Break Free Home Loans in Melbourne are a best mortgage broker, with over 20 years of industry experience. We provide lending solutions and advice tailored to your needs. We work closely with clients as trusted advisors and are accessible to clients when needed.
Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Student loans in Melbourne can help you finance your education and living costs while you study. There are a range of loan options available, so it’s important to compare your options and choose the loan that best suits your needs. If you’re looking for a loan for studies expenses in Melbourne, our brokers can help you compare your options and find the right loan for you. From government loans and grants to term loans from banks, financial institutes and private lending companies, we work with a wide range of lenders who offer fair, affordable finance.
What Is A Student Loan
A student loan is a type of loan that is specifically designed to help students finance their studies. Student loans typically have lower interest rates and more flexible repayment terms than other types of loans, making them an affordable option for many. Student loans are usually paid directly to the educational institution, and the student is then responsible for repaying the loan over an agreed period of time. Loans for veterans and students typically offer longer loan periods and lenders will allow you to make early repayments to pay off your debt sooner.
How Much You Can Borrow
The Australian Government offers a range of loans and grants to help students finance their studies, including the Higher Education Loan Program (HELP), Student Start-up Loan (SSL) and Student Financial Supplement Scheme (SFSS). You can also apply for a private student loan from a bank or other financial institutions. In general, universities can offer internal financing such as a general-purpose loan of up to $4,000 to $8,000 per year. Meanwhile, banks and online lenders can provide loans up to $50,000 AUD.
Most student loans Melbourne lenders offer are secured loans, meaning you need to provide security or a guarantee, or a guarantor in the place of an asset as collateral. This offsets the risk to lenders, and can help them decide your ability to repay the loan beyond say, a credit issue.
While unsecured personal loans for students are available, they charge high interest rates and can get very expensive in comparison to secured finance. An unsecured personal loan for students also tends to offer a lower borrowing amount while making you pay more in interest and fees.
General Requirements
While lending policies and borrowing requirements will differ between lenders in accordance to their specific loan product, you’re expected to satisfy a set of basic conditions. Generally, lenders will approve your application if you meet the following eligibility criteria:
- Have an Australian visa, or be an eligible visa holder.
- Reside in Australia.
- Have an account in a private bank of Australia. This includes NAB, Westpac, Commonwealth Bank, ANZ, and Citibank, with some exceptions for regional banks.
- Have a regular source of income. Your monthly allowance from parents does not count.
- Have secured admission in a university approved by your bank.
- Be financially secure with a good credit profile to repay the loan on time.
- Provide security in the form of a land, building, government securities or public sector bonds. Alternatively, you can supply a bank deposit account in the name of the student or parent.
How To Apply For The Loan
- Work out your finances and determine what sort of loan would suit you best. There are many kinds of loans aimed for students including both public and private loans. This includes short-term or emergency loans, secured personal loans, unsecured loans, long-term or general purpose loans, medical student loans, car loans, payday loans and more.
- Research the terms and conditions of each type of loan. Student loans tend to have lower interest rates than other kinds of debt but it is important to be aware of all aspects of the loan. Another tip is to read reviews of the lender or speak to a broker, advisor or a student who has had a student loan before to get an idea of their process and what to expect from their service.
- Compare different loan products from different loan providers. Calculate the comparison rates, fees and any charges that will add to the cost of your loan. Consider whether the loan fits into your budget and if you can make your repayments on time. An experienced broker can help you through this and check your eligibility for finance.
- Apply for your loan. The lender will assess your application, and if approved, they’ll pass the money onto the student’s chosen course provider or nominated bank account.
- Begin using the funds and repay the loan according to the repayment plan. It’s important you’re on time with your repayment schedule to avoid any penalties.
Different Types Of Loans For Studies
The following are just some common categories of student loan Melbourne finance options to cover your expenditure:
For College
If you’re studying in Melbourne, there are a few different student loans that you can apply for. Here’s a few examples from the government:
- HECS-HELP: A loan from the Australian Government that can be used to pay for all or part of your tuition fees. You don’t have to start repaying this loan until you earn above a certain amount.
- FEE-HELP: A loan that helps you pay your tuition fees. You don’t have to start repaying this loan until you earn above the minimum repayment threshold even if you’re still studying.
- Student Start-up Loan: A voluntary loan that can be used for expenses like textbooks, laptops and other study-related costs. This includes equipment and accommodation. You have to start repaying this loan once you earn above the minimum repayment threshold even if you’re still studying.
There are also plenty of other options available if you aren’t eligible for these loans (applies to international students among other ineligible candidates). Private banks and online lenders offer a wide range of student loan options for college and tertiary education.
Parent Loans
For undergraduate study, parent loans are available through the government to eligible parents and guardians. The amount you can borrow is based on your child’s education expenses and other factors, such as your family income.
Private Loans
Private bank loans and loans from private lenders and other institutions are another option to finance your education. These loans are not based on financial need and typically have higher interest rates than government student loans. You should compare different private loan options to find the best rate for you.
For Graduate School
For higher education, there are government loans, bank loans and loans from online lenders for eligible graduate students. The amount you can borrow is based on your year in school, the cost of attendance and other factors. Unlike undergraduate student loans, graduate students have the freedom to apply individually or with a co-signer or guarantor. This is because they are more likely to have established credit and income.
Types Of Loan For Students
Consolidation Loans
Refinance Loans
Cosigner Loans
Personal Loans
Private Loans For Bad Credit
Private student loans for bad credit are an option for students with a poor credit history or no credit history. These loans are not backed by the government and have higher interest rates than government student loans or student loans from traditional lenders.
For Rent
For Unemployed Students
If you are unemployed and looking for a loan to help you with your studies, there are options available to you. The government offers student loans for unemployed students as well as grants and scholarships that can help you cover the costs of your studies. Traditional and online lenders also offer loan options for unemployed students who can offer the support of a co-signer or guarantor such as a parent, relative or close friend.
What You Need To Know About Student Loans In Melbourne
Student loans in Melbourne can be a great way to pay for your studies, whether you’re attending college or university. There are a number of different types of student loans available, so you can find the perfect one for your needs. The following are some factors you need to consider when you’re comparing different student loans Australian lenders offer:
Interest Rate
The interest rate of student loans vary depending on the provider you’re going with. Government student loans for instance often charge between 4% and 8% based on your income. There are also interest-free finance options, though they are indexed to inflation. Private lenders charge higher repayment rates, often between 5% to 18% annually. However, these are general guidelines and your interest rate is determined by your income, security and overall borrowing power.
Comparison Rate
Fees
Repayments
Loan Amount
Loan Terms
Asset Security
Calculate Your Loan With Our Brokers
Student loans in Melbourne are an investment in your future so it’s important to understand the different types of loans available and how they can best work for you. Calculate your loan and find the right finance option with our brokers. We work with a network of responsible lenders who can offer you affordable finance with the best repayment terms and interest rates. Furthermore, we can connect you to the right lender and help you build a strong case for your loan approval. Begin your application with us today.
Got Questions?
Need a loan for student living costs? We can help you compare the best student personal loans Australian lenders have to offer. Our experienced brokers work closely with our clients to understand their financial situation and find the best loan option to suit their needs. Contact us today to start your loan application.
Frequently Asked Questions
Can I Get A Student Loan In Melbourne?
You can also find loans from private banks and online lenders, but make sure to do your research to find the best option for you. Student loans usually have low interest rates and flexible repayment options, making them a great way to finance your studies.
What Are The Types Of Student Loans?
There are a few different types of student loans available in Melbourne. The most common type of loan is the government-backed Student Financial Supplement Scheme (SFSS). This loan is interest-free and is available to eligible full-time students. You can also apply for a private loan, which is not interest-free, but may have lower interest rates than other types of loans. Depending on your needs, the income and assets you have available, you can choose between secured and unsecured student loans. There are short-term emergency loans and long-term general purpose loans as well as other specialised loans like medical loans for students, car loans or consolidation loans.
What Is A Joint Wedding Loan?
A joint wedding loan is a loan taken out by two people, usually a married couple, to help pay for their wedding. This type of loan can be used to cover the cost of the wedding itself, or it can be used to cover the cost of wedding-related expenses like the wedding dress, wedding cake, honeymoon, or wedding gifts.
Contact our team
We love to hear from each and every one of you. Please feel free to reach out to us today!