Can you get a loan on a 457 Visa?

Can you get a loan on a 457 Visa?

For 457 Visa holders working in Australia, you may reach a point where you need to apply for a loan. This handy guide will show you how to get extra financing during your time abroad.

You’ve made the long journey to Australia and found yourself a stable job, close circle of friends, and the chance to experience everything this sunburnt country has to offer. As a 457 Visa worker, you may be wondering if you’re eligible for a loan and how you can get one.

Whether you’re looking to finance a new car, motorcycle, caravan, business equipment, or other personal purpose – there are many financial lenders who offer loans for Temporary Visa holders.

While the process is more involved for Temporary Visa holders than for permanent residents, you can easily get a loan if you meet the right criteria.

What Do You Need to Apply?

To be approved for a loan, you need to go through an application process and be assessed by a financial lender.

No matter which lender you approach, they will assess your employment and financial circumstances including the conditions of your stay in Australia. The most important factors you’ll be assessed on are:

  • Your job and level of income
  • How long you’ve been employed
  • The length of your Visa and expiration date
  • How long you’ve been living in Australia
  • How long you plan on staying in Australia
  • Your past credit history
  • Your capacity to make a cash deposit

With all these different criteria to meet, how do you know what makes for a ‘good applicant’?

Applicants with a high level of income and longer period of stay in Australia will be considered a low-risk candidate. Therefore, they’ll most likely be approved for a loan.

Who Can I Talk to For Guidance?

Do you need help with applying for a loan? A finance specialist can increase your chances of being accepted for a loan.

A finance specialist will help you find a lender who’s sympathetic to your specific needs. They can scope the market and find lenders with a history of financing Temporary Visa holders. And they can even negotiate on your behalf to secure the most competitive deal!

Do Your Research and Starting Applying!

For non-permanent residents, applying for a loan can be daunting. However, by taking the time to research the market, preparing yourself with the right documents, and seeking help from a trusted finance specialist – you’ll greatly increase your chances of securing that dream loan.

Australian Times

Australian Times

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