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What’s an education loan?

Dream course not covered by HECS-HELP?

A personal loan for education can help cover the costs of short courses, tuition, and training expenses not covered by HECS-HELP, VET Student Loans or other government HELP loans.

You get the funds to pay for what you need, then you simply pay back the loan in easy-to-manage repayments as you further your education and grow your career. And, with $0 monthly account fees plus clever features to help you pay your loan off faster, your future self will thank you!

What can I get an education loan for?

Our education loans can be a great choice for:

  • MBAs
  • Master’s degrees
  • Specialised short courses
  • Personal development courses
  • Specialised short courses
  • Equipment, accommodation, and training costs not covered by government loans
  • PHD expenses not covered by scholarship funding.

Enrolling in a course not on the list? Don’t worry. This list is not exhaustive, and you can still apply or contact us via live chat if you have any questions.

Investing in your child’s future? Our education loans are available for private school fees too.

Education loans from Great Southern Bank

Designed to help you pay your loan off easier, our loans come with:

  • $0 monthly account fee.
  • Fee-free extra repayments.
  • Free redraw – in case you need to access your additional repayments.3
  • No penalties for early payout.

Who can apply for an education loan?

You must be

  • At least 18 years of age
  • A permanent resident of Australia
  • Receive a regular income
  • Have not been bankrupt or insolvent in the last five years

You’ll need

  • An email address and contact number
  • Existing Great Southern Bank customer number (if you're already a customer)
  • Australian driver's licence, Medicare or passport details
  • Employment and income details
  • Details of any existing loans and expenses

Education loans vs HECS-HELP

Many Australian undergraduate degrees are eligible for HECS-HELP loans, however post-graduate studies or specialist courses at private training providers aren’t always covered.

The Study Assist website provides information on eligible courses. We recommend checking if you’re eligible for HECS-HELP before considering an education loan.

If you’re not eligible for HECS-HELP, our education loans can help you stay on the path to your dream career.

Decided an education loan is right for you? Apply online in 15 minutes.

How to apply for an Education loan
1. Apply online
It should take 10 minutes.
You will need proof of ID and your current financial situation.
2. Approvals
If approved, you will receive your loan contract to accept online.

3. Access your money
Your loan is paid into your Great Southern Bank account.4 You can also view repayment details online and on our mobile banking app.
We've been putting customers first for more than 75 years.
Flexible loan options

Pay it off your way.

Clever features to help you save money

From personalised interest rates to no monthly account fees, you’ll be saving smarter, not harder.

We’re customer owned

That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

A personalised rate* tailored to your credit score

Unsecured Fixed Personal Loan
Loans from $5,000 to $75,000
Interest rate from
Comparison rate from2
Used for


Education loan

It’s normal to take your time deciding which loan is right for you. If you have any questions, call us on 133 282 for a chat.

How do I pay off my education loan faster?

Making extra repayments (whenever you can) is just one smart way to pay off your loan faster. Our personal loans allow you to repay more than your minimum repayment amount at no extra cost. Plus, you won’t be charged extra fees if you pay your loan off early.

I’m eligible for HECS-HELP or a VET Fee Loan, do I need an education loan?

If you’re eligible for HECS-HELP, a VET Student Loan, or other government assistance, it’s unlikely you’ll need an education loan. An education loan covers training courses, equipment and other related expenses not covered by government assistance.

Study Assist provides up-to-date information on HECS-HELP and VET Fee Loan eligibility.

I’m not eligible for HECS-HELP should I get an education loan?

An education loan might be right for you. Many of our customers apply for an education loan to pay for upfront tuition fees.

It’s important to check that you can afford to repay the loan before you apply. Our education loans calculator can help you crunch the numbers.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan your individual situation and your credit score will be considered when calculating your personalised interest rate.

Learn more with our guide to understanding our personal loan interest rates.

What is a comparison rate?

A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.


Calculate your education loan repayments

An ideal loan for a range of purposes. Learn about personal loan types
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Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,000 and $100,000.
Loan term (years)
Repayment frequency
Estimate your credit rating
Tell us what you think your credit rating may be and we can estimate your interest rate. What’s a credit score?
Estimated repayments
Interest rate for good credit
Comparison rate2
This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply now
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.

The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.

Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.

Get in touch
We're here to help.
Call 133 282

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Find a branch
Speak to one of our friendly staff at a branch near you.
Connect online
Chat to us or browse help topics and FAQs.
Ready to apply?
Your funds could be a few clicks away.
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Financial tips for students

Learn how to manage your finances while furthering your career.
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Tips on how to get a personal loan

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Important Information

Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.

Rates current as at 7 March 2024 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

2. Comparison rate accurate for $30,000 unsecured loan over 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank  Personal Loan products on offer from 6 June 2017.

4. You will need to hold a Great Southern Bank everyday account when the loan is funded.

*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:

  • Your credit score.
  • Information provided in your application.
  • Existing loans.
  • The loan amount and your perceived ability to repay the loan.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.