Can I get a personal loan if I’m a student?
Tick the box
- Age: You need to be over 18 to apply for a student personal loan. Some lenders will limit your loan amount if you are aged between 18 – 21 but this depends on your income and credit score.
- Residency: Most lenders will only offer personal loans to student applicants that are citizens of Australia or Permanent Residents. However, some lenders will accept temporary visa holders.
- Income: As a student, you don’t need to have a very high income to qualify for a personal loan. But you’ll need to show that you have stable casual or part-time work bringing in a regular income. Keep in mind, many lenders do not accept Newstart, Austudy or Youth Allowance as sources of income.
Before you start
- The loan amount
- The interest rate
- The repayment period
- Additional fees such as establishment, upfront late payment, account keeping, early exit and monthly administration fees
Know the score
- Paying your rent, mortgage and utility bills on time
- Making credit card repayments on time and paying more than the minimum repayment
- Lowering your credit card limit
- Limiting how many applications you make for credit