Guest drunkpunkmunkey Posted June 1, 2011 Share Posted June 1, 2011 Hi, I am moving out to QLD at the end of the year. We currently have enough savings for the move, rental deposit, airfares etc, but that doesn't leave much for a car. I think we'll have approx $15000 to put down as a deposit on the car. (purchase price $40k?) We're looking at buying a Honda, but we are worried about our ability to get a personal loan or car finance. Has anyone had any experience of getting a personal loan or Honda finance on a 457 visa? I've been offered a very well paid job and have a very good credit rating in UK...obviously no credit history in oz. Thanks in advance for any responses Link to comment Share on other sites More sharing options...
Guest destinationoz Posted June 1, 2011 Share Posted June 1, 2011 Can't help I'm afraid but interested to know if it possible go get car finance when we get there so bumping this up.... Link to comment Share on other sites More sharing options...
redrobbersdog Posted June 1, 2011 Share Posted June 1, 2011 Hi, my hubby arrived before me in December on a 457 and went out and bought a cheap run around (approx 8.5k) it was financed through St George and he had no problems what's so ever. You cannot finance it any longer than the time that you are on your 457 so basically if you go straight out and get one then you might be ok over 4 years but more than likely 3 years as we did will be required. We did not use any deposit either. They do not take into account credit history from the uk but do ask questions about employment in the uk last job and how long you were employed with your last job. They just like to know with your outgoings in OZ can afford the repayments. It was quite an easy process. We have since got pr and went last week and bought another car on finance for a greater amount (approx27k with 10k deposit) this was with Toyota finance even though it's a vw? And it all went through fine again. Hope this helps and good luck Dawn Link to comment Share on other sites More sharing options...
phil Posted June 1, 2011 Share Posted June 1, 2011 Some of the car dealer websites I've seen even specify that getting 457 finance isn't a problem. The dealers I've been to see all said it was no hassle. They may well add a little to the interest rate as it's considered a higher risk for them and the paperwork may take a few days to get done, but it shouldn't be a problem. The bank we opened accounts with before landing also seemed very open to approaches for personal loans, but their rates were higher than the finance companies. Link to comment Share on other sites More sharing options...
Guest JK2510 Posted June 2, 2011 Share Posted June 2, 2011 We are on a PR visa and our interest repayment are around 11.5%. Some loan companies hate the word probation and they won't touch you with a barge pole but I gather from speaking to others it does vary from place to place. Link to comment Share on other sites More sharing options...
Guest destinationoz Posted June 2, 2011 Share Posted June 2, 2011 Really helpful - thanks everyone Is it too cheeky to ask what repayments would roughly be borrowing approx $20k over 4 years? Thanks! Link to comment Share on other sites More sharing options...
Exile Posted June 2, 2011 Share Posted June 2, 2011 Really helpful - thanks everyone Is it too cheeky to ask what repayments would roughly be borrowing approx $20k over 4 years? Thanks! we just bought a Honda Accord Euro (its just called the Accord in the UK, but there is a different Accord over here) It cost us 31,000 brand new. (not the luxury model but packed with features) Its also the 2.4 litre version (base model over here), which is available for around 27000 GBP in the UK, if I recall correctly! The UK base models are all 2.0litre engines and the 2.4 is deemed to be a sporty version. So Honda is a actually a brand that works out cheaper in Australia - even at today's exchange rate...weirdly. Anyway. example of a loan Calculator here: http://www.formulahonda.com.au/calculator.php Not sure what the current Interest rate for car loans is, probably around 7-9% or so, depensing on the finance company. Also, have you considered used cars? Check www.carsales.com.au for some potential options edit: just to stress, my % is pure guesswork, There seems to be some higher examples in the thread. Link to comment Share on other sites More sharing options...
Guest drunkpunkmunkey Posted June 2, 2011 Share Posted June 2, 2011 thanks to all of you for taking the time to reply - there's some really helpful stuff here, so thank you Link to comment Share on other sites More sharing options...
foy465 Posted June 9, 2011 Share Posted June 9, 2011 I just got finance through Nissan for a micra...we did have to put down $1000 as a deposit and the cost was $14000, over just under 4 yrs is $397 per mth. We couldn't have got any more price wise and the rules for income was very strict! we had been turned down previously by Beecham Holden for finance. We are in Brisbane. Link to comment Share on other sites More sharing options...
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