With the biggest cost to the partner visa application being the Visa Application Charge (VAC) of $7,000.00 dollars by the Department of Home Affairs, it’s little wonder why so many of my past and current Australian sponsors have resorted to applying for a personal loan to get their permanent partner visa application from the Philippines started.
If you are thinking about taking out a personal loan to pay for your Permanent Partner Visa Application For Australia From The Philippines, then read on.
After reading several articles on various websites with CHOICE advocating to be a balanced and conservative narrative on the decision making process it appears, as a general consensus, that you had better get a checklist started. You may start with the following information as a general guideline.
Check that a personal loan allows you to make extra payments as you go along without a penalty, because the more payments you can make, the quicker you can pay off the loan. Some loans are set up for a fixed term and require fixed repayments. If the interest rate is fixed, you may have to pay a fee or penalty if you make extra payments.
Personal loans are typically used for specific purchases, such as a holiday or car. You borrow an amount of money that you agree to repay within a certain period of time (called the term). This can vary, but is usually between 12 months and 5 years. You will have to sign a credit contract which will specify the amount borrowed and how you will repay it.
A personal loan is a smaller loan than a mortgage and is generally used to finance a car or another vehicle, renovations to a home, consolidation of debt, to finance a vacation of one kind or another, and a great number of other things such as paying the Visa Application Charge (VAC) and the professional fee of a registered migration agent for your Permanent Partner Visa to Australia from the Philippines.
When applying for a personal loan you need to be careful and to be fully informed. Make sure:
- You fully understand what you are doing
- The solution you choose will be of real benefit to you and not just a short term fix
- You have achieved control over your debts
- The personal loan will mean reduced repayments and not increased
- You are fully informed of the consequences of the steps you are taking
- There are no hidden costs
- You are better off as a result of the solution you have chosen
It is recommended to start thinking about the following questions. Which is the best bank for personal loans?There are many personal loan lenders across Australia, and you can seek out a personal loan with any of the big four banks, such as ANZ, Commbank, Westpac or NAB, as well as credit unions, mutual banks and peer to peer lenders.
Products such as ANZ Unsecured Personal Loan offers fixed rates starting from 10.99% and variable from 15.99%. You can borrow up to $50,000 without putting any of your assets down as security, plus choose to make repayments weekly, fortnightly or monthly. Both fixed and variable rate options come with free extra repayments, but only the variable offer has a redraw facility available.
Do you own a car, a property, or some other valuable asset, and are you looking to save on a personal loan? By putting your asset up as collateral for a secured personal loan, you may be able to enjoy a lower interest rate, as there’s less risk involved for the lender.
Pros of secured loans: a) lower interest rates, b) Seen as a lower risk to lenders, c) allows you to borrow a higher amount. Cons of secured loans: a) lender will claim security if you default, b) lenders may only accept newer items (cars) as a guarantee.
Unsecured personal loans require no additional security, making them viable options for borrowers who don’t have valuable assets available, though these loans tend to have higher interest rates due to the higher risk to Australian lenders.
If you are intending to develop a relationship with someone from the Philippines, then register your intentions to migrate permanently to Australia, ideally with a registered migration agent like Respall so you are clear on whether or not you can finance the entire cost of your particular partner visa application to Australia from the Philippines.
Thank you and MABUHAY!
Relevant Websites to read about personal loans for your next permanent partner visa application.
https://mozo.com.au/personal-loans/articles/australia-s-best-personal-loans-of-2017
https://mozo.com.au/personal-loans/articles/7-cheapest-personal-loans-2017-named-and-famed
https://www.choice.com.au/money/credit-cards-and-loans/personal-loan
