For full-time tertiary students (deferred repayment available).
Our Student Loan is ideal if you are studying full time and need extra funds to pay for study related expenses such as computers, text books, furniture or course fees.
Main Features
- No application fees.
- Weekly, fortnightly or monthly repayments.
- Additional repayments accepted.
- $10,000 maximum loan amount.
- 7 year maximum loan term.
- Ability to defer repayments.1
- Bonus Loan Protection.2
Loan Repayments
With our Student Loan, repayments can be deferred for up to 3 years1 or you can start making regular repayments straight away.
You also have the option to make additional repayments at any time, to save on interest charged on your loan.
Interest
Calculated daily and charged monthly in arrears.
Eligibility Criteria
To be eligible for a Student Loan, you need to be a full-time University, TAFE, CAE or other registered course3 student and have successfully completed at least one year of study. You also need to be an Australian citizen or permanent resident and over 18 years of age.
Security
In many cases we may not require any security against your loan, however a Guarantor and/or motor vehicle as security will be required if you want to defer repayments.
A guarantor is someone who will officially take responsibility for the debt if you cannot repay it. The Guarantor must be a relative over 18 years, who is currently employed.
You can discuss your options with one of our friendly Member Service Consultants by calling 1300 654 822.
- Repayments can be deferred until completion or termination of studies (up to 3 years), with interest accruing from the date the loan is disbursed.
- Available to eligible applicants. Victoria Teachers Credit Union has insurance coverage with CUNA Mutual Life Australia Limited (CMLA) under which the remaining Personal Loan balance for eligible Personal Loans will be paid by CMLA to the Credit Union on a borrowers death whilst the insurance is current. Victoria Teachers Credit Union has put this insurance coverage in place at its own cost to remove the extra financial burden that families can have at this sensitive time. Details of the insurance cover held by the Credit Union can be obtained by contacting our friendly Member Service Consultants on 1300 654 822.
- TAFE courses studied must be diploma, certificate or advance certificate.