[suzie5555]

Does anyone know if you are on a 457 can you apply for car finance or a credit card. Can you recommend any banks please

 

[Guest]

You wouldnt automatically be rejected but they would obviously look at it as a higher risk as you are not a resident. But I've seen people on 457 getting mortgages so!

 

[ash1901]

Shel is right they will just presume higher risk but, as long as you have papers showing that u have income they will lend you. Not sure if interest rates would be higher or same.

As for bank, we chose CBA, it was very simple. They have a migrating to Australia section which shows the steps on their website. You can create an account and transfer money and once you land in Australia, you show them your ID at local branch and they will give you debit cards and you are ready to spend. Also the account fee is waived if you deposit at-least $2k a month.

I didn't check other banks but I assume they have the same scheme.

 

[suzie5555]

Many thanks does the same apply to get a credit card

 

[ash1901]

I am not sure of cc, but I'm sure someone will give you money At a nice interest rate.

I try to stay away from debt and have a cc via my company that I use in emergency.

Good luck

 

[sanands2007]

Many thanks does the same apply to get a credit card

Nope credit card would be provided to 457 holders after 3 mons they have salary credited to same account , it should not be an issue at all. but u need to have a salary account there .

Car loan is real tough
All the best

Regards
San

 

[mahisasuran]

Get a personal loan from the bank you have your salary. Better than CC or Car Loan.

 

[Colindp]

The only issue I have had is that the finance I got to buy my car had to be repaid prior to the expiry of my visa (obviously)...I also have a credit card from my bank, I was advised that it is possible to get a mortgage on a 457 providing you have a 20% deposit!