Personal Loans for Temporary Residents

Personal Loans are available to Temporary Residents in Australia though the application requirements vary slightly from those required from an Australian resident or Citizen. Unlike Australian Citizens or residents, temporary resident will have little to no credit history in Australia, which means the lenders do not have any history they can reference of an applicants ability to manage their finances, and ultimately repay debts. It is this lack of credit history that leads the Personal Loan providers to request a very specific set of information from all Temporary Residents when they make their application. This information typically includes Visa type, how long is left to run on your visa, proof of your Annual Income and employment status.

Each of the personal loans featured in the comparison table below accept applications from Temporary Residents, though the providers eligibility criteria vary slightly so check you are eligible for their product prior to making any applications, the eligibility requirements for each of the loan providers featured in the table below are summarised at the foot of this page.

St George Unsecured Personal Loan

  • Loan terms - Borrow between $3,000 and $40,000 for a period of 1 year to 7 years
  • Redraw facility - St George offers a convenient redraw facility. You can access any extra payments you have made for a fee of $9 (minimum $500 redraw amount).
  • Repayment options - Choose a consistent payment schedule of weekly, fortnightly or monthly to synch with your income streams.
  • Extra Repayments - You can also make extra repayments to pay off your loan sooner
  • Manage your loan - Use St George Internet banking to manage and keep track of your repayments

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How to get approved for a Temporary Resident Personal Loan


To give yourself the best chance of successfully applying for a Personal Loan it is imperative that you firstly establish you are eligible to apply, we offer some pointers below which are designed to help you confirm that you are in the best shape to make an application.


  1. Visa Status

Early in the application process the lender will require details of your current Visa including the type of visa you hold and when it is due to expire.

If your visa is a temporary visa, or due to expire soon, some lenders will not accept an application from you. This decision is based on the fact that your visa status suggests that you are not going to be staying in Australia for too long which in the eyes of the lender represents significant risk as you have a high propensity to leave the country before you have repaid the loan.

Similarly, if you hold a bridging visa, or a visa with no expiry date, which could be the case if you have a partner visa and are awaiting a decision, most lenders will not accept applications from you.

Many of the major personal loan providers will consider applications from temporary resident visa holders including Westpac, St George, ANZ, and NAB. The Visa type that they are all very familiar with and happy to receive applications from is the Temporary Work (skilled) Visa or Subclass 457.


2. Employment Status

Pretty much all the lenders will require that applicants can prove they are in permanent employment earning a gross income of at least $50,000 p.a.


3. Australian Bank Account

Lenders will generally request evidence of an Australian Bank account and also ask to see your last 6 months of banks statements. These statements will help the lender gain insights into how well you are managing your finances and establish a view on whether you have the means and intent to repay any loan they provide. An account will also be needed to manage the personal loan repayments, which generally occur via direct debit from your bank account.


4. Age

To make an application for Temporary Resident Personal Loan you will need to be aged 18.


5. Credit History

Unfortunately Australian lenders cannot access your credit history from your home country, so one of their first checks they will make on your application is whether you have any credit history in Australia. This credit history is one of the most valuable checks for the lenders as they use it to provide insights on how well you have managed your finances in the last 7 years.

Your Australian Credit History will begin to be created the moment you have funds or debts within Australia, so this could be the ownership of an Australia Bank Account, credit card, Mobile Phone contract or a gas account at your place of residence.

To keep your credit history in good shape it is a good idea to avoid applying for too many loans in a short period of time as this can damage your credit score. Maintaining a good credit history by managing your debts and bills will help increase your chances of a successful personal loan application.


Comparing Temporary Resident Personal Loans


Having established that you are eligible to apply for a Temporary Resident Personal Loan the next step is to compare the Personal Loans, a selection of which are featured in the comparison table above. To select the best personal loan for your circumstances you should consider including a number of criteria within your personal loan comparison:

1. Interest Rates

The interest rates on Personal Loans can vary significantly by provider, a handy hint is to compare the Comparison Interest Rate as this is a standardized rate that represents the total annual cost of the loan including the interest rate and any fees.

The table above also features a personal loan repayment calculator which calculates your monthly repayments based on your desired loan amount and term, which could be handy when establishing what you can afford to borrow and which product offers the lowest monthly repayments.


2. Application and ongoing fee

Compare the fees between various lenders as these can vary widely with some charging an upfront application fee, and others preferring to charge a monthly fee.


3. Unsecured vs. Secured loan

Depending on how you intend to use your personal loan a secured Loan may be worth consideration, these are particularly popular when the personal loan is being used to fund the purchasing a vehicle. Our guide to Secured vs Unsecured Personal Loans maybe worth a look as may our comparison of Car Loans for Temporary Residents

When considering the type of loan which best suits your needs it's useful to understand the 3 primary loan types available:

Car loans: Although car loans are usually restricted to Permanent Residents and citizens, applications from temporary residents with a the 457 Visa are welcomed by many of the major lenders to assist with the purchase of both new and used cars.

Secured personal loans: When you use other assets, such as jewellery or property, to access finance, you’re taking out a secured personal loan. Unlike car loans (the monies of which you can only use to finance your vehicle), secured personal loans can be used to finance a broad range of purposes.

Unsecured personal loans: Unsecured personal loans don’t require any assets for security, which means these personal loans typically come with higher interest rates and fees. Pretty much all lenders will require that you can provide a proof of income of at least $50,000 p.a. as part of your application for this loan type. These unsecured personal loans can be used for pretty much any puropose you require, popular uses include financing renovations, weddings, and holidays. 


4. Loan Term

You can generally choose to pay the personal loan from between one and seven years, depending on your financial circumstances and when your visa expires. It's likely that the term of any personal loan offered to you as a temporary resident will end prior to the date your visa expires.


5. Temporary Resident Eligibility Requirements of each Personal Loan Provider

Prior to making any personal loan application chek that your visa meets the eligibility requirements of the personal loan provider, these are summarised below:

Loan Provider

Eligibility Criteria

Visa Requirements

Bank of Melbourne 18 years old
Have an Australian residential address

  A minimum of two years left on your visa at the time of application.  

  Proof of taxable income

BankSA 18 years old
Have an Australian residential address

  Minimum of two years left on your visa at the time of application  

  Proof of taxable income

NAB 18 years old
Earning a regular income
  Hold a current Working Visa with a minimum of 12 months remaining on the visa
St George 18 years old
Have an Australian residential address

  Minimum of two years left on your visa at the time of application

  Proof of taxable income


18 years old
Have an Australian residential address

Proof of employment

  You will need you hold one of the Visa's featured on Westpac's extensive list of Visa's which they will accept     applications from. You check to see if your visa is on the list here


Frequently Asked Questions

What are the minimum and maximum loan terms offered on Temporary Resident Personal Loans?

Minimum terms are 1 year and maximum are 7 years. The terms offered to you will de determined by the length of your Visa, as generally the loan providers will seek to have the loan fully repaid prior to the expiry date of your visa.

Can I get a Car loan as a temporary resident?

Yes, temporary residents on 457 Visa's can certainly apply for Car Loans. Before making any applications it is important you check the eligibility critieria for the Car Loan which are different for Temporary Residents.

What Visa types do Westpac accept Personal Loan applications from?

Westpac accept applications from many different type of Visa's these are featured in our  Westpac Acceptable Visa List

What is the minimum income requirement to apply for a Temporary Resident Personal Loan?

Generally the minumim income requirement is $50,000 p.a. pre tax. Lower levels can be found, but are rare. You will also need to be out of your probationary period at work before making an application.

What documents will I need to supply as part of my Personal Loan Application?

Documents you will need to apply for a Temporary Resident Personal Loan:

  • Photo ID - Australian Drivers License, or Passport
  • Copy of your Visa - You'll find this stuck in your Passport
  • Australian Bank statements - showing your name and address as the account holder, 6 months history of bank statements is preferred
  • A utility bill, (gas, electricity, telephone) or rent receipt - to confirm your residential  
  • A recent pay slip - to validate your income level
  • Proof of employment - In some cases you will be asked to provide proof of employment in the form of a letter from your employer or a copy of your employment contract