Australia Forum banner
Status
Not open for further replies.
1 - 12 of 12 Posts

·
Registered
Joined
·
26 Posts
Discussion Starter · #1 ·
My partner and I would like to apply for a partner visa in November. However, I am not sure if we will have all the money by then. Even if we do we'd have used up all our savings by then. Is there anyone who has taken out a loan to pay for the visa?

My partner and me are both studying until december and will be able to work full time after that (with my partner already having a job lined up), so I'm not worried about paying it back but I imagine the bank will be..
 

·
Registered
Joined
·
1,892 Posts
I'm sure there's plenty of people that have done their visa on finance.

Banks don't tend to have an issue as long as you have a capacity to pay it back - as a student with no or Lo income you will find it more difficult to get the loan and if successful you will probably be on a higher rate of interest.
 

·
Registered
Joined
·
3,918 Posts
I have heard of some people doing it.

Be aware that the fee has to be paid at once and not payments, and the cost of the visa can be more than just the application fee... medicals can be expensive, costs for police checks for both applicant and sponsor, and so on. Also unless you do BPAY (from an Aussie bank), expect a surcharge of a certain percentage of the fee added to the app fee and paid at the same time.
 

·
Registered
Joined
·
26 Posts
Discussion Starter · #4 ·
Yes I'm mostly worried about getting the loan with us both being students.. My partner will definetly have a steady income starting January and we'll make sure we can make the loan payments.

We also won't have to borrow the full amount, probably half to make sure we can pay the fee and still have enough money to do the medicals and live comfortably. If we could I would wait untill at least he has a steady job but unfortunately my visa will run out in November.
 

·
Registered
Joined
·
26 Posts
Discussion Starter · #8 ·
I've already had a WHV before my student visa! Thanks for your reply though.

Honestly the path to PR is already long enough with the waiting times on the partner visa so we'd prefer to just do that next, we have plenty of time to get all the evidence together so we should be eligible. Taking out a loan for the money is not ideal but we can manage with it I think. I was just wondering if there are other people who have been in the same situation and might have some tips on where to take out the loan and what to tell the bank the money is for etc.
 

·
Registered
Joined
·
1,892 Posts
I've already had a WHV before my student visa! Thanks for your reply though.

Honestly the path to PR is already long enough with the waiting times on the partner visa so we'd prefer to just do that next, we have plenty of time to get all the evidence together so we should be eligible. Taking out a loan for the money is not ideal but we can manage with it I think. I was just wondering if there are other people who have been in the same situation and might have some tips on where to take out the loan and what to tell the bank the money is for etc.
It will probably be your partner taking the money out as they won't be interested in you on a student visa so close to expires - flight risk.

Yes it is too long, I'm in the same process. But the last thing you need is to get into loan difficulties mid application and be unable to afford the medicals further down the line or perhaps a MARA consult if you encounter difficulties - just giving a second perspective on loans and potential different visa options is all :).

They are great for some people and potentially appalling for others, especially those that don't have a current means to repay.
 

·
Registered
Joined
·
26 Posts
Discussion Starter · #10 ·
Thank you for that. If there was any other way that would be great but unfortunately we just don't have the money and no other options. I could go on another student visa with an advanced diploma but those costs would be even more than the partner visa and I don't want to study anymore.

I will keep the medical costs in mind for now, but if we need a consult down the road I don't think that would be a problem as we will have better jobs in the new year. It's just that our situation right now doesn't allow for much saving.

From what I've heard it will take months, maybe even a year before they even look at our application), so by that time we should be fine if any other costs come up.
 

·
Registered
Joined
·
3 Posts
Does your partner have a credit card? If they do, you can pay via credit card and do a balance transfer to a no interest credit card (some credit cards have 0% interest for either 12 - 24 months - you have to make sure there's no fees involved as some banks charge a balance transfer fee). Before you pay with your credit card you need to ensure you are eligible/approved for a balance transfer credit card.

This is an alternative to getting a bank loan and paying high interest. Of course please do some research before you take out a loan/pay via credit card.
 

·
Registered
Joined
·
1,892 Posts
Does your partner have a credit card? If they do, you can pay via credit card and do a balance transfer to a no interest credit card (some credit cards have 0% interest for either 12 - 24 months - you have to make sure there's no fees involved as some banks charge a balance transfer fee). Before you pay with your credit card you need to ensure you are eligible/approved for a balance transfer credit card.

This is an alternative to getting a bank loan and paying high interest. Of course please do some research before you take out a loan/pay via credit card.
May struggle with approval being students.
 
1 - 12 of 12 Posts
Status
Not open for further replies.
Top