Finance while on a visa
You’ve taken the big leap and moved to Australia. Perhaps you have a job or you’re studying here. To properly settle in you need a place to live, a car to get around in, and you may require additional funds to help with the financial requirements of life in general or your education. Many people are under the impression that if you’re a non-resident, it can be difficult to secure the necessary finance.
It’s easy to become overwhelmed by the amount of dollars, or lack thereof in your bank account, but the good news is that Yes Loans have options for you to get the finance you need to get on with life.
Yes Loans use certain criteria to determine your eligibility for a personal loan, assessing your financial situation, visa status and length, assets, and loan purpose.
What loans are available to non-residents?
• Car loans
• Secured personal loans
Am I eligible?
To be eligible to apply for a loan through Yes Loans you may be required to meet some of these criteria:
• A stable employment or a source of income
• Hold an appropriate visa
• Being able to repay your loan before your visa's expiry date
• Have an Australian bank account
So what about the visa?
Here’s the tricky part. If there is only a short time before your current visa expires, the loan term you are offered will reflect the amount of time left on your visa. This will affect your regular loan repayment amount, by pushing it higher and potentially making it unaffordable. This will impact on the amount of money you are able to borrow.
Can I get a student loan if I’m an international student?
Australia’s student loan system is called HELP (Higher Educational Loan Program). It provides students with financial aid to fund their education. Unfortunately, international students are not eligible for HELP, but there is some assistance that could help with the financial situation. Some educational institutions offer grants and scholarships to international students that cover education related-expenses, however these are granted at the institution’s discretion and aren’t always available.
If a student loan is unavailable, then obtaining a personal loan through Yes Loans may be an option. Each application for a personal loan will be considered on a case by case basis. Careful preparation should be undertaken prior to applying as the more times an applicant applies and places an enquiry on their credit file, the harder it will be to get approved for a loan.
Once you have your finances sorted out, you can settle in to your new life!