Looking for a personal loan while living in Australia?

Finding a personal loan as a non-Australian resident can be challenging. Many lenders apply strict eligibility criteria, and requirements can vary depending on the provider.

If you are currently living in Australia and exploring your options, it is important to understand how loan applications are assessed and what factors lenders consider.

At Fundo, applications are reviewed individually based on your current financial situation, 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.

Can non-Australian residents apply for a loan?

If you are living in Australia but are not a citizen or permanent resident, you may still wish to explore available lending options.

Fundo assesses each application based on financial circumstances rather than making assumptions based on a single factor. This includes reviewing your ability to manage repayments without financial hardship.

Meeting basic criteria does not guarantee approval, and each application is considered individually.

Loan options available at Fundo

Fundo provides regulated credit products depending on your needs:

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.

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 financial hardship

Each application is assessed individually based on your full financial situation.

How the application process works

Applications are completed online.

You will be asked to:

• Provide personal and financial details
• Give electronic access to your bank statements for assessment
• Submit your application for review

Once your information is assessed, you will receive an outcome. 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 repayments would cause financial hardship

Things to consider before applying

If you are new to Australia or recently relocated, you may wish 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, exploring alternatives may be helpful before applying.

Alternatives to consider

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

• Payment plans with service providers
• Using available savings
• Community or government support
• Free financial counselling

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