jessmck Posted November 2, 2009 Share Posted November 2, 2009 My bank said no? any ideas as i would like to buy a new car? Thanks:cute: Link to comment Share on other sites More sharing options...
Guest humpy Posted November 4, 2009 Share Posted November 4, 2009 I know someone who has a bank loan from NAB, they are on a 457 visa but told a little fib, they ticked YES to the question, Are you a permenant resident. They only had to provide wageslips and driving licence Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 4, 2009 Share Posted November 4, 2009 It is possible as long as it is not longer than the term of the visa. Don't just try Banks though, also try through an equipment finance company, most Finance Brokers have access to a range of lenders so maybe try a Broker. Link to comment Share on other sites More sharing options...
Guest Bernicem80 Posted November 5, 2009 Share Posted November 5, 2009 Yes, it is possible as I just got one and I am a 457 visa. They will just make the loan term the same length as the amount of time remaining on your visa. It is easier to get if you go through the actual finance people that you are buying a car from (as obviously they want a sale so will be more keen for you to get the finance!) Hope that helps! Link to comment Share on other sites More sharing options...
jessmck Posted November 5, 2009 Author Share Posted November 5, 2009 thakns so much for all the advise:cute: Link to comment Share on other sites More sharing options...
Guest annielee Posted November 8, 2009 Share Posted November 8, 2009 im really confused with the banks here.. im a PR..but working as a full time (mon-fr, 9-5) contractor, getting about $80/hour .. but cant even get a $25k car loan from the major banks... i only own one credit card, that's it..and when i asked why my application is rejected, they said they cant give me an answer..which i dont understand.. can anyone give me an answer why? Link to comment Share on other sites More sharing options...
Guest HLE Posted December 1, 2009 Share Posted December 1, 2009 The way Australian banks assess car loans and home loans is quite complex. In particular people on a 457 visa tend to get unstuck in the following areas: * No credit history: Bank like to see that you have a credit file in Australia (created when you apply for a loan of any kind) and that you have built up a history with them. Getting a $500 limit credit card when you arrive is a good start as then the banks will begin to "trust" you. * 457 Visa term: Many non-residents just do not tell the lender that they are on a 457 visa and then they usually don't know. This doesn't work for 457 mortgages but generally does for car loans. See a car loan broker and they can help. * Contract income: Many Uk Expats are employed as contractors which banks in Aus see as a higher risk. If you are a contract employee then discuss this with your lender before you apply. * Shopping around: Generally you should just put in one application, putting in multiple applications will stuff up your credit file and make the lenders think you are a higher risk. Hope that helps! Good luck guys! Link to comment Share on other sites More sharing options...
Guest gadgetman Posted December 8, 2009 Share Posted December 8, 2009 I'm on a contract and on a 457 and had little hassle in getting a novated lease for the term of my visa. This was arranged via the car dealer though I had another offer through a company associated with my salary packaging firm (in fact I played them off against each other to lower the interest slightly). The way Australian banks assess car loans and home loans is quite complex. In particular people on a 457 visa tend to get unstuck in the following areas: * No credit history: Bank like to see that you have a credit file in Australia (created when you apply for a loan of any kind) and that you have built up a history with them. Getting a $500 limit credit card when you arrive is a good start as then the banks will begin to "trust" you. * 457 Visa term: Many non-residents just do not tell the lender that they are on a 457 visa and then they usually don't know. This doesn't work for 457 mortgages but generally does for car loans. See a car loan broker and they can help. * Contract income: Many Uk Expats are employed as contractors which banks in Aus see as a higher risk. If you are a contract employee then discuss this with your lender before you apply. * Shopping around: Generally you should just put in one application, putting in multiple applications will stuff up your credit file and make the lenders think you are a higher risk. Hope that helps! Good luck guys! Link to comment Share on other sites More sharing options...
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