Loans on 457
Sep 10th 2012, 12:18 pm
#1
Planning for the future
Thread Starter
Joined: Dec 2011
Location: Soon to be Brisbane :D
Posts: 231
Loans on 457
Does anyone know which banks will give a loan for a car while on a 457 visa
Many thanks
Many thanks
Sep 10th 2012, 12:43 pm
#2
BE Forum Addict
Joined: Oct 2011
Posts: 1,217
Re: Loans on 457
Not a lot, and you will get stung on interest rates..
Sep 10th 2012, 12:56 pm
#3
Planning for the future
Thread Starter
Joined: Dec 2011
Location: Soon to be Brisbane :D
Posts: 231
Re: Loans on 457
Oh crap :-( what interest rates r we talking?
Sep 11th 2012, 8:03 am
#4
Forum Regular
Joined: Jan 2011
Location: Brisbane, Australia
Posts: 92
Re: Loans on 457
1) Earning more than 75k pa,
2) The loan term will always be less than the remaining term on your visa, and
3) The car is not too old - i forget the exact timeframe.
The CBA used to do them however I believe they have changed their policy... OR will only do it within 12 weeks of arriving in Australia.
You could also google the term 457 visa car loan, should bring up "get approved.com.au"
Sep 11th 2012, 9:31 am
#5
Planning for the future
Thread Starter
Joined: Dec 2011
Location: Soon to be Brisbane :D
Posts: 231
Re: Loans on 457
If you are buying a car through a dealership then best thing to do is approach their finance guys. Alternatively, someone like Esanda or GE will do it providing you meet strict criteria such as:
1) Earning more than 75k pa,
2) The loan term will always be less than the remaining term on your visa, and
3) The car is not too old - i forget the exact timeframe.
The CBA used to do them however I believe they have changed their policy... OR will only do it within 12 weeks of arriving in Australia.
You could also google the term 457 visa car loan, should bring up "get approved.com.au"
1) Earning more than 75k pa,
2) The loan term will always be less than the remaining term on your visa, and
3) The car is not too old - i forget the exact timeframe.
The CBA used to do them however I believe they have changed their policy... OR will only do it within 12 weeks of arriving in Australia.
You could also google the term 457 visa car loan, should bring up "get approved.com.au"
Sep 11th 2012, 10:41 am
#6
Forum Regular
Joined: Aug 2012
Location: Sydney
Posts: 59
Re: Loans on 457
Hi, from what I understand, no banks currently provide car/personal loans to 457 holders. May be worth asking, just incase the policies have changed since i last heard (last year)
Sep 11th 2012, 10:49 am
#7
Forum Regular
Joined: Jun 2010
Location: Darwin australia
Posts: 253
Re: Loans on 457
We are on a 457 and have a loan from our bank - nab
Sep 11th 2012, 10:54 am
#8
Forum Regular
Joined: Aug 2012
Location: Sydney
Posts: 59
Re: Loans on 457
is it a home loan or a personal loan? Things may have changed now, but when i last heard home loans are fine, but not personal loans, as odd as it may sound.
Sep 11th 2012, 11:04 am
#9
Forum Regular
Joined: Jun 2010
Location: Darwin australia
Posts: 253
Re: Loans on 457
PersOnal loan as we dont own a home here just in uk!!!
