Best Finance Co. for car loan for 457 visa holder

[Piscine75]

If you can do it through your employer, a novated lease is fairly easy to arrange. I got one after 2 weeks being employed. They can source some good deals on car prices too, if you want a new car.

Other option is commonwealth bank. They financed my for my ex partners car. By the way anyone interested in buying a 3 month old Hyundai i30??? Need to get rid of it lol

Hiya,

Forgive my ignorance but what is a novated lease?

[Andyrob]

It's an arrangement between you, the lease company and your employer. The lease payments (plus fuel and maintenance if you want to) are taken off before you are paid. Some comes off before tax, and some afterwards. So there are tax savings with it.

Have a look at smartsalary's website, they have all the info on there

Andy

[Piscine75]

It's an arrangement between you, the lease company and your employer. The lease payments (plus fuel and maintenance if you want to) are taken off before you are paid. Some comes off before tax, and some afterwards. So there are tax savings with it.

Have a look at smartsalary's website, they have all the info on there

Andy

Hi Andy,

Thanks for such useful information.

Do you know if you are eligible on a 457 visa?

[Andyrob]

Yeah - I'm on a 457 visa, and had only been on it 2 weeks when I got the car.

It's a wee bit more complicated than if you are a resident, but it's not that hard. I was able to prove some savings I have in the uk, so it was simple - but definitely worth doing. You shouldn't have too much problem

Andy

[Piscine75]

Hi Andy just wondering if this is different to the LAFHA?

[Andyrob]

Yeah completely. LAFHA is an allowance you can claim for being here on a 457. I believe it reduces your tax, but I'm not sure.

The novated lease is just a different way of doing a normal fully maintained car lease that means your payments come off Before your salary is paid and you make some tax savings.

Andy

[Piscine75]

HI Andy do you have to go through one company or can you get your finance from any company and pay it through via your salary? The reason I ask is I have just both a car and got my finance arranged.

[Andyrob]

It depends on which company you go through. I know that smart salary will let you sort the car and finance yourself, provided that the finance company will meet there conditions (there are only 2 and they are to do with the repayments). But if your finance is approved but not paid out doesn't mean you need to go through with it - worth getting a quote elsewhere at least. If you are straight out financing then a lease may well work out cheaper per month.

The only real condition with the novate lease I found was that the lease has to end 2 months before my visa expires (ie my lease is 3 years 10 months) but didn't bother me as I am going for residency anyway.

Regards

Andy

[Jillie14]

I would agree with Andy and go for a novated lease - see enclosed info below - happy to help if more required

Clickhere