fiona021

We are moving to Brisbane on my partners 457 visa. Will need a car and won't have a great deal of money to take with us. Can anybody advise if we could get a loan for a car on this type of visa. I will most likely have a job too so there will be two wages coming in.
Can you get a mortgage on a 457 visa too? Or is this something you could do after applying for PR?
Thanks in advance.
Fiona

JAJ

No legal requirement to have PR, but it is certainly possible that you will find credit harder to obtain on a 457 (think about it from the lenders point of view).

If you want to purchase real estate on a 457 - remember you need FIRB approval. http://www.firb.gov.au

Also remember that you don't have secure status in Australia on a 457 and buying a house may put you in a difficult financial position should you later on have to go home.

fiona021

Thanks very much. Becoming more of a reality now and the costs are building up for medicals, fees, selling house etc.

Maybe we will become fitter getting public transport here and there when in Brisbane. Rented accommodation was an idea for a year at least til we were sure that we all fitted in. I'm sure we'll get a mortgage and the like someday and in the meantime enjoy the benefits of a mortgage/loan free existence.

Thankyou for your advice.

The Bevs

Hello
We are in WA and were able to get finance to pay for our car on a 457.
Getting a credit card or a debit card from our bank is a different story, they won't let us have one till we have PR.
Sue

fiona021

That's good news. Thanks. I'll just take my credit card with me!

woody1cruiser

We managed to get a credit card after 2 months. As long as I had payslips to prove I was earning they were OK. Only got 3k limit but tides us over.

Didn't try for a car as a ffiend of my brothers lent us one til the money came through. FIRB approval on the land we bought was no problem and mortgage sailed through as well.

Debs

fiona021

Excellent. Don't mind renting at all but don't want to go from one rental to another with two kids. Would like to get them settled in quickly. That's hopeful though.

Thanks

Mr Mortgage

Hi all,

If you have any problems getting loan information perhaps you can pm me, I specialise in getting expats mortgages / loans, as I am a Brit myself I know what you are going through. However, it is not difficult to obtain finance if you know how.

Hope this helps

Regards

Your favourite Mortgage Broker

woody1cruiser

Forgot to say. Was able to apply for the mortgage after 3 months with a letter from the company saying I had passed the probationary period.

We also bought the land cash from the sale of our house in UK.

Debs

ghanghro

I'm myself here on 457 and I must say that its really hard to be in Australia without PR status. Everything seems to be bound here with your residence status.

I had a tough time to get my Credit Cards, however ANZ will give you a mastercard if your salary is above 70k.

In terms of Car Loan, I didnt find it difficult though, GE Finance approved my car loand for a Toyota Camry twice but I canged my mind as I didnt want to have a new car unless I've sorted out my residency here.

I didnt look for house loans myself, however a lady doctor in my neighbours (she is also on 457 here) have recently got all approvals from FBR and have also got the Loan from bank. I think the only condition on them is that they need to build the house rather than buying a house which is ready to move in.

Ghanghro

woody1cruiser

I don't earn that much but Commonwealth still gave me the card. Our mortgage is through bankwest. The only problem we now have is trying to get life policies as Bank west are saying we have to have PR. Seeing ommonwealth next week. Just looked through our Super tho and looks like we have enough cover there along with critical illness cover. Not sure tho as a bit confusing so will call them on Tuesday to confirm.

Debs