For most loans, residency is part of key eligibility criteria in Australia. However, there are options for temporary residents, and those on a temporary visa. If you’ve moved to Australia (whether for work, study), you can still apply for a personal loan to fund things like education, work tools, medical expenses, repairs, and general unexpected costs.

No – if you are a temporary resident, you are still eligible for a personal loan. Alongside a string of smaller lenders, all four of the Australian big banks – Commonwealth Bank, NAB, ANZ, and Westpac – have finance options for eligible visa holders.

There are, of course, considerations for non-permanent residents of Australia. It can be difficult for temporary residents of Australia to meet criteria. Visa status, visa length, financial savings, recorded income, and upcoming expenses can be taken into consideration when reviewing eligibility. 

Working with a broker can help you to determine if you’re eligible for a personal loan and how you can meet the required criteria for application.

Temporary residents of Australia are more likely to be eligible for a personal loan when:

Fully employed: You will need to be able to show regular income and financial stability through permanent employment. 

Visa: The type of visa held can influence eligibility. Different lenders accept different visas, so there are options if you’re not on a traditional 457 class visa (the most commonly accepted). You generally won’t be accepted for a personal loan if you’re on a working holiday visa.

Income: Earning amount is an eligibility factor. Lenders want to be able to know that you’ll have the ability to pay off the loan through your current income stream.

Credit History: This includes both local (Australian) credit history as well as your history with international financial institutions.

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