We understand the visa process is just the start of your relocation to Australia! That is why we connect with other industry professionals to offer a complete service.
Setting up your finances in Australia is an important consideration when emigrating.
Introducing ICS Business & Finance
ICS Business & Finance are a Perth-based business specialising in loans and financing.
Their experienced team can help you with personal lending services, such as:
- Home Loans
- Car Loans
- Personal Loans
- Self-Managed Super Funds (SMSF)
ICS also provide business lending and support services, including:
- Business Loans
- Equipment Finance
- Working Capital
- Finance Consulting
You can learn more about setting up your finances in Australia by contacting Sheleila D’Paiva.
Your finance questions answered
We caught up with ICS director Sheleila to ask her your most pressing questions setting up your finances in Australia. This includes buying a home, car loans, business finance and more!
Home Lending
Q1: Can I get a home loan in Australia on a 482 employer-sponsored visa?
A1: Yes, it is possible to get a home loan on a 482 visa, but lenders may require a higher deposit, usually 20-30%. Some lenders specialise in offering loans to temporary visa holders.
Q2: What about home loans for 189 or 190 visa holders?
A2: As a holder of a 189 or 190 permanent resident visa, you are generally treated like an Australian citizen. You may only need a 5-20% deposit, and you may be eligible for government grants like the First Home Owner Grant (FHOG).
Q3: Are there any restrictions on the type of property I can buy?
A3: 482 visa holders might need approval from the Foreign Investment Review Board (FIRB) to buy property, especially if it’s an existing dwelling. 189 and 190 visa holders typically have no such restrictions.
Q4: Can I access any home buying grants or incentives as a 482, 189, or 190 visa holder?
A4: 482 visa holders usually cannot access government grants. However, 189 and 190 visa holders may be eligible for the First Home Owner Grant (FHOG) and other state-specific incentives.
Car Loans
Q1: Am I eligible for a car loan on a 482 visa?
A1: Yes, you can apply for a car loan on a 482 visa, but lenders may require more documentation, such as proof of employment, visa duration, and a larger deposit.
Q2: Are there any differences for 189 or 190 visa holders when applying for car loans?
A2: As a 189 or 190 visa holder, you will typically be treated like an Australian citizen, making it easier to secure a car loan with competitive terms and lower deposits.
Q3: What loan terms can I expect on a 482 visa?
A3: Loan terms for 482 visa holders may be shorter, often aligned with the duration of your visa, but can sometimes extend depending on your financial stability and employment contract.
Q4: What type of car loan is best for 482 visa holders?
A4: A secured car loan, where the vehicle is used as collateral, might offer better interest rates. Ensure the loan term does not exceed your visa duration unless you have plans to apply for permanent residency.
Purchasing Businesses & Business Loans
Q1: Can I buy a business in Australia on a 482 visa?
A1: Yes, but it may be challenging as many lenders are cautious about providing loans to 482 visa holders due to the temporary nature of the visa. You might need a substantial down payment and a solid business plan.
Q2: How does the process differ for 189 and 190 visa holders?
A2: 189 and 190 visa holders are treated similarly to Australian citizens when purchasing a business, making it easier to obtain financing. Lenders will still assess your business experience and financial stability.
Q3: What are the financing options available for business loans for 482 visa holders?
A3: Financing options may be limited for 482 visa holders, and higher interest rates or more substantial collateral may be required. Exploring unsecured loans or partnering with Australian citizens or permanent residents might help.
Q4: Are there any restrictions or requirements for 482 visa holders when purchasing a business?
A4: Yes, you may need to meet certain conditions, like FIRB approval, especially if the business involves specific sectors. Lenders may also require you to demonstrate that the business will continue to operate if your visa conditions change.
Q5: Are 189 and 190 visa holders eligible for business grants or incentives?
A5: Yes, as permanent residents, 189 and 190 visa holders can apply for various government grants and incentives, especially in sectors like innovation, regional development, or export.
Connect with ICS Business & Finance today to understand your finance options in Australia.
