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Australian Loan Guide for Non-Residents

Illustration for article titled Australian Loan Guide for Non-Residents

The funny thing about financial responsibilities is that it is not actually funny. It makes you anxious, and it makes you worry about your future. Your boyfriends or girlfriends will come and go, but your financial responsibility will be with you for the rest of your life.

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So, you are an overseas student or someone who is not a resident of Australia. What if you are having some financial issues and you need help? Don’t you worry, Australia has lots of lenders that you can apply to! But that’s not your concern, is it? You are going to learn HOW to apply for a loan as someone who is not a resident of Australia.

As you may have guessed, applying for a loan as an overseas student or someone who is simply not yet considered as a resident will be a little different compared to the locals. So you need to know what is involved when applying for a loan.

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As mentioned previously, there are many lenders in Australia, and some of them would have options available for non-residents. But of course, there will be some special rules that you need to follow.

Loan Guide for Non-Australian Citizens

Illustration for article titled Australian Loan Guide for Non-Residents
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1. Always have your visa with you.

Since you are not from around here, you should have your visa with you at all times. This is especially true when you are looking to apply for a loan. Take note that not all visa is accepted, bringing your visa can save you time and effort. The lender will base the term of your loan on the remaining term of your visa validity.

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2. You need to prove that you have a source of income.

Don’t feel shy or uncomfortable if a lender asks about your income. This is really a part of the process. Lenders need to know if you have the capability to pay them back. On top of that, lenders are required by the law to make sure that you can pay them back without having to severely suffer financially.

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Once the lender has confirmed that your visa is eligible for applying for a loan, get ready to show some proof of income.

3. Shop around for the best offers.

There are many places where you can get a loan. So don’t sweat it if you don’t get approved for one due to your situation (which is being a non-resident of Australia). Also, different lenders tend to have different packages. You should go ahead and check out different loan service providers to make sure that you are getting the best deal for your situation.

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4. Research before deciding.

There are many kinds of loan, many loan service providers and many possibilities out there. You want to go out there, armed with knowledge. Determine why you need to apply for a loan, what kind of loan you need, how much you need to borrow, and how much you can afford in repayments. Based on these questions, do your research so that you can protect yourself from questionable deals.

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5. Don’t assume that your bank offers the best loan deals out there.

Okay, maybe you have been with a specific bank throughout your stay in Australia. Since they already have your details and all that, it makes sense that you would want to get a loan with them. It should be easier that way, right? Probably, yes. But keep in mind that your bank may not be offering the best rates out there. So make sure to check out other lenders first before making your decision.

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6. Get in touch with an expert.

It is already hard as it is to get around as a non-resident of the country, the last thing you want is getting in trouble for wanting to apply for a loan. You do not have to do this alone. You can always get an expert to help you with this matter. If the locals themselves are having a hard time understanding the loan process in their own country, how much more confused can you be?

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The Takeaway

You are already out on an adventure by being far away from home. Unfortunately, no matter where you go, financial responsibilities will follow. So, make sure that you research as much as you can or ask for professional help.

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