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Personal Loans for Teachers
Find a great personal loan deal to suit your needs as a teacher by comparing offers from Savvy’s panel of lenders.
Last updated on April 8th, 2022 at 01:05 pm by Thomas Perrotta
Compare personal loans for teachers
Teaching can absorb much of your free time, particularly when end of term reports are due, so it’s important that you’re still able to compare personal loans for teachers. You can do that right here with Savvy, with low rates and flexible features on offer to help you choose the best loan for your needs fast.
I want to borrow:
Over how long?
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Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.More details |
- 3, 5 and 7 year loan terms
- Borrow from $5,000 to $64,000
- $595 establishment fee
- Great low rates for excellent credit
- No early repayment or ongoing fees
- Get a rate estimate in 2 minutes
- Minimum income of $25,000 p.a.
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Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details |
- Low rates from 7.39% (comparison rate 7.39% p.a.*)
- Get a rate estimate in 1 minute that won’t affect your credit score
- No early repayment or exit fees
- Lender approval subject to applicant’s good to excellent credit history
- Settlement within 24 hours
- A 5-star experience from end to end from Australia’s #1 rated consumer lender
- Join over 95,000 Australians bringing their big ideas to life with Plenti.
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Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details |
- No extra repayment or early exit fees
- Up to $75,000 in loan amounts
- Funding approved within 24 hours
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Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details |
- All loans are unsecured
- Rates from 5.35% (comparison rate 6.14%)
- Your rate is fixed for the life of the loan
- Establishment fee of $275 for loans under $5,000
- Establishment fee of $575 for loans $5,000 and over
- No monthly account keeping or early repayment fees
- You can repay weekly, fortnightly or monthly
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
The benefits of personal loans for teachers
Competitive rates from 4.45% p.a. (4.45% p.a. comparison)
Whether you’re looking at a secured or unsecured loan (5.35% p.a., 6.14% p.a. comparison), you can compare personal loan deals starting at basement rates.
Borrow what you need
Personal loans can be utilised for big or small purchases and expenses, making them suitable for smaller expenses from $2,000 up to significant outlays of $75,000.
Set your own repayments
You get to choose whether to make your repayments on a weekly, fortnightly or monthly schedule and the period over which you repay your loan, from one to seven years.
Part-time and casual income accepted
If you’re only teaching part-time, or relief-teaching casually, you can count your stable, consistent income sources towards your personal loan and get approved.
No-fee options available
We partner with lenders who enable you to repay your personal loan without worrying about any additional establishment, ongoing or early repayment fees.
Simple application process
From start to finish, your application will only take you five to ten minutes to fill out and send through, with a form and a few pieces of documentation the only things required.
Why teachers choose Savvy for comparing personal loans
Award-winning lender panel
We make sure we provide you with the best-quality comparisons to give you peace of mind when choosing your loan.
Instant connections
You can start your application immediately after you decide on your lender, as we can take you straight to their site.
We compare so you can save
By compiling some of the best personal loan offers in one place, we save you valuable time and money by enabling an informed choice.
How you should compare personal loans
Interest rates and fees
These decide the cost of your personal loan, so it’s crucial that you keep these firmly front of mind in the comparison process. It goes without saying that the lower your interest rate, the lower your overall loan spend, but even a small difference in rate can make a difference of hundreds of dollars, if not more.
Similarly, a $10 monthly fee in itself can cost you $600 over a five-year loan, saving you that much overall if you find a no-fee loan.
Type of rate
You should give some consideration to the type of interest rate present on your personal loan also. You’ll be able to choose between fixed and variable interest. Fixed interest is the more popular option with both lenders and borrowers, as it offers stability and ease of budgeting by locking in your rate at the beginning of your loan and keeping it in place throughout.
Variable interest is open to fluctuation, but it can potentially enable you to capitalise on decreases in your lender’s rate.
Repayment flexibility
Another key aspect of your personal loan is whether you’re afforded the freedom to pay it off ahead of schedule. Being able to make additional repayments free of charge is incredibly useful and is sure to save you money over the course of your loan.
For example, paying an extra $100 each month on a three-year, $20,000 loan at 10% p.a. would save you $500 in interest alone and shorten your term by five months.
Available loan terms
Above all else, you should make sure that the loan you’re taking on is manageable for you to repay. As such, choosing the right loan term is of paramount importance.
You shouldn’t choose a loan term too far below your comfort level where possible, as this may be costing you hundreds of dollars, if not more, in unnecessary interest, while picking a length too short could leave you struggling to make repayments. Use our repayment calculator to determine how much different loan amounts cost each month and overall.
Eligibility criteria
Of course, you should first check whether you’re eligible to take on the loan in the first place. Most teachers will be able to qualify for a personal loan, but there may be some points of criteria that apply to some lenders which could count some out of eligibility. Make sure you meet the following:
- Earning at least $20,000 per year from stable income sources
- A citizen or permanent resident
- Mustn’t have a history of defaults or bankruptcy
Common queries from teachers about personal loans
Yes – there are some lenders operating in Australia who can offer personal loans to temporary residents. Teachers working in Australia temporarily will typically have the required visa type to be eligible for a personal loan, so it’s a matter of comparing lenders to find which ones can offer you financing. An important factor to consider is that you’re only eligible to take out your loan over a term at least a few months shorter than your visa term.
Yes – lenders can accept your application for finance even if you’ve recently started a new job. Because they look for consistency in your income, it’ll help if you’re moving from one permanent job to the next with a similar salary. However, if you’re starting another job as a relief teacher, you’re likely to be required to work fairly consistent hours there for at least six months before you’re eligible to borrow. Lenders are more wary about probationary periods, so you’re likely to receive a much better rate outside of this period.
Both unsecured and secured loans come with advantages for borrowers. Unsecured loans are quicker and easier to apply and get approved for, given that they don’t require an eligible asset to be used as collateral and be assessed for its suitability. Secured loans do utilise this and are offered at lower rates as a result, with expanded borrowing potential up to $100,000 also a feature (compared to $75,000 for unsecured loans).
You can utilise your personal loan in any way you like. Whether you need to purchase equipment or material for your work such as books or a laptop, help fund your next holiday or consolidate existing high-interest debts, personal loans can help you meet your financial goals and allow you to pay for expenses at your own pace.
Yes – applying for a personal loan with a co-borrower will instil more confidence in your lender that you’ll be able to repay your loan comfortably. This is because repayments are supported by two incomes rather than one, which increases your overall disposable income. This can also result in you receiving a discounted interest rate and expanding your borrowing power overall. As such, if you’re looking to tackle shared expenses anyway, it might be worthwhile doing so with your partner’s name on the loan too.
There are several key documents you’ll need when applying for personal financing, which can vary slightly between lenders but will always include:
- Your last two payslips
- Photo ID such as your passport and/or driver’s licence
- Information on your current liabilities and assets
- Your internet banking details
Yes – provided you can afford to support the repayments of the personal loan you’re applying for, you can be approved even as a single parent. Lenders are most interested in ensuring that the loan’s repayments are manageable for you, which means that you’ll need to prove that your disposable income is enough each month to cover your loan’s repayments.
Once you’ve completed and sent through your application, you’ll receive an instant outcome in as little as 60 seconds confirming whether you’ve been approved or not. From there, you’ll receive your final loan contract shortly afterwards, which you can sign digitally and send back. After your lender receives the contract, they can release the funds to you by transferring them directly into your account 24 hours after you applied.