Loan on a 457 visa

[THEGOLDMANS]

Hi, I cannot find any threads on a loan application. I arrived here in Australia on a 457 visa 1 week ago. I have to buy a car as I work away from the city ( Brisbane). I have been told that I would not e able to get a loan in order to buy a car. Is this correct and if so how can I can I get around it? Thanks!

[Peach]

Um, buy and old bomb until you can afford a better car or are in a better position to obtain a loan?

[orlaandjoe]

we are on a 457 in WA and got a car on finance no problem!

[Home Loan Experts]

Most banks will not lend to people on a 457 visa. However it is possible to get a mortgage with some lenders. As for car loans again this is possible however just not every lender will help.

[aphex2k]

As a nurse, I contacted Police and Nurses a couple of days ago about a loan to buy a car when we arrive next week. They told me:-

"Depending on the age of the vehicle you select will determine whether the loan will be secured or unsecured.If the vehicle you select is no older than 7 years of age, we are able to secure the loan with the car and offer a secured rate of 9.75%p.a. up to the value of $20,000.00 over a maximum 2 year term.
If the vehicle you select is older than 7 years, an unsecured rate would be on offer of 13.75%p.a. over a maximum 1 year term."

I've not contacted Westpac yet or tried anyone with regard to finance until we get there but I think that's a good deal really. If anyone knows any other deals or offers out there, this is the thread to post em in!


Mark