Personal Loans for Teachers

Name: Personal Loans for Teachers
Creator: Savvy
Published: 2021-10-29T09:23:29+10:30

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Written by , updated on October 4th, 2023

The benefits of personal loans for teachers

Competitive rates

Whether you’re looking at a secured or unsecured loan, you can compare personal loan deals starting at low rates tailored to your profile.

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.

Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Why compare personal loans through Savvy?

100% free

There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.

Paperless applications

You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.

Reputable lending partners

We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.

How you should compare personal loans

Interest rates and fees

Earn a high income

Repayment flexibility

Available loan terms

Eligibility criteria

Interest rates and fees

Earn a high income

Repayment flexibility

Available loan terms

Eligibility criteria

Common queries from teachers about personal loans

Can I get a personal loan if I’m teaching on a visa?

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.

Am I able to be approved if I’ve just changed schools?

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.

Should I choose a secured or unsecured loan?

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).

What can I use my loan for?

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.

Is it easier to get a personal loan with my partner?

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.

Which documents will I need to apply?

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

If I’m a single parent, can I still be approved?

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.

How quickly can I receive my money?

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.