Since our last article dated February 19, 2018 on how to secure funds to pay the Visa Application Charge (VAC) for a permanent partner visa application, actual VAC has now increased from Aud $ 7,0000.00 dollars to a whopping Aud $ 9,095.00.
That is an increase of 77% in government charges alone but does not necessarily translate to a 77% increase in efficient processing times, unfortunately.
It’s argued that there are 9095 excellent reasons why anyone attempting to lodge their own permanent partner visa application i.e. Class UF 309 to BC 100 and Class UK 820 to BS 801 in 2024 need to get themselves very organised in terms of financing and advice, to avoid a visa refusal and spiral into a potential financial deep hole.
The biggest cost to the partner visa application still being the Visa Application Charge (VAC) currently at Aud $ 9,095.00 by the Department of Home Affair has current Australian sponsors resorting to apply for a personal loan to get their permanent partner visa application from the Philippines commenced and avoid further ‘cost of living’ issues.
If you are thinking about taking out a personal loan in 2024 to pay for your Permanent Partner Visa Application To Australia From Philippines in 2024 then read on.
Currently, the lowest interest rate on a personal loan in Australia is at 5.76% p.a. (comparison rate 6.55% p.a.). That’s a fixed rate, unsecured personal loan. But the lowest rates can vary depending on the personal loan type:
Lowest rate on a variable-rate personal loan: 7.49% p.a. (comparison rate of 8.18% p.a.)
Lowest rate on a secured personal loan: 5.66% p.a. (comparison rate of 6.45% p.a.)
Lowest rate on a green personal loan: 5.49% p.a. (comparison rate of 5.49% p.a.)
The thing to be aware of is that very few borrowers will be eligible for the very lowest personal loan rates.
The average personal loan interest rate actually quoted to borrowers is 13.87% p.a., according to Money’s analysis of more than 10,000 personal loan requests.
Your personalised rate is calculated by lenders based on factors like your credit score. Personal loan rates also fluctuate over time across the market.
According to Shaun McGowan, Loans Expert:
“The cheapest personal loan is the one with the lowest overall cost to you. That means getting the lowest combination of interest and fees over the life of the loan, with the flexibility to repay the loan as quickly as possible by making extra repayments. The personal loan with the lowest advertised interest rate won’t always be the cheapest. Compare personalised rates and use a personal loan calculator to estimate your actual costs before choosing a loan.
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.
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:
- lower interest rates
- Seen as a lower risk to lenders
- allows you to borrow a higher amount.
Cons of secured loans:
- lender will claim security if you default
- 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 in or 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 Migration Australia 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 in 2024.
Your prospect of success will be given in writing and RESPALL ensures you have all other costs and incidentals mapped out before you make your final decision.
Thank you and MABUHAY!
Relevant Websites to read about personal loans for your next permanent partner visa application.
NOTE: We do not endorse any loan organisation. Links and information on this blog is for your referral only and you should aways seek professional advice before securing any loan.
https://www.money.com.au/personal-loans
https://www.canstar.com.au/personal-loans/compare/unsecured-personal-loan
