Loans For Non-Residents In Australia – Here’s What You Should Know

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As a non-resident with a temporary visa, it may seem impossible to get a loan. Whether it is to support you through your higher education, or for a home, the chances seem slim. But if you are a temporary resident in Australia, getting a loan is not only possible – it is also easier than you think.

In Australia, the process for acquiring a personal loan is almost the same for both residents and non-residents. With a temporary visa, non-residents have to prove their handle on finances and pass through some extra eligibility requirements. And, in each different kind of loan, you may have to face different eligibility and application rules.

Though it may all seem overwhelming to you now, be assured that once you get past the eligibility check, it’s a breeze. So, let’s jump into everything there is to know about a non-resident loan application in Australia.

Can I Get A Loan As A Temporary Visa Holder In Australia?

In short, the answer is yes, you can. While the process for a personal loan varies little whether it’s a temporary visa or not, other loans have more regulations. But as a matter of fact, you can indeed apply for a loan with a temporary visa if you meet the eligibility criteria.

The general idea is to prove that you can handle the burden of a loan. Since the lender can not track your credit with temporary visa status, you may have to show documents as proof of employment, savings, etc.

Non-Residents Loan Eligibility Requirements In Australia

There is no set box to fit in when it comes to a non-resident loan. There are minimum requirements for age, income status, and credit, and some other regulations. All these factors can change depending on what loan you are asking for and how much it is.

Here are the baseline eligibility requirements for non-residents or temporary visa holders to apply for any loan in Australia.

Meeting the Age Requirement

The age requirement for non-residents is in line with those of residents. You need to be at least 18 years old to apply, even if you have a temporary visa. Depending on the bank you apply through, further restrictions may be applicable.

Income Status And Proof Of Finances

If you are not a student, you will need to show proof of income and employment when you apply for a visa. If you are a student, cash savings and enrollment documents should suffice. No matter who your lender is, it is better to have proof of employment with you to increase your chances of getting approval for the loan.

Having An Australian Bank Account

Before you apply, you need to create a bank account in Australia to process your transactions. Most lenders will require it, so it is essential.

Credit History In Australia

Although Australian lenders can not track your credit beyond the border, they can track your credit inside Australia. If you have made any transactions through an Australian bank or card, your credit will be taken into consideration. Just like any other country, good credit will reflect your ability to pay off the loan – and get your application approved as well.

Visa Status

Even on a non-resident visa, the term of your visa will be considered when you apply for the visa. Longer terms can secure bigger personal loans, and so on.

How Can You Apply For A Loan As A Temporary Visa Holder?

The application process for a loan in Australia as a non-resident is fairly easy. Once you know that you meet the eligibility criteria – at least the bare minimum – you can start the application process. Here’s what you need to do.

Gather Your Documents

If you have made any transactions through an Australian bank or credit card, you should have a credit history. If not, your lender will ask for additional documents to prove your eligibility.

Here’s a list of what you need.

  • Employment and income certificate or proof
  • Document showing your address
  • Your valid visa
  • Credit history
  • Document showing any cash savings you have

Decide On A Reasonable Loan Amount

Realistically, consider what number of loans you can repay without exhausting your funds. Make a budget and use a calculator to figure out the best repayment plan for you. The more reasonable it is, the higher your chances are of getting your loan.

Check Loan Options And Find The Best Fit

Compare lenders and banks with their available plans. Consider interest rates, maintenance fees, terms, and repayment conditions. There may be some space to negotiate the interest rates depending on your lender, so choose a comfortable range for yourself and prepare to propose that to your lender. Check-in with them about eligibility requirements once again.

Draft Your Application And Send It

Check-in with your lender before you send in your application. Check first if you meet the eligibility criteria, second if their policy matches your preference, and lastly, if you have all the documents they need. Try not to send too many loan applications at once. The more rejections you get, the worse it reflects on your Australian credit report.

Once you have everything you need, go over your documents and send in your application to a handful or couple of lenders that fit your criteria. If you get stuck at any step, there are consultancy services in Australia that can help you out with the support you need.

Worried About Loans For Yourself Or A Client? Consult With EFT Capital

With a non-resident visa, the process of loan applications can be an additional burden on many. That is why, the experienced and dedicated staff of EFT Capital can ensure you acquire a loan without any additional hassle.

EFT Capital lets its clients avail of consultancy services, loan services, and more – and we welcome non-residents or temporary visa holders as well! If you wish to apply for a loan from us or simply need to consider your option with experienced lenders, contact us now.


Non-residents and temporary visa holders in Australia can apply for loans just as easily as permanent residents. Just make sure to do your research beforehand, and use all the available resources to ensure a smooth loan application process.