Australia & New Zealand have long been top choices for international students, celebrated for their world-class universities and unparalleled lifestyles. However, financing studies has been a significant barrier – until now. At Spark Finance, our mission is to provide talented students with affordable, flexible funding to help them pursue their educational goals. If you’re an international student seeking financial support to study at an Australian or NZ university, and have an Australian or NZ citizen or permanent resident who can cosign your loan, this product is for you.
Why choose Spark Finance for your personal student loan?
International Opportunity
Access credit to study any degree at one of Australia or New Zealand’s leading universities.
Loan Management Support
Apply with a cosigner, who will handle repayments until student enters workforce (after which cosigner release option is available).
Competitive Pricing
Tailored rates* for each application (student plus cosigner), with fixed and variable options available.
Flexible Repayment Terms
Choose a repayment term that fits your budget and lifestyle, with options ranging from 3 to 8 years.
We offer personalised interest rates for as low as 12.59% APR*.
At Spark Finance, we believe in offering fair and personalised interest rates tailored to each borrower.
Our unique approach goes beyond the usual factors that most lenders consider, taking into account not just your credit history and current financial situation, but also your future earning potential.
How your rate is determined
Because this loan is a joint application, your personalised rate draws on both your profile and your cosigner’s:
Your Profile:
- Your future occupation and expected income growth are based on your degree and career plan.
Your cosigner’s profile:
- Credit history – their credit score, payment record, and any defaults.
- Current financial situation – their income, living expenses, liquid assets, and existing debt.
How it works
1.
Your cosigner’s credit history
We review your cosigner’s credit history, including their credit score, payment record, and any defaults. This helps us assess their likelihood of repaying the loan on time.
2.
Your cosigner’s current financial situation
We consider your cosigner’s current income, living expenses, liquid assets, and existing debt. This helps us assess their ability to manage and repay the loan.
3.
Your future earning potential
We also consider your future occupation and anticipated income growth. This gives us a fuller picture of your long-term financial outlook, helping us offer a rate that reflects your potential.
What is a cosigner and what are their obligations?
A cosigner is essentially a joint applicant – often a parent, family member, or friend – who signs the loan alongside the student. Like the primary borrower, the cosigner’s financial circumstances and credit history are assessed as part of the application.
By cosigning, they agree to help repay the loan alongside the student.
Am I eligible?
To qualify for a Spark Finance international student loan, you must
- Be a citizen with a valid passport from one of the countries Spark Finance supports (see the list of countries we are an approved lender for here).
- Have been accepted into undergraduate or postgraduate coursework at an Australian or NZ university.
- Have a cosigner that is an Australian or NZ citizen or permanent resident with minimum 3 years’ credit history (in good standing).
- Have an IELTS (or equivalent test) score of 6.5 or higher.
Unsure of your eligibility?
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How to get student loan in 5 easy steps
Get Started
Create an account here. We’ll provide you with all the information you and your co-signer will need to apply for the loan, ensuring you're ready to move quickly once your study plans are confirmed.
Submit an Application
Once you’ve been accepted into your chosen degree, complete our online loan application form. This will be a two step process: you’ll complete an application form outlining your study plans and previous education, and your co-signer will need to provide details around their financial circumstances.
Upload Your Documents
Once we’ve reviewed your application, we’ll provide a conditional offer. This is essentially a quote that lets you know we’re ready to proceed with your loan approval, contingent upon receiving supporting documents to verify the information you both provided.
Sign on the Dotted Line
Congratulations! Your documents have been verified, and your loan is approved. We’ll send you a contract outlining the terms and conditions, along with proof of funds, which you can use to finalise your university enrollment and/or apply for a visa.
Focus on Your Studies
With Spark Finance, you can study now and pay later. We’ll disburse funds directly to your university as tuition fees are due, eliminating the hassle of international transfers. Your co-signer will handle repayments until you enter the workforce, after which you’ll have the option to release your co-signer from their obligations and manage repayments personally (contingent on you being reassessed and approved as the primary loan holder).
Frequently Asked Questions
What is a cosigner and what do they need to provide?
A cosigner is a joint applicant, often a parent or close family member, who’s an Australian or NZ citizen or permanent resident over 21, with a regular income and at least 3 years of good credit history. They’ll need to provide a passport copy, 3 months of bank statements, 2 months of payslips, and proof of any additional income.
Why do international students need a cosigner?
Most students don’t have a full-time job or a long credit history yet, so a cosigner allows Spark Finance to assess the application fairly and can support better loan conditions, including a lower interest rate, and gives students the chance to apply without their own source of income.
What documents does my cosigner need to provide?
A copy of their passport, their most recent 3 months of bank statements, their most recent 2 months of payslips, and proof of any additional income.
How is our joint interest rate determined?
Your rate considers your future occupation and expected income growth, alongside your cosigner’s credit history and current financial situation, including their income, expenses, assets, and existing debt.
Am I eligible to apply with a cosigner?
You’ll need a valid passport from an eligible country, an offer at an eligible Australian or NZ university, an IELTS (or equivalent) score of 6.5 or higher, and a cosigner who’s an Australian or NZ citizen or permanent resident with at least 3 years’ credit history in good standing.
What if I don't have someone to cosign my loan?
Spark Finance also offers a personal international student loan without a cosigner, assessed on your own financial profile and future potential.
Get the education you deserve.
Ask us any questions about our products, studying in Australia or NZ, or see our FAQ’s.
