Our Student Loan is ideal if you are studying full time and need extra funds to pay for expenses such as computers, text books, furniture or course fees.

Main Features

Loan Repayments
With our Student Loan, repayments can be deferred for up to 3 years² 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. 

How Do I Apply?
Applying for your Loan is easy.  Simply download a Student Loan application.

Complete the application, include the documentation (as detailed below) and return it to the Credit Union by mail, fax or take it to one of our Member Service Centres in Camberwell or Moonee Ponds.

To book an appointment with one of our friendly Member Service Consultants, or request an application form, call 1300 654 822.

Documentation
You will need to attach the following documentation to your application:

• 3 months of Bank Statements (if you have been a Member for less than 6 months).
• Proof of studies and copy of the past year’s results.
• Proof of residency (may be required).
• If you are working, please provide one of the following (unless you currently have your whole of pay deposited to your Credit Union account):
  • A letter from your current employer confirming employment.
  • Current payslip/s showing employer’s name and address.
• If you have another source of income, please specify on the application and supply evidence.
• If you wish to defer repayments, we will require a suitable guarantor (eg mother, father or a relative). Your guarantor will need to complete and provide:
  • Guarantor Application Form (this form will be provided to your guarantor).
  • Proof of Guarantor income.

1. Weekly, fortnightly or monthly repayments.
2. Repayments can be deferred until completion or termination of studies (up to 3 years), with interest accruing from the date the loan is disbursed.
3. TAFE courses studied must be diploma, certificate or advance certificate.