Long-term loans

Long-term loans are useful to assist for a range of unexpected expenses, when other sources of financial support are not available or limited.

A long-term loan will only be approved for:

  • Course-related expenses such as travel, equipment, texts; and/or
  • Living expenses such as bond, rent, or bills.

A long-term loan is a secured loan, which means a guarantor is required to cover payment of the loan if you do not. The University will only accept a guarantor who is over 21 years of age, and who is not:

  • A student at the University or any other tertiary institution
  • Your partner
  • Sharing accommodation with you
  • In debt to the University
  • In receipt of Centrelink payments.


To be eligible to apply for a student loan, you must have a current enrolment at the University of Melbourne.

You cannot apply for a loan if you are:

  • On a Leave of Absence
  • Undertaking a Community Access Program or cross-institutional study.

How much can I borrow?

The maximum amount you can borrow is $5,000, depending on your guarantor:

  • If your guarantor is not an Australian permanent resident/citizen, or is not living in Australia, you can borrow up to $3,000.
  • If your guarantor is an Australian permanent resident/citizen and lives in Australia, you can borrow up to $5,000.

When do I have to repay the loan?

If you are not an Australian citizen, or do not have permanent residency status, or if your guarantor is residing overseas, you must repay the loan before course completion.

If you are an Australian citizen or permanent resident, you can repay the loan after course completion.

Loan repayments are made via BPay. They can be made in full or by instalments to the University’s Finance Department.

For more information about the administration of University of Melbourne student loans, please see the Student Loans, Fees and Charges Policy (MPF1325).

How do I apply?

  1. Download the long-term loan application form (PDF 351.3 KB) to your computer.
  2. Complete and save the form. Check the completed form to ensure all the required information is present and correct.
  3. Email the completed application with the following supporting documents (below) to student-loans@unimelb.edu.au:
    1. Your student ID
    2. Guarantor’s photo ID (eg a driver's license or passport)
    3. Guarantor’s proof of current residential address (eg a driver's license or utility invoice)
    4. Guarantor’s proof of residency status (eg a passport/PR visa or birth certificate/extract)
    5. Guarantor’s proof of income (eg a council rate notice, pay slip, Australian Tax Assessment Notice or letter from an accountant).

Application tip

Once you've saved your loan application form and supporting documents, rename the files before sending them to us. For example: "Loan application of [student name and number]" and "Guarantor ID of [student name and number]". This will help us to process your application.

What happens next?

Applications are assessed by the Loan Approval Group. Loans will only be approved for course-related expenses such as IT equipment, texts, and/or living expenses such as paying your bond, rent and bills. You will be emailed the outcome of your application within five working days of submission.

If your application for a long-term loan is approved, you will be emailed your loan contracts with instructions on how to complete and return the required paperwork. Once received, payment will be made to your nominated bank account.

If your application is not approved and you wish to appeal the decision, please email student-loans@unimelb.edu.au outlining the reasons for your appeal. You will be contacted within five working days of the outcome.

Still not sure?

If you want to discuss whether a long-term loan is right for you, or you want to explore other options for financial support, please email Financial Aid at finaid-info@unimelb.edu.au.