gaining Finance for non PRs

Diamondmaker

Hi

Im currently on a 457 and am sponsored. My visa will be extended in the near future and I will also be applying for PR soon.

However in the meanwhile I want to buy a new car and Im sick of driving the piece of seisse that I got for cash when I arrived as I did not know if I was staying.

I have been only offred finance for the lenght of my current visa by ANZ and the delaers finance co.

How have any other people got around this ?

Also have any people experience of gaining the loan from back home based on earnings here ??

cheers
DM

nzae86

when i had a 457 visa commenwalth bank never checked with me but i had been banking with them for 3yrs at the time, they are meant to be the most lax bank for checking. the interest rates were much higher tho than some of the other options all of whom would only give me finance to 3 months before the end of the visa.

mandrake04

Diamondmaker wrote: »

Hi

Im currently on a 457 and am sponsored. My visa will be extended in the near future and I will also be applying for PR soon.

However in the meanwhile I want to buy a new car and Im sick of driving the piece of seisse that I got for cash when I arrived as I did not know if I was staying.

I have been only offred finance for the lenght of my current visa by ANZ and the delaers finance co.

How have any other people got around this ?

Also have any people experience of gaining the loan from back home based on earnings here ??

cheers
DM

I had a friend who made the mistake of saying too much as well and ended up in the same scenario... they would only give him the loan over the length of the remaining time of his visa (2 years). When applying he was asked was he an Australian resident he said 'I am on a 4 year visa but am applying for PR next year' and then began to elaborate on this. If he would have just said YES he would have saved himself a lot of hassle.

In the end he applied somewhere else and when asked the question he didn't elaborate this time and got the loan over 4 years. A lesson for us all don't say too much.

ballooba

nzae86 wrote: »

when i had a 457 visa commenwalth bank never checked with me but i had been banking with them for 3yrs at the time, they are meant to be the most lax bank for checking. the interest rates were much higher tho than some of the other options all of whom would only give me finance to 3 months before the end of the visa.

Judging by comments on other threads here it would seem BankWest have taken that mantle. It sounds like OP will need to wait until they have enough time on their visa to finish out the loan though. Saving could be an attractive option in the interim, especially with three interest rates in the last quarter.:)

Mahatma coat

How much do you want to spend on a Car?

What have you in mind, New or Near new??

I have a mate that does Motor Auctions and can arrange Finance, PM me

Diamondmaker

Cheers

I have the car all ready to go just need to firm up the finance, so thanks any way MC.

I have put in a call to my acc manager in Dublin to see what he has to say this would of course be the best option given how low rates are at home.

I have also taken the say no more than Im asked mantra with an ANZ and Suncorp on line application to cover 2 more bases.

Final option, is to ask my boss to put his name on the loan until the visa is extended. I know he would but its a lot to ask of any one.

cheers for all info Ill update for everyones input what works as I go.
DM

ballooba

Diamondmaker wrote: »

I have put in a call to my acc manager in Dublin to see what he has to say this would of course be the best option given how low rates are at home.

Your loan would be dominated in Euro though and with the current strength of the AUD you'd be getting a poor deal. I've taken a loan in Australia while I have funds to cover it in Ireland for that very reason.

laoisforliam

Hey Bumping this thread,

Im on a 457 and I want to get about a 10,000 loan. Its to study.
Does anyone know if this is possible or have any experience with this?

Cheers

Vorsprung

laoisforliam wrote: »

Hey Bumping this thread,

Im on a 457 and I want to get about a 10,000 loan. Its to study.
Does anyone know if this is possible or have any experience with this?

Cheers

Where in the country are you?

I borrowed some money from Queensland Credit Union a couple of years ago, think it was about 5k. Might be worth a look if you have no joy with the main street banks (which was the case with me as I had only been in the cow try for about 9 months at the time).

laoisforliam

Im in Western Australia.
Westpac have informed me that they only give personal loans to PRs.
I was thinking of gettiong a credit card.
Does anyone have any idea what kind of credit do you get on a credit card? or is it based on each individuals circumstances?

Padskip

Bump again...I need to buy a new car for work once I get my insurance check in on my previous car (Kangaroo 1-0 Car) I will have $5-6k.

Now that I have my 457 does any have any experience with getting car loans? I'm thinking about getting a $10k loan and investing my insurance money as I can claim the interest back on tax. I'm with ANZ and they have given me a c/card with a big limit already.

Cheers

ballooba

Padskip wrote: »

I'm thinking about getting a $10k loan and investing my insurance money as I can claim the interest back on tax.

Can you explain that line? Are you saying that you will claim the interest on the car loan as a business expense? Have you consulted a tax advisor on this?

A little bit of info that might help clarify your scheme for you:
http://www.bluelight.ru/vb/threads/569631-Car-Lease-for-ABN-Holder
http://www.ls1.com.au/forum/showthread.php?123020-One-for-the-accounting-gurus&

TirEoghain

I was able to borrow 20k a few months ago for a car from Toyota Finance over a loan term of 21 months due to only having two years left on my visa.

Was actually looking to borrow 25k but they said that they'd give me 20k if I paid a 5k deposit, so that's what I did.

Repayments are fairly hefty, but at least I'll own a fairly fresh car outright quicker, and pay a lot less interest.

ballooba

What's the APR TirEoghain? I had a car loan from Westpac through a dealer and the rate was 13% plus.