Frequently Asked Questions

Spark Finance is a student loan provider based in Sydney, New South Wales, Australia.

We specialise in providing flexible tuition loans for:

• Australian and New Zealand students studying overseas
• International students studying in Australia or New Zealand
• Borrowers looking to refinance an existing student loan

Spark Finance currently offers four loan types.

1. International Student Loans (Inbound)
   For international students studying undergraduate or postgraduate programs in Australia or New Zealand with an eligible co-signer.
2. Outbound Undergraduate Loans
   For Australian or New Zealand citizens studying undergraduate programs at universities outside Australia or New Zealand with an eligible co-signer.
3. Outbound Postgraduate Loans
   For Australian or New Zealand citizens undertaking postgraduate study at universities outside Australia or New Zealand.
4. Student Loan Refinancing
   For borrowers looking to refinance an existing student loan and potentially improve their loan structure or repayment terms.

Borrower documents may include:

• Identification documents
• University admission letter
• Course information
• Proof of address
• Credit consent

Co-signer documents may include:

• Identification documents
• Proof of income or employment
• Proof of address
• Credit consent

Additional documentation may be requested depending on the borrower’s circumstances.

Yes.

Spark Financial Pty Ltd holds Australian Credit Licence (ACL) 520712 and complies with all regulatory requirements administered by the Australian Securities and Investments Commission (ASIC).

Spark Finance uses the information you provide solely for the purpose of assessing your loan application and servicing your loan.

Your data may be securely shared with trusted third parties such as:

• Credit reporting agencies
• Identity verification providers
• Payment and banking partners

Spark Finance handles all personal information in accordance with Australian privacy laws and our Privacy Policy.

You can read our full Privacy Policy here.

Each application is assessed individually based on factors including:

• Financial position
• Credit history
• University and course of study
• Employment or income information
• Co-signer profile (if applicable)

To qualify you must:

• Be an Australian or New Zealand citizen
• Be accepted into an undergraduate program at an eligible international university
• Have an eligible co-signer who:
  • Is an Australian or New Zealand citizen or permanent resident
  • Has at least 3 years of credit history

To qualify you must:

• Be an Australian or New Zealand citizen
• Have completed an undergraduate degree
• Have at least 3 years of Australian or New Zealand credit history
• Be accepted into an eligible postgraduate program

Postgraduate borrowers generally do not require a co-signer, provided their credit profile meets lending requirements.

Yes. Outbound students may submit a pre-approval application before receiving a university offer. This allows you to understand:

• Whether you may qualify
• The potential loan amount available

Final loan approval requires confirmation of admission to an eligible university.

If you’d like an early indication of your eligibility and borrowing capacity, you can use our Borrowing Power Calculator.

Repayment timing depends on the level of study:

Outbound Postgraduate Loans

• Repayments generally begin 6 months after completing your studies.
• A grace period may apply while you are still studying, but it cannot exceed two years. For example, if you are enrolled in a 3-year degree, you cannot defer repayments until 6 months after graduation beyond this two-year limit.

Outbound Undergraduate Loans

• Repayments begin once the first loan funds are disbursed.

A grace period while studying may also apply, subject to the same two-year maximum.

Outbound loans typically have a maximum term of up to 7 years.

Can I repay my loan early?

Yes. Borrowers can repay their loan early at any time without penalty. This means you can reduce your interest and pay off your loan faster, giving you more flexibility and control over your repayments.

You may be eligible if you:

• Are a citizen of a country supported by Spark Finance (see full list here)
• Have been accepted into an undergraduate or postgraduate program in Australia or New Zealand
• Have an eligible Australian or New Zealand co-signer with a minimum 3 years’ credit history in good standing

Eligibility also depends on your financial position, credit history, course of study, and expected future employment outcomes associated with your degree.

If your country does not appear on the list, you may contact the Spark Finance team to discuss your situation.

Yes. International students must have a co-signer who is an Australian or New Zealand citizen or permanent resident with:

• At least 3 years of credit history in good standing
• The co-signer will support your loan application

Additionally, international students must have an IELTS (or equivalent) score of 6.5 or higher to be eligible.

You can view the full list of supported countries here.

If your country does not appear on the list, you may contact the Spark Finance team to discuss your situation.

Repayments begin once the first loan funds are disbursed.

Inbound student loans typically have a maximum term of up to 5 years.

Yes.

You may repay your loan early at any time without penalties.

Early repayment can reduce the total interest paid.

Spark Finance supports over 400 accredited universities worldwide.

If your university does not appear in the application portal, you may select “Other” and manually enter the university name. The Spark team will review the institution during the application process.

Spark Finance supports both undergraduate and postgraduate programs.

We can assess any degree type, so there are no restrictions based on your field of study.

Yes. Spark Finance can fund multi-year degrees without requiring additional documentation or conditional approval.

Students can generally borrow up to 80% of total education costs, to a maximum of AUD $200,000.

Each loan is assessed on a case-by-case basis based on factors such as:

• University and program
• Total tuition costs
• Borrower financial profile
• Co-signer profile (if applicable)

To get an early indication of your eligibility and borrowing capacity, you can use our Borrowing Power Calculator.

The application process can take up to 15 business days, depending on the information provided.

It occurs in two stages:

1. Application submission to provisional approval – typically up to 5 business days.
2. ID verification and document upload stage – typically up to 10 business days.

Providing complete and accurate information at each stage can help speed up your application.

The typical process includes:

1. Submit an online loan application – provide personal, university, and financial information.
2. Provisional approval – your application is reviewed, and you receive conditional feedback on eligibility.
3. ID verification and document upload – submit required documents and complete identity checks.
4. Final approval – if approved, a loan agreement is issued for signing.
5. Tuition payment – funds are sent directly to the university.

Spark Finance sends tuition payments directly to the university.

Funds are not transferred to the student’s personal bank account.

Spark loans are designed to cover education costs charged by the university or institution.

Funds are paid directly to the institution to ensure the loan is used for educational purposes.

Loan payments are due on the 15th day of each month. Payments are monthly, and no flexibility around the payment date is offered.

If the 15th falls on a weekend, payment is due on the next business day.

Yes.

You may repay your loan early at any time without penalties.

Early repayment can reduce the total interest paid.

If a payment is missed, Spark will contact you to discuss available support options.

Borrowers who believe they may miss a payment should contact Spark as early as possible.