Bank Loan Advice - 457 Visa
May 10th 2008, 6:21 am
#1
Forum Regular
Thread Starter
Joined: Oct 2007
Location: Bern, Switzerland
Posts: 83
Bank Loan Advice - 457 Visa
Hi, wonder if anyone can advise me here?
I have been here in Oz for over 3 weeks now on a 457 visa. I work for the Queensland Government on a very good salary and I need to take out a loan to buy a car. I get to garage a Government vehicle but personal use is restricted so I deffo need to buy my own soon.
Admittedly I have not approached my own bank (Westpac) yet. Wanted to see what others said first so what is the best way to go about getting a loan when:
(a) I aint been here long and am on a 457 (therefore not PR);
(b) Don't really have a permanent postal address as am staying in a holiday rental at present.
I have to money to buy a very cheap car but don't really want to go down that road if I can help it. My other alternative is to take out a loan back in the UK and do it that way but I am surely going to lose money on the repayments.
Anyone who has been in a similar situation, advice appreciated!
Cheers,
Gav
I have been here in Oz for over 3 weeks now on a 457 visa. I work for the Queensland Government on a very good salary and I need to take out a loan to buy a car. I get to garage a Government vehicle but personal use is restricted so I deffo need to buy my own soon.
Admittedly I have not approached my own bank (Westpac) yet. Wanted to see what others said first so what is the best way to go about getting a loan when:
(a) I aint been here long and am on a 457 (therefore not PR);
(b) Don't really have a permanent postal address as am staying in a holiday rental at present.
I have to money to buy a very cheap car but don't really want to go down that road if I can help it. My other alternative is to take out a loan back in the UK and do it that way but I am surely going to lose money on the repayments.
Anyone who has been in a similar situation, advice appreciated!
Cheers,
Gav
May 10th 2008, 8:31 am
#2
...feeling hot hot hot!!!
Joined: Jul 2006
Location: Cairns
Posts: 935
Re: Bank Loan Advice - 457 Visa
When I arrived on a 457 I asked my bank (Bendigo) about a car loan and they said unlikely to get a loan in the first 6 months. I went to a dealer and got finance no problem and just a $500 deposit. 
May 10th 2008, 8:52 am
#3
BE Enthusiast
Joined: Jan 2007
Location: Hobart, Tasmania
Posts: 359
Re: Bank Loan Advice - 457 Visa
We got a dealership finance on 457 4 days after we arrived. They agreed to spread finance over the length of 457 which for us is 2 years, picked up car next day.
May 10th 2008, 10:35 am
#4
Joined: Jun 2006
Posts: 229
Re: Bank Loan Advice - 457 Visa
Banks were a big no-no for me (I tried them ALL but I don't have PR), in the end I got finance, with no deposit, via a broker, with ANZ (who had previously said 'definately not' to me).
One dealership offered me 23% so please be careful, they also tried sueing me when I turned them down. In the end I got 15% which is very good for someone who is only on a temp visa.
PM me if you want details of a reliable Brisbane based broker.
One dealership offered me 23% so please be careful, they also tried sueing me when I turned them down. In the end I got 15% which is very good for someone who is only on a temp visa.
PM me if you want details of a reliable Brisbane based broker.
May 10th 2008, 11:48 am
#5
Forum Regular
Thread Starter
Joined: Oct 2007
Location: Bern, Switzerland
Posts: 83
Re: Bank Loan Advice - 457 Visa
Cheers for all the responses guys!
I was kind of thinking that dealership finance might be the way forward!! Those mothers will lend money to anyone LOL! Just gotta watch the % rate.
Seriously though, good to hear it is possible! I am going stir crazy without full use of vehicle!!
Gav
I was kind of thinking that dealership finance might be the way forward!! Those mothers will lend money to anyone LOL! Just gotta watch the % rate.
Seriously though, good to hear it is possible! I am going stir crazy without full use of vehicle!!
Gav
