Can non-Australian residents apply for loans in Australia?

If you are living in Australia and searching for a personal loan as a non-Australian resident, you may find that eligibility requirements vary between lenders.

Some lenders require specific residency status, while others assess applications based on a broader view of your financial situation.

At Fundo, applications are assessed individually based on your current financial circumstances, including your income, expenses and ability to meet repayments.

Loans are subject to assessment, eligibility criteria and approval.

Short-term loans can be expensive and may not be suitable for everyone. Borrow only what you need and can afford to repay.

Understanding loan options at Fundo

Fundo provides regulated credit products for eligible applicants:

Small Amount Credit Contracts (SACC)

• $500 to $2,000
• 5 to 39 week terms
• Establishment fee plus monthly fee
• No interest is charged

Medium Amount Credit Contracts (MACC)

• $2,001 to $5,000
• 9 to 39 week terms
• Establishment fee plus interest charges

Personal Loans

• $5,000 to $10,000
• 9 to 24 month terms
• Structured repayments over a longer period
• Establishment fee plus interest

All loans are unsecured, meaning you do not need to provide an asset such as a car or property as security.

How applications are assessed

All applications are reviewed to determine whether a loan is suitable for your situation.

This includes considering:

• Your income from all sources
• Your regular living expenses
• Existing financial commitments
• Recent banking activity
• Your ability to meet repayments without substantial financial hardship

Each application is assessed individually.

Eligibility requirements

To apply, you generally need to:

• Be at least 18 years old
• Be living in Australia
• Have an active Australian bank account in your name
• Receive regular income of at least $1,000 per fortnight (may include government benefits)
• Demonstrate the ability to meet repayments without substantial financial hardship

Meeting these criteria does not guarantee approval.

How the application process works

The application process is completed online.

Steps include:

1. Choose your loan amount
2. Provide your personal and financial details
3. Give electronic access to your bank statements for assessment
4. Submit your application
5. Receive a decision once your information is reviewed
6. If approved, review and accept your loan contract

If approved and you accept your contract, funds are transferred to your nominated bank account as soon as reasonably possible.

Processing times vary depending on verification requirements and bank systems.

What loans may be used for

Approved funds are paid to your bank account and may be used for legitimate personal expenses, such as:

• Unexpected medical or dental costs
• Essential car repairs
• Urgent travel
• One-off household expenses

Loans are not suitable for:

• Ongoing living expenses
• Debt consolidation
• Repaying existing loans or credit
• Situations where complying with repayments would cause substantial financial hardship

Things to consider before applying

If you are new to Australia or have recently relocated, it is important to consider:

• Whether your income is stable and ongoing
• Whether repayments fit comfortably within your budget
• Whether the expense is necessary and one-off

If you are unsure, you may wish to explore alternatives first.

Alternatives to consider

Before applying for a loan, you may wish to explore:

• Payment plans with service providers
• Using available savings
• Government or community support services
• Free financial counselling

You can contact the National Debt Helpline on 1800 007 007 for free, independent support.