rate regardless of what’s happening to market rates. With a variable rate loan, the lender may take their cue from market rate changes and slash or inflate your rate accordingly.

On the whole, fixed rates are great if you want to avoid unplanned increases to your repayments. But you can also opt for a variable rate on the off chance that market rates will dip as predicted. That way, you can bag a lower rate and more savings.

Other types of student loans available in Australia

  • Guarantor or joint applicant loans. You can enlist the goodwill of a family member or friend when you need help securing a loan, particularly if you have a low or bad credit score. The lender only approves if the guarantor agrees to assume responsibility for the entire debt should you fail to repay. With joint applications, you have a co-borrower who shares the funds with you, and you’re both responsible for repayments from the get-go.
  • Peer to peer loans. P2P loans are a form of marketplace lending where you shop around for a loan from private individuals (investors) as opposed to banks or credit unions.
  • Car loans. With a secured or unsecured student car loan, you can stump up for a new set of wheels for extra convenience when out and about.
  • Specialised loans. Some Australian lenders offer unique financial products designed specifically for medical students, including those studying dentistry. These usually come with lower costs once you prove your medical student status during the application process.

How do I choose the right student loan for my needs?

When it comes to prepping for a student finance application, consider the following notes before making your final selection:

  • Interest rates and fees. As a student, you’re probably familiar with bargain hunting and shopping for the best deals. A low interest rate is your first ticket to paying less. So it pays to look at the advertised rate and the comparison rate, which combines all standard loan costs.
  • Amount. Keeping a tight budget is all well and good, but make sure you’ll be able to borrow enough to at least stay on top of things. On the other hand, don’t rack up debt you don’t need. Fortunately, most lenders only approve you for a loan amount that matches your household income and, therefore, your ability to repay.
  • Term. A flexible loan term helps you with manageable repayments that won’t stress your budget. Find out if the option you’re going for affords you enough repayment time. Generally, terms vary between one and five years.
  • Repayment options and flexibility. Your repayment schedule options vary between weekly, fortnightly, and monthly. Which offer has the most suitable choice for you? Additionally, can you make early repayments, preferably without paying a penalty?
  • Credit provider. Always check if the student loan company you’re dealing with is reputable and above board.
  • Additional benefits. Some lenders offer freebies, discounts, and even financing for overseas or short courses. Others provide funding in instalments as well as online accounts for better debt and money management. These perks can greatly improve your student and borrowing experience.

Am I qualified to apply for a student loan?

Credit providers generally spell out the following eligibility criteria for their student financial products:

  • Minimum age of 18 years, unless there’s a guarantor
  • Australian or permanent residency
  • Minimum annual or monthly income (this varies)
  • A good credit rating

However, it’s best to scope out your preferred lender’s specific requirements to make sure they’ll take your application on board.

Are there any international student loans available in Australia?

If you’re on a learning visa, you might not be able to get your foot in the door of a student loan company. However, you can win approval from some private lenders if you have a valid working or business visa. While it is true that domestic students have more loan options, there are also avenues you can explore as an international student. For instance, you can find out what your university offers in terms of education loans or scholarships.

Student personal loans vs government loans

Aside from Centrelink student loans, Australian students can also benefit from some government loans and subsidies. For instance, there’s the Higher Education Loan Program or HELP for short, which covers the cost of tuition for students. Other programs like the Vet Student Loans also exist, but you’ll need to be eligible. Keep in mind that while government student loans generally have lenient repayment terms, you immediately have to start working on your repayments if you borrow a personal loan from a financial institution.

Should I apply for a student personal loan? – Pros and cons

Funding your studies will likely cost a pretty penny, and this is a universal challenge many students face. As mentioned earlier, a personal loan can break down doors for you, but should you go for it? Review these pros and cons before you take the last step to your application:

Pros

  • It might be the only option if your savings or the Bank of Mum and Dad are not enough.
  • You get to cement your future financial security with quality education you might not have otherwise afforded.
  • They often have competitive rates and flexible repayment terms compared to credit cards and payday loans
  • Even if your income or credit score is not up to the job, you can still apply as long as you find a suitable guarantor.
  • The requirements are less strict, and you’ll likely come across discounts and waivers.

Cons

  • If your qualifying credentials (income and credit rating) are subpar, you might have to pay a higher rate and borrow less.
  • It’s easy to spiral into debt if you choose longer terms or borrow more than you can afford since both these choices incur more interest.

How to apply for a student loan online

  • Compare student loans. Use our product table above as a comparison tool to quickly mark out the best option for your budget and needs.
  • Use our student loan repayment calculator. Enter different amounts and terms until you single out a repayment that clicks with your current budget.
  • Check requirements. This avoids wasting time, and also remember that a rejected application can negatively impact your credit history.
  • Apply. Click the “Go to Site” button for your chosen lender so that you can apply on their website.

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