Personal loan on resident visa ( not permanent resident visa)

[vardhanot]

Hi,
Recently I applied for a personal loan at Westpac which got declined saying that my " resident visa" does not qualify me for a personal loan. The bank is happy with everything else like my credit history, income, permanent job etc. However they are worried about the travel conditions. They said that I should apply when I get a visa with " permanent resident visa" written on the top. I am unable to apply for the permanent resident visa before June 2015 because as per immigration rule I have stay on " resident visa" for 2 years before I can apply for " permanent residence". Has anyone faced similar obstacle? Is there any law which says that " residents with 2 years of travel condition" cannot get personal loan in New Zealand ? Kindly share your experience. It will be much appreciated.
Thanks
Harsh
Wellington

[roozbeh84]

Hi

I got a personal loan with my "resident visa" (not PR) from ANZ overnight. They are really helpful.

[Daniel123]

Hi vardhanot, I can't figure out why your loan got declined. The company Aspire FCU in New Jersey from where I got my personal loan ( http://www.aspirefcu.org/loans/personal-loans/ ) was very easy to deal with. Anyway, I will discuss your problem with my elder brother (he is in New Zealand), he might be having experience dealing person loan issues. Let me ask him and will get back to you.

[catash]

Hi Harsh you can try ANZ they might give u.... We got housing loan approve with them 14 month ago on just a yearly work visa

[JandM]

It is possible that the official at the bank was using some regulations printed up before Immigration New Zealand changed the names of visas in November 2010. Back then, what you have, Residence, was called PR. Even now there are some government departments and businesses that have not taken notice of this change and altered their instructions. It may be worth asking that the person you dealt with should check with their line manager (or even head office).

[Vishalbhop]

I just got personal loan ,loaded in my account in 5 hours from anz any I am holding 12 month work visa only. I think your expenses are more than your income that's why they refuse most of the cases.

[buraddo]

I applied for a personal loan at Westpac which got declined saying that my " resident visa" does not qualify me for a personal loan.

It seems that the institution may be a critical factor. I applied to ANZ for a loan to buy a vehicle within weeks of arriving in the country (house sale had not yet gone through in the UK) and had my money the same day. If memory serves they wanted to see a pay statement and a copy of my employment contact to prove my income, but nothing else (re: expenses) came up.

The only thing I would caution you with regarding ANZ is their foreign currency accounts, which are infamously poor. They actually convert your foreign currency into NZD when you deposit it and then sell you back the same amount when you want to withdraw. The rates are shocking! And of course because they are holding your 'foreign currency' they do not pay you any interest.

[Sun777]

Same as above, we applied for personal loan (with Westpac) soon after arriving in New Zealand which was approved. Though they wanted to see my employment contract and salary.

[wellywearer]

Like the others, with the same visa, after showing work contracts we were about to get a personal loan from the Co-operative Bank.

I think I'd look else where if I was in your shoes! Or go back to your bank with our experiences!