Bank loan in Australia is now easy to apply for new arrivals.

Applying for a bank loan to buy a home or start a business is part of the immigration process to Australia. Immigrants face additional difficulties when taking out bank loans.

To apply for a bank loan , you must be at least 18 years old and prove that you have income to show that you can make regular repayments. In addition to your salary, you can also show some Centrelink income, such as family allowance, as income. You cannot claim Centrelink Newstart as income.

As the same matter, you can also get loan in USA

How to get a bank loan in Australia:

You must have to live in Australia and have a permanent residence permit. However, banker Martin Mureithi says that some loans will not require a residence permit. “Most banks look at whether you have a residence permit to give a personal or home loan, but I have seen banks give car loans to people living in Australia on a student visa or temporary visa,” says Mureithi.

Mureithi also points out that those in Australia with a spouse visa can also take out loans from banks.

How to get repeatedly Bank Loan in Australia.

Repaying the loans you have previously used makes it easier for you to get a loan. Unpaid bills affect your credit history. It is important that you pay your bills on time. For example, if you haven't paid your cell phone bill, it will show up in your file and have a negative impact on your name,” Mureithi said. But this is not the end of everything. Banks decide whether to grant a loan or not by taking into account the characteristics and situation of the applicant. "So it varies from situation to situation and person to person,".

You can also show the bank that you use your money responsibly, deposit money regularly into your savings account, and do not withdraw more than the amount in your account.

Get Idea about which Organizations will Help you in that case.

If you are an immigrant and need a small loan, some organizations can help you. Tessa Clark, director at Anglicare, said: “There are many services available to everyone at Anglicare. Immigrants and refugees are welcomed. We provide micro-financing to those in need. This loan is a small amount of money and has low or no interest. “It is intended for low-income earners,” she says.

In Melbourne, AMES offers not only English and vocational courses but also finance introduction programs for newcomers to Australia. This organization also provides microfinance to immigrants and refugees, like Anglicare. In the last few years, many refugees have established their own small businesses with the loans they received from this organization.

What to concern before taking a loan?

In some cases, taking out a loan is really necessary. But AMES Public Affairs Manager Laurie Nowell says they try to avoid burdening immigrants and refugees with debt as much as possible as they start a new life in Australia.

“It's not our job to encourage people to take out loans,” said Laurie Nowell. What we do is to advise them to consult well. We are not a credit institution, we are not a financial advisor. “We are very careful when recommending loans to immigrants and refugees,” she says.

Anglicare's Teresa Clark also supports the idea. Clark points out that the majority of migrants and refugees will not have credit as they have not lived in Australia before, so they will have difficulty obtaining a loan and may become victims of 'credit sharks'.

Where to get bank loan in Australia.

If you decide to get a loan, try to get the loan from a reputable institution. Check with organizations such as Anglicare and AMES before applying for a loan. Choice is an independent consumer rights organization and a good source of information and advice on loans.

Applying for a bank loan to buy a home or start a business is part of the immigration process to Australia. Immigrants face additional difficulties when taking out bank loans. You must live in Australia and have a permanent residence permit.