One of the wishlist for a modern Filipino household is to be an Overseas Filipino Worker (OFW) to provide a better future and education for the family most especially kids. But have you ever wondered how families live on a budget, managing a home, a car and studies all at the same time living in a foreign country?
Looking for the right job in a company abroad is the first challenge. It’s good to know that some employers are willing to sponsor for a working and migrant visa not just for the employee, but for the whole family. Each country has its own path to allow migrants to be permanent residents and that family strives and copes up with the Country’s foreign policy.
First world countries are able to provide the following benefits : credit loans, housing loans, car loans and even study loan programs. One of my cousins Emmylou with husband John Paul Lim, who stayed in Singapore for almost 10 years and worked with DBS before they migrated to Australia just recently. They were able to tell me how the government was able to provide them the basic necessities like Education which was relatively affordable. However, their taxes were a much higher but giving them FREE medical benefits, check-up and hospitalization.
House rent is affordable and taking a house loan is not part their plan yet since they are working their way for a PR or permanent resident. So at the moment, since mobility is essential, for safety and convenience, they opted to avail of a car financing loan from a bank. The term of the loan is shorter than the approved VISA’s length of stay. For example, they have a 4 years or 48 months VISA, their car loan is only good for 32 months. With the interest rate of 5% per month, this was a good deal already. The credit approval was fast and easy since this was the first credit line applied and there was no other priors. Likewise, the salary range was enough to cover for the loan. Thanks for the swift bank approval.
The local bank in Australia granted them the loan based on their credit score, which is measured from the salary they are able to receive. They also opted to apply for a car loan at the meantime since the chance of getting approved is easier having one credit line compared to having multiple. The credit score is increased once you have cleared existing loan. You may want to check-out Bank Australia how to qualify for loans.
The interest also varies for migrants and for permanent resident. Thus, getting the house loan once you are granted permanency is a wise move. Getting a student loan is also available for tertiary or college level. Low interest with long term payment. This promotes residency to migrants.
Knowing third party entities like banks and even Non- Government Organizations that are willing to help migrants to have permanency in their country is very effective as it promotes employment, job security and peace of mind.
This aides the families to love the country, having loyalty and also love for the people.
You may also get assistance from debtconsolidation.com in case you need further information on how to maintain balance of work, life and financial obligations.
