As a student from Canada studying at an Australian university, you will be considered an international student and therefore charged international student tuition fees.
When you request information about a specific program from OzTREKK, we will provide you with the estimated tuition fees and administrative costs for your program. Additionally, OzTREKK will provide you with information about costs associated with the student visa application, health coverage, and living in Australia.
OzTREKK students typically finance their studies using
- professional student lines of credit;
- Canadian student loans;
- and personal / family savings.
#OzTREKKTip: More information about the topics covered here is available on our Boarding Pass, which is exclusive to OzTREKK students! If you have questions about how to access the OzTREKK Boarding Pass, please contact your admissions officer.
Cost of Living
Cost of Living in Australia
The average international student in Australia spends about $450 AUD per week on living expenses, but this is dependent upon where you are living. Cities like Melbourne, Sydney, and Brisbane are more expensive. Most OzTREKK students use a combination of personal funds, student loans, and bank loans/lines of credit to fund their Australian university studies.
Living costs for international students according to the Government of Australia:
You – AUD $21,041
Partner or spouse – AUD $7,362
Child – AUD $3,152
Cost of living calculator.
Check out the cost of living comparison tool to get a better idea.
Government Student Loans
Canadian students who study outside Canada are eligible for loans provided by the federal government through the Canada Student Loans Program, in addition to loans provided by their province of residence.
All of OzTREKK’s Australian universities are included on Canada’s “List of Designated Educational Institutions.” If you attend one of these universities, you are eligible for a government student loan in Canada.
In Canada, there are two main categories of government student loan programs:
1. The federal program, called the Canada Student Loans Program (CSLP); and
2. provincial and territorial programs.
To apply for a government student loan, you apply to only one place to receive your student financial assistance—the student loan program in your province of residence.
Canadian government student loans provide funding to eligible students based on demonstrated financial need. The Canada Student Loans Program provides up to $210 per week of full-time study per loan year (Aug. 1 to July 31), for students studying internationally. Additional loan money is granted by most provinces; however, the Ontario Government does not provide any province-based funding for Ontarians who wish to study internationally (students from Ontario can access only the $210/week from the Canada Student Loans Program).
Funds are disbursed through a combination of the Canada Student Loans Program and the appropriate provincial student loan program. One application will qualify you for both programs. Your application must be directed to your province of residence. The rules for what determines your province of residence vary, but normally it is defined as where you have most recently lived for at least 12 consecutive months, not including any time you spent as a full-time student at a post-secondary institution. In most cases, the province of residence is the province one lived in before becoming a post-secondary student.
To apply for these loans, fill out an application in your home province/territory for each year that you are studying. These loan programs are intended to supplement the financial resources of students and their families. There is no guarantee that you will be granted financial assistance. The defining features of government student loans are as follows:
- They are interest free while you are in school. Interest starts to accrue after you are finished school.
- They do not require repayment until six months after you stop going to school.
- They offer interest relief and/or debt reduction assistance for eligible students, depending on their situation.
#OzTREKKTip: Your government student loan money will be released after your program has commenced! Make sure you factor this into your financial planning! If you are approved for a Canada Student Loan, most provincial loan offices do not release your money until after you arrive in Australia and classes have commenced.
It is recommended that you have the Canada Student Loan funds deposited directly into your Canadian bank account, and then arrange for a wire transfer to Australia. Do not ask the provincial loan office to mail you a cheque to Australia. This cheque will be in Canadian dollars, and it will be difficult to cash it in Australia. Finally, if you opt to have the cheque mailed to you at your home address in Canada, make sure that someone can deposit it into your Canadian bank account so the funds can be accessed.
How Can OzTREKK Help?
OzTREKK can provide you with assistance and support during the loan application process. While we cannot answer any questions specific to your application status, or the amount you may receive, we are more than happy to provide advice and details about getting your loan application process started.
When you apply for your student loan, you will likely be asked to provide further information about your program. Some provincial loan programs require a program information form completed by your Australian or New Zealand university.
If you have a program information form to be completed, or need financial information about your program for your loan application, just let us know. Send the program information form to our office and we will have these completed by the correct financial aid officer at your Australian university. Once completed, we will return it to you for your records. Some provincial loan programs will allow you to upload this form in their electronic systems while others liaise directly with your Australian financial aid officer to obtain the required information.
Provincial and Territorial Student Assistance Offices
Newfoundland and Labrador
Student Aid Division
Prince Edward Island
Student Financial Services
Student Assistance Office
Toll-free: 1-800-565-8420 (within Canada)
Student Financial Services
Aide financière aux études
Tel.: 514-864-3557 (Montreal area)
Toll-free: 1-877-643-3750 (within North America)
Student Support Branch
Student Aid Branch
Toll-free: 1-800-204-1685 (within North America)
Student Financial Assistance Branch
Student Funding Contact Centre
Student Aid BC
Toll-free: 1-800-561-1818 (in Canada)
Students Financial Services
Toll-free: 1-800-661-0408 local 5929 (within Yukon)
Student Financial Assistance
Student Assistance Office
*Nunavut, the Northwest Territories and the province of Quebec operate their own student assistance plans. If you are a resident of Nunavut, the Northwest Territories or Quebec, contact the provincial or territorial student assistance office for further information.
Finally, have a look at the Government of Canada Student Aid website.
Student Line of Credit
Canadian banks have student lines of credit for Canadians studying internationally. Most students will be required to have a co-signer, so be prepared to ask a family member to act as a guarantor.
CIBC – No caps—based on your financial situation
RBC – up to $275,000
BMO – $200,000
TD – $275,000
National Bank of Canada – $200,000
Canadian Bank Financing Options
Finally, all amounts listed from Canadian banks will be in Canadian dollars, and you will be paying your costs in Australia in Australian dollars, so when you work out estimated expenses and budgets, remember to factor in the (constantly fluctuating) exchange rate! This can be difficult to do, as the exchange rate is continuously changing.
Below are some of the main banks that offer student financing options. OzTREKK does not recommend one financial institution over another. It is recommended that you conduct in-depth research regarding the line of credit re-payment terms and interest rates to help make your best decision. Please note there are some Canadian banks that are not open to lending money to Canadians studying internationally.
What to Consider
OzTREKK recommends that you do your research and compare banks—especially interest rates and total maximum credit limits for your program of study!Also, a critical point of differentiation will be the competitiveness of the bank’s interest rate for your student line of credit. Some banks set their student interest rates at 0.5% above the bank’s prime rate, while others set it at 1.0% above prime.
Other banks may increase the variance rate above prime, because you are a Canadian studying internationally. Pay close attention to the various interest rates, whether that rate applies each year you have the financing, and make sure you ask how low the bank will go!
Get More Info
The Royal Credit Line for Students is for students undertaking an undergrad or postgrad degree (non-professional.
Limits start at $5,000 per year for undergraduate students, and $10,000 per year for postgraduate students.The Royal Credit Line for Students – Professional Designation is available to students who are pursuing select degrees that include optometry, veterinary medicine, pharmacy, podiatry, nursing, chiropractic, law, engineering, occupational therapy, physiotherapy, speech language pathology, audiology, MBA/EMBA and accountancy, which offers $40,000 to $150,000, based on the degree.Medical/Dental Studies – is a customized banking solution designed exclusively for Canadian Medical and Dental students, offering up to up to a $275,000.
|BMO||BMO has a general Student Line of Credit, plus a Professional or Medical Student Line of Credit. General Student Lines of Credit can borrow $15,000 CAD in their first year of study and $10,000 CAD for each subsequent year of study up to a
maximum of $45,000 CAD.Professional Student Lines of Credit financing at BMO ranges from $75,000–$250,000 CAD total for students undertaking studies in medicine or dentistry. Other degrees eligible for a Professional Student Line of Credit can access up between $20,000–$80,000 CAD, which includes chiropractic degrees, optometry, law, accounting, pharmacy, and veterinary medicine. BMO Professional Lines of Credit Financing also offers $10,000-$50,000 CAD loans for students studying an MBA.
|TD Canada Trust||
TD offers student lines of credit for undergraduate, graduate and professional degree students. Undergraduates can access up to $10,000 CAD per year to a maximum of $40,000, and graduate students can access up to $8,000 CAD per year for two years to a maximum of $48,000.
Professional lines of credit are available for students undertaking programs in chiropractic, law, optometry, pharmacy, veterinary science, and MBAs. TD Professional Student Lines of Credit maximums range from $40,000-$100,000 CAD; programs in medicine and dentistry can access up to $85,000 CAD within their first year of study, and up to $275,000 CAD total.
CIBC tells OzTREKK that it will not provide financing to international students in non-professional programs (e.g., general undergrad and postgrad degrees).
CIBC does offer its Professional Edge Student Program for Canadians studying internationally in the following professional programs: accounting, chiropractic studies, dentistry, engineering, law, MBA, medicine, naturopathic medicine, occupational therapy, optometry, pharmacy, physiotherapy, podiatry, nursing, and veterinary medicine. CIBC’s Professional Edge lines of credit maximums range from $55,000-$275,000 CAD total, depending on the program.
This option is available only for medical students!
Once you have been enrolled in an Australian medical school, you are eligible to join the Canadian Medical Association at the international rate of $12/year. While there are many other benefits, CMA membership grants you access to MD Financial’s Line of Credit, as well as its budget planning advisors and other banking services.
Information listed on the MD Financial website is typically concerned with granting financial assistance to Canadian medical students studying at a Canadian medical institution, so be aware that the terms and conditions for an international CMA member can be a bit different from what one may expect.
MD Financial will typically require proof of enrolment (MD Financial will also consider proof of acceptance under some circumstances) from your Australian university, as well as a co-applicant that must qualify for the total amount requested. Moreover, MD Financial’s Line of Credit requires interest payments to be made monthly, and stipulates its interest rates on the basis of the co-applicant’s credit value using standards set by the NBCN.
However, a co-applicant that is a physician with the CMA will be given an interest rate of prime + a percentage based on an assessment of his/her credit value.
MD Financial is not a bank itself. Its banking products are provided by National Bank of Canada’s Partnership Branch through a relationship with MD Management Limited.
|National Bank of Canada||National Bank has advised OzTREKK that they have student lines of credit for both professional and non-professional programs for Canadian studying internationally. Amounts range from $1,000–$200,000 CAD per year, depending on your area of study.||
|Scotiabank||Scotiabank has advised OzTREKK that student loans/lines of credit are not offered to students studying outside Canada (with the exception of specific American and European MBA programs).||Not Available|
|HSBC||HSBC offers personal loans and lines of credit, but do not provide student loans specifically or offer specific services to students.||
Scholarships from Australian Universities
Australian universities and the Australian Federal Government offer scholarships and bursaries to international students. The majority of these are provided to students who wish to do research in Australia at the postgraduate level (e.g., Master’s by Research, or PhD). A limited number of scholarships are available for students taking undergraduate programs or a general master’s degree.
For professional programs, such as medicine, law, physiotherapy, and teacher education, few scholarships are available to international students, chiefly because these programs are not research-oriented.
Each university has its own policy on how scholarships are awarded. OzTREKK links our students to in-depth information about applying for Australian university scholarships.
- Bond University
- Charles Sturt University
- Deakin University
- Flinders University
- Griffith University
- James Cook University
- Macquarie University
- Monash University
- University of Melbourne
- University of Newcastle
- University of Otago
- University of Queensland
- University of Sydney
- University of Western Australia
Scholarships for International Students
Finding a scholarship in Canada can feel like you are “looking for a needle in a haystack.” You must be diligent and thorough in your research. The more you explore your options and apply to as many agencies awarding scholarships, the better chance you have to access funding for your schooling.
Transferring Your Money
Throughout your studies, you are likely going to need to get money to Australia to pay your tuition fees and living expenses. In general, a wire transfer (called a telegraphic transfer in Australia) is the most effective way to do this. There are a few options of which you should be aware. Paying attention to rates can save you thousands of dollars (in some cases over ten thousand dollars) over the course of your full degree.
Over the last few years, OzTREKK has been a proud supporter of Cohort Go, an Australian company specializing in international student services. The company is incredibly responsive, and our students are treated well—as they should be! Cohort Go allows students to make tuition payments in their local currency and convert their AUD tuition fees at a significantly lower foreign exchange rate while eliminating extra international money transfer fees from the equation. We have found this is the cheapest way to pay your tuition and save as much as $15,000 over the course of your studies. You just need to make a local bank transfer and Cohort Go takes care of your payment from there.
OzTREKK isn’t any getting any referral rewards, we just really think this is one of the best solutions available for our students.
Transferring your money
After you’ve paid your initial deposit via your university’s preferred method of payment (recommended), you’ll want to look into the cheapest ways to transfer your money!
Cohort Go is a secure payment platform designed specifically for students that will save you time and money.
- Cheapest way to pay your tuition
- Save as much as $15,000*
- Used by thousands of students worldwide
How it works
Cohort Go converts your education expenses at reduced foreign exchange rates. You just need to make a local bank transfer and Cohort Go takes care of your payment from there!
What is Cohort Go?
Offering significant savings to more than 600,000 international students enrolled in Australia each year, Cohort Go allows students to make tuition payments in their local currency and convert their AUD dollar tuition fees at a significantly lower foreign exchange rate while eliminating extra international money transfer fees from the equation.
Since inception, Cohort Solutions has now assisted approximately 50,000 students from more than 180 different countries, studying at almost all institutions in Australia that offer international education.
The Australian Government has recognised Cohort Go for Innovation and Entrepreneurship in both 2014 and 2015, and in 2015, took 36th place in the top 100 “Fast Starters” list published by the Business Review Weekly (BRW) as one of the youngest and fastest-growing companies in Australia.
How it works
Cohort Go converts your education expenses at foreign exchange rates usually only available to large corporations and they pass these savings on to you. You just need to make a local bank transfer and Cohort Go takes care of your payment from there.
1. Set up your payment
Visit Cohort Go for your preferred rate, and follow the step-by-step instructions!
• Home country
• Destination country
• Fee total in Australian dollars (AUD)
2. Customize your payment
• Personal information (student ID, etc.)
• University and program details
• Upload your Letter of Offer
3. Select payment method
Least expensive way is domestic bank transfer (preferred option)
4. Complete the rest of the payment setup
• Identity verification: name, DOB, address, passport number, etc.
• Payment method: Details are provided in your offer letter
• Payer Information: You or another person (parent)
And then… confirm transaction!
5. Go to your bank
Take your payment advice to your Canadian bank and make a CAD wire transfer to Cohort Go using the instructions provided. Keep your receipt and track your payment online!
6. Funds Received email
Within 1–3 days, you will receive a “Funds Received” email. This means that Cohort Go now has your money and will transfer it to the university.
7. Payment confirmation email
When the money is remitted to your uni, you will receive a “Payment Confirmation” email, usually within 3 days*.
8. You’re finished!
Your payment has been made and you’ve saved money!
* Timeframes may vary on your bank, holidays, and other circumstances outside Cohort Go’s control.
|Provider||Canadian Dollar||Fees||Total You Pay||Added Expense|
|You Payˆ||Cohort Go||$64,487||$0||$64,487||$0|
ˆ Fees and rates were calculated based on calls with branches from each bank on July 11, 2019.
* Based on tuition and living expenses over full degree.
Banking in Australia
Many OzTREKK students recommend you open a bank account before you leave for Australia as securing accommodation is often much easier when you have an Australian bank account!
Some Australian banks allow international students open an account online from overseas up to three months before you arrive—and many OzTREKK students recommend doing this. When you arrive in Australia, the bank will require you to show proof of identification in person at a bank branch.
- Your letter from the bank after you’ve opened the account
- Your passport
- Your student ID or proof of enrollment
- Australian cell phone number if you have one
Australia’s major national banks:
#OzTREKKTip: Find out which bank has a branch on your university campus!
OzTREKK also recommends that you have a Canadian credit card with a reasonable maximum limit to take with you to Australia. It is not the best option for exchanging money from CAD to AUD and paying for things in Australia, but it may be helpful for emergencies and when you first arrive in Australia while you are setting up an Australian bank account.