Bank Loans on a 457 Visa?

Hi Guys,

We were just wondering if any of you guys on a 457 visa have taken out a bank loan?

We have been here 10 months now and settled in really well, work is going great and I have just been promoted, I was car sharing but now need to drive myself in as I will be working different hours, we are looking out for a second car for my wife to use, she is looking at people carriers and has seen a few for around $12000. We were hoping to get a bank loan but we were just wondering if its possible on a 457 and we were hoping to get info from you guys e.g. availability to 457 visa holders, banks used, amount loaned and repayments.

We understand that finances are very personal so if you dont want to answer some of the questions then thats fine, also if you prefere you can PM us.

Terry

Hi

Dave was looking into getting a loan for a second car for us and because a job he was offered specified he needed a car with 4 doors!! We're also on a 457 visa and have found that the banks won't do personal loans for us because we are not permanent residents. He also contacted some finance companies whose specifications were that you were working, they wanted to see payslips, visa, job contract etc etc and having had a conversation with them about about how much we wanted to borrow - they never got back to us!!! So not much luck!! If you manage to find anything else out could you let us know!!!

Thanks

Carol

Hi Carolm,

We did try Melbournes Cheapest cars, they would have taken $500 as a deposit and weekly payments of $140 for a late model Astra. They were really helpful and have a huge amount of cars on site. We just didnt really want to be paying that much. We could only get a loan that would finish three months before the expiry date of the visa.

Off topic where in Berwick are you? Im sure we have PM'd before and I have asked these questions but what do you and your hubby do? Do you have kids?

Terry

You can get car finance on a 457 but need a good deposit and you will only get finance to the end of your visa so if you have had yr visa one year you will only get tick for 3 years ,I believe st georges bank do car finance but its from dealers

I'm on a 457 and I managed to get finance for my car through the dealer. They would only do it if at the final payment there was 3 months left on my visa, I got my car loan through RAC finance. They wanted to see payslips bank statements and visa in passport and it was no problem. I only paid a $500 deposit on an $7000 loan, so maybe it depends how much you borrow?

Hope this helps :+)

Hi Carolm,

 

We did try Melbournes Cheapest cars, they would have taken $500 as a deposit and weekly payments of $140 for a late model Astra. They were really helpful and have a huge amount of cars on site. We just didnt really want to be paying that much. We could only get a loan that would finish three months before the expiry date of the visa.

 

Off topic where in Berwick are you? Im sure we have PM'd before and I have asked these questions but what do you and your hubby do? Do you have kids?

 

Terry

Hi Terry

We have pm'd before we came over to Oz. We arrived the middle of Sep and seem to be settling in well. We are living on The Chase estate in Berwick. I am a midwife working at Casey Hospital and Dave starts work in the New Year for a company in Dandenong as a sales rep. We don't have any kids - its just the two of us! Sounds like you are settling well too. Have a good xmas - it will be strange having Xmas in the warm weather (well, thats as long as its not a day like today!!)

Carol

Hi - i got finance for a car through the VW dealer that I purchased it from. I had >3 years left on 457. They asked for copy of visa, payslips etc and it wasn't even mentioned from them about temporary visa - the application was approved in seconds and all went through fine...