Can Students Get Loans? Discover Fast Approval (2026)

Are you a student in Australia struggling to make ends meet, or perhaps you're eyeing that perfect car to help you get to classes on time? Whatever your financial needs may be, securing a loan as a student can seem daunting. However, with the right information and guidance, it's entirely possible to obtain a loan tailored to your unique situation.

Understanding Student Loans in Australia

Student loans in Australia aren't as straightforward as traditional personal loans. They cater specifically to the needs and challenges faced by students, often providing more flexible repayment terms and lower interest rates. The key is to understand the different types of loans available and how they can be leveraged effectively.

Primarily, student loans can be categorised into government loans and private loans. The government loans include options like HECS-HELP, which covers tuition fees for eligible students, but doesn't extend to living expenses or other personal costs. On the other hand, private loans, which Esteb and Co can facilitate through our access to 83+ lenders, offer more flexibility for personal expenses but come with different terms and conditions.

Loan Rates, Requirements, and Options

Understanding the current market rates and requirements is crucial for students considering a loan. As of 2026, interest rates for private student loans typically range from 6.49% to 12%, depending on the lender and the borrower's creditworthiness. Let's break down what you need to know when applying for a student loan.

Loan Type	Interest Rate	Eligibility
Government HECS-HELP	Based on CPI	Must be an Australian citizen or meet residency requirements
Private Student Loan	6.49% - 12%	Proof of enrolment, income evidence, and sometimes a guarantor

Eligibility for private student loans typically involves being over 18 years of age, having a stable income (which can include part-time work), and sometimes requiring a guarantor if your credit history is limited or non-existent.

Steps to Secure a Student Loan

Securing a student loan involves several steps, but with careful planning, it can be a smooth process. Here's how you can go about it:

1. Assess Your Financial Needs: Determine how much you need to borrow by considering tuition, living expenses, and other costs.
2. Research Lenders: Use Esteb and Co's extensive panel of 83+ lenders to compare different loan products and find the best fit for your needs.
3. Check Eligibility: Ensure you meet the eligibility criteria for your chosen loan product, including age, income, and residency requirements.
4. Gather Documentation: Prepare necessary documents such as proof of enrolment, income evidence, and identification.
5. Submit Your Application: Complete and submit your loan application, ensuring all information is accurate and up-to-date.
6. Review Loan Terms: If approved, carefully review the loan terms before accepting to ensure you understand the repayment schedule and interest rates.

Expert Tips and Considerations

Taking out a loan as a student is a significant decision that requires careful consideration. Here are some expert tips to guide you:

• Budget Wisely: Create a realistic budget to manage your loan funds efficiently and avoid unnecessary expenses.
• Utilise Student Discounts: Take advantage of student discounts and benefits to reduce your overall expenses.
• Consider Part-Time Work: Balancing part-time work with studies can help support your financial needs and improve loan eligibility.
• Understand Repayment Options: Familiarise yourself with different repayment plans and choose one that aligns with your future income expectations.
• Seek Financial Advice: Consulting with a financial advisor or a mortgage broker like Esteb and Co can provide personalised guidance tailored to your situation.

Frequently Asked Questions

1. Can international students apply for a loan in Australia?
International students can apply for loans through private lenders, but they often require a guarantor and may face higher interest rates.

2. Are there loans available specifically for student housing?
Yes, some lenders offer loans specifically for student housing, often with flexible repayment terms to accommodate student budgets.

3. What happens if I can't repay my student loan on time?
If you're unable to make repayments, contact your lender immediately. Many lenders offer hardship provisions or alternative repayment plans.

4. Do I need a good credit score to get a student loan?
While a good credit score can improve your chances, some lenders offer student loans to those with limited credit history, often requiring a guarantor.

5. How can Esteb and Co assist me in getting a student loan?
Esteb and Co can guide you through the loan application process, leveraging our panel of 83+ lenders to find the most suitable loan product for your needs.

6. Are there any fees associated with student loans?
Some lenders may charge application or service fees, which should be considered when comparing loan options.