bobby122 Posted May 5, 2015 Share Posted May 5, 2015 Hi guys Does anyone know the stipulations for buying a car on finance in Australia? I.e is it just you have to be employed, employed for a certain length of time, resident in Australia for a certain amount of time, on a certain visa etc? Thanks Quote Link to comment Share on other sites More sharing options...
Suzukiscottie Posted May 5, 2015 Share Posted May 5, 2015 I'd guess it will be just the same as in UK. A means of meeting the repayments, and that your overall monthly expenditure is within your means. And proof to show that to a lender. A local address. A credit history might help but if you are new to Aus then the lender will probably be taking a calculated risk. Consider a cheap used car?? Quote Link to comment Share on other sites More sharing options...
toOZ2012 Posted May 5, 2015 Share Posted May 5, 2015 I know people who got easy finance as soon as they started a job in OZ. If the banks think you are not credit worthy they may ask for a down payment. Unless you are buying $50k cars, it should be pretty easy. I agree with scottie, consider a cheap used car at first. You may want a different car in a few months. Quote Link to comment Share on other sites More sharing options...
Bungo Posted May 5, 2015 Share Posted May 5, 2015 I agree with Scottie that it is pretty similar to UK, in that no hard rules but the lenders will look at your circumstances. We got a car loan within a week of arrival. Quote Link to comment Share on other sites More sharing options...
srg73 Posted May 5, 2015 Share Posted May 5, 2015 Not entirely true. You do need employment or cash. Even with employment you need an address, Aus licence and tfn and normally you will need 6 months employment and utility bills too. We secured a small loan after 2 weeks however this was due to the size of the loan (we took it to establish a credit record quickly) had money in the bank to pay the loan if needed and had very good earrings with signed contract. Bit of a catch 22 as cars are expensive here however you want something reliable. We went for 2010 golf Tdi with very low k's, been a great car for us. Do the usual, lowest k's, service history and maybe worthy buying from a garage as they have to provide a warrantee which can be extended. S Quote Link to comment Share on other sites More sharing options...
bobby122 Posted May 5, 2015 Author Share Posted May 5, 2015 Thanks for the input, will see how it pans out. Seems like try it and see. I assume with a joint hirer/guarantor might help too. Quote Link to comment Share on other sites More sharing options...
Mylease Posted May 6, 2015 Share Posted May 6, 2015 I guess you are asking two questions in one here. 1) The statutory requirements for owning a car vary a little depending on which state you are going to reside in. But basically you need to demonstrate that you reside full time in the state in which your car will be registered for use, and in most instances you will need to have a driving license issued by that state authority (although there are exceptions for this requirement). A utility bill or bank account statement would usually be enough to confirm a local address. 2) There are a range of different types of finance available in Oz but in respect obtaining finance on the car via a typical bank loan of hire purchase then the following are usual considerations: - Point 1 above must be covered off. - if your visa is for a limited tenure then a finance agreement cannot exceed that period - you must have steady permanent full time employment for minimum 3 months (not probationary employment) - you must have some level of asset base, or cash at bank to demonstrate security. - affordability .....you need to be able to demonstrate you can afford repayments - clean credit history There are some C & D lenders grade who will bypass some of these requirements but this will come at a significant interest rate penalty. If you have a 457 visa or your visa has unlimited tenure then you maybe able to take what is called a novated financial lease where you end up owning the vehicle at lease end. Its a very typical way of obtaining a car in OZ and all you really need is stable employment and a willing employer. Or finally there are short term lease / rent options available where yo never end up owning the car and you can bypass most of the criteria above. Quote Link to comment Share on other sites More sharing options...
KirkyG Posted May 6, 2015 Share Posted May 6, 2015 I found that most lenders would only lend me an amount for the term of my 457 visa. Quote Link to comment Share on other sites More sharing options...
srg73 Posted May 6, 2015 Share Posted May 6, 2015 - you must have steady permanent full time employment for minimum 3 months (not probationary employment) . = 9 months as nearly all employers place you on a 6 month probation period. Ours came from ANZ for your information. S Quote Link to comment Share on other sites More sharing options...
rommelverain Posted July 28, 2015 Share Posted July 28, 2015 first you need to have a property that's worth the car you are buying. then the capacity to pay monthly amortization. Quote Link to comment Share on other sites More sharing options...
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