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Find and compare temporary resident personal loans

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Online Partner

Show Online Partners Only?

We provide links to our Online Partners. If you click through to an Online Partner, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Product

VIP Personal Loan (existing HL customer)

Real Time Rating™

4.26

/ 5
Interest Rate

6.44

% p.a

Variable

Comparison Rate*

6.68

% p.a

Variable

Company
Monthly repayment

$919

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.26

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.68% would be $33,071*. Terms from 1-7 years

Product

Personal Loan Variable (Excellent Credit)

Real Time Rating™

4.14

/ 5
Interest Rate

6.49

% p.a

Variable up to 15.99%

Comparison Rate*

7.41

% p.a

Variable up to 16.84%

Company
Monthly repayment

$919

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.14

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.41% would be $33,096*. Terms from 1-7 years

Product

Personal Loan Fixed (Excellent Credit)

Real Time Rating™

3.95

/ 5
Interest Rate

6.49

% p.a

Fixed up to 15.99%

Comparison Rate*

7.41

% p.a

Fixed up to 16.84%

Company
Monthly repayment

$919

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.95

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.41% would be $33,096*. Terms from 1-7 years

Product

Unsecured Personal Loan

Real Time Rating™

4.11

/ 5
Interest Rate

6.99

% p.a

Variable up to 18.99%

Comparison Rate*

7.91

% p.a

Variable up to 19.83%

Company
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.11

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years

special

Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Plus enjoy no fees for extra repayments and no early exit fees.
Product

Unsecured Personal Loan Fixed

Real Time Rating™

4.02

/ 5
Interest Rate

6.99

% p.a

Fixed up to 18.99%

Comparison Rate*

7.91

% p.a

Fixed up to 19.83%

Company
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.02

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years

special

Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Plus enjoy no fees for extra repayments and no early exit fees.
Product

Lifestyle Personal Loan - Property Owner

Real Time Rating™

4.01

/ 5
Interest Rate

7.89

% p.a

Variable

Comparison Rate*

8.92

% p.a

Variable

Company
Monthly repayment

$939

36 months

Loan term

0 year to 10 years

Total repayments
Real Time Rating™

4.01

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 8.92% would be $33,788*. Terms from 0-10 years

Product

Personal Loan Fixed

Real Time Rating™

3.89

/ 5
Interest Rate

7.99

% p.a

Fixed

Comparison Rate*

8.26

% p.a

Fixed

Company
Monthly repayment

$940

36 months

Loan term

1 year to 5 years

Total repayments
Real Time Rating™

3.89

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 8.26% would be $33,838*. Terms from 1-5 years

Product

Unsecured Personal Loan

Real Time Rating™

3.68

/ 5
Interest Rate

8.99

% p.a

Fixed

Comparison Rate*

9.33

% p.a

Fixed

Company
Monthly repayment

$954

36 months

Loan term

3 years to 7 years

Total repayments
Real Time Rating™

3.68

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 9.33% would be $34,339*. Terms from 3-7 years

Product

Personal Loan

Real Time Rating™

3.62

/ 5
Interest Rate

8.99

% p.a

Variable

Comparison Rate*

9.96

% p.a

Variable

Company
Monthly repayment

$954

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.62

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 9.96% would be $34,339*. Terms from 1-7 years

Product

Personal Loan Fixed

Real Time Rating™

3.45

/ 5
Interest Rate

9.00

% p.a

Fixed up to 16%

Comparison Rate*

9.90

% p.a

Fixed up to 16.86%

Company
Monthly repayment

$954

36 months

Loan term

2 years to 3 years

Total repayments
Real Time Rating™

3.45

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 9.90% would be $34,344*. Terms from 2-3 years

Product

Unsecured Personal Loan

Real Time Rating™

3.40

/ 5
Interest Rate

8.99

% p.a

Fixed

Comparison Rate*

10.17

% p.a

Fixed

Company
Monthly repayment

$954

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.40

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 10.17% would be $34,339*. Terms from 1-7 years

Product

Personal Overdraft

Real Time Rating™

2.91

/ 5
Interest Rate

11.95

% p.a

Variable

Comparison Rate*

12.10

% p.a

Variable

Company
Monthly repayment

$996

36 months

Loan term

0 year to 10 years

Total repayments
Real Time Rating™

2.91

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 12.10% would be $35,846*. Terms from 0-10 years

Product

Lifestyle Personal Loan

Real Time Rating™

3.18

/ 5
Interest Rate

11.89

% p.a

Variable

Comparison Rate*

12.94

% p.a

Variable

Company
Monthly repayment

$995

36 months

Loan term

0 year to 10 years

Total repayments
Real Time Rating™

3.18

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 12.94% would be $35,815*. Terms from 0-10 years

Product

Secured Personal Loan Fixed

Real Time Rating™

3.12

/ 5
Interest Rate

11.30

% p.a

Fixed

Comparison Rate*

12.32

% p.a

Fixed

Company
Monthly repayment

$986

36 months

Loan term

1 year to 5 years

Total repayments
Real Time Rating™

3.12

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 12.32% would be $35,511*. Terms from 1-5 years

Product

Personal Loan

Real Time Rating™

3.12

/ 5
Interest Rate

11.50

% p.a

Variable up to 18.5%

Comparison Rate*

12.38

% p.a

Variable up to 19.34%

Company
Monthly repayment

$989

36 months

Loan term

0 year to 7 years

Total repayments
Real Time Rating™

3.12

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 12.38% would be $35,614*. Terms from 0-7 years

Embed

Can temporary residents get a personal loan?

A personal loan can often come in handy when you’re a little strapped for cash, particularly when you’ve been hit with unexpected expenses such as medical bills, emergency travel costs or even a reduction to your regular income. 

Many of these sorts of unforeseen outgoings not only affect Australian residents, but also non-residents and visa holders. So, you might be wondering whether those living in Australia on a visa are eligible for personal loans.

While the lending criteria might be more stringent, there are still a number of banks and lenders that would consider a personal loan application from certain temporary residents.

Why is it more difficult for a temporary resident to get a personal loan?

One of the biggest reasons visa holders might find it more difficult to get a personal loan than permanent residents or Australian citizens is because banks and lenders will generally see them as more of a risk. Much of this perceived risk comes from the uncertainty of whether a temporary resident will be able to pay off their loan before their visa lapses.

Even if your loan term ends well before your visa’s expiry date, there is still a potential risk your visa could be cancelled for one reason or another. For example, if a temporary resident breaches their visa’s conditions, they could be sent home early. As unlikely as this may seem, banks and lenders take all of these scenarios into consideration when determining the level of risk you pose as a potential borrower.

Due to the fact that temporary residents are generally seen as riskier borrowers, lenders may also require you to pay a higher interest rate on your loan. This is, however, dependent on your individual financial situation and can differ between lenders.

Who is eligible for a temporary resident personal loan?

Eligibility criteria for temporary resident personal loans will tend to differ from one lender to the next. But for most, applicants must:

  • Be 18 years of age or older
  • Have permanent employment (and often a minimum income)
  • Have proof of temporary visa documents

Lenders may also require you to have an Australian bank account for the funds to be transferred into if your loan application is approved. For information specific to your personal situation, consider reaching out to your preferred personal loan lender, or a personal loan broker.

How do I apply for a personal loan as a temporary resident?

The personal loan application process is largely the same for temporary residents as it is for permanent residents and citizens, with a few key differences. Here are six steps to follow when applying for a personal loan as a temporary resident: 

  1. Consider your credit history: Unless you have already been approved for a loan or other finance during your time in Australia, you won’t have an Australian credit score. Lenders also won’t be able to access any international credit history. This means it can be difficult to prove whether your past credit behaviours have been positive. You may alternatively be assessed on your current financial situation, visa history, value of assets and other factors, so it’s worth being prepared with any documentation that may assist with this process.
  2. Assess your budget: Using a personal loan calculator to get an estimate of the total cost of a potential loan, and what your loan repayments might be, could help you make a more informed decision. You may generally have a better chance of getting your loan approved if you apply for a loan amount that you can comfortably afford to make repayments on. It could also be a good idea to consider a loan term that ends well before your visa’s expiry date, as long as it works with your budget.
  3. Search and compare personal loans: RateCity allows you to easily compare a wide range of personal loan options so you can find one that best suits your individual needs. Consider whether a secured or unsecured personal loan better suits your requirements, and compare other factors such as interest rates, comparison rates and extra features.
  4. Check the lending criteria: Once you have compiled a shortlist of potential personal loans, check to see whether you meet all of the eligibility requirements, particularly those that are specific to temporary residents. Keep in mind that these can differ from one loan to the next. Consider reaching out to the lender if you have any questions, prior to submitting your application.
  5. Prepare your application: If you’re comparing personal loans on RateCity, you can click straight through to the lender’s website where you can conveniently submit an online application for your preferred loan.
  6. Wait for a decision: Once you submit your application and the documentation required, it’s just a matter of waiting for your loan approval.

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What are the pros and cons to consider?

As with any financial decision, it’s worth considering both the benefits and disadvantages involved when it comes to applying for a personal loan as a temporary resident.

Pros:

  • Access to cash: If you are approved for a personal loan, you’ll have access to money when you need it most, potentially making challenging or unexpected financial situations more manageable.
  • No bad credit history: Since international credit scores are not taken into consideration, any bad credit history won’t affect your application.
  • Competitive finance: Doing your research and comparing your options can assist you with finding the most competitive loans that may be available to you.

Cons:

  • Higher rates: Temporary residents may be faced with higher interest rates as lenders generally consider them to be riskier borrowers.
  • No good credit history: Again, international credit scores are not taken into consideration, which also means any good credit history won’t be able to assist with your application.
  • Strict lending criteria: Tougher eligibility criteria can sometimes mean you might have to earn a higher income or have bigger assets than other borrowers.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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