Credit on a 457: My experience
Jun 6th 2012, 2:56 am
#1
Forum Regular
Thread Starter
Joined: Dec 2011
Posts: 131
Credit on a 457: My experience
I have been in Melbourne since mid March and though i would share my experiences re getting credit here in case it helps others.
After some effort I have two platinum cards with 15K limits and took out a 15k personal loan as a buffer to avoid the need to trx any funds from the UK or USA.
In both cases, I managed this by visiting banks in person (one I work for, which helped, and the other was WestPac) and asking to speak to a manager when initially declined. In the case of the loan, I was declined twice and then approved after providing them with: copies of UK and USA banks accounts and trading accounts and getting certified HR copies of my payslips and salary package.
Each time you apply for credit on Australia it 'shows up' - so your best bet is to decide what banks or banks you want to secure credit from, swamp them with evidence, and push to talk to more senior people. I got around the multiple checking 'flags' by noting I was not familiar with the Oz system (which was true at the time) and putting in writing I did NOT take out credit from other banks re a personal loan (took out one only). What is strange about the systems here is they can see your applications, but not if you have credit or not. So someone that applies for 10 credit cards and takes on none of them, looks similar to someone that made ten apps and took out 10 cards!
One reason loans and/or cards here are good to secure ASAP is each time you use a foreign card you will get trx fees. Many cards here also provide airmiles which is also useful over time. Finally, the AUS moves around a fair amount - just in the last couple weeks it has lost 8%+ to the USA Dollar so you are likely better off matching your liabilities to the local currency.
Even if you manage the above like I did, get ready to be turned down on other things. I tried to get a blackberry recently, and despite being on 160K I was told I was declined due to 'secret criteria'
from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
After some effort I have two platinum cards with 15K limits and took out a 15k personal loan as a buffer to avoid the need to trx any funds from the UK or USA.
In both cases, I managed this by visiting banks in person (one I work for, which helped, and the other was WestPac) and asking to speak to a manager when initially declined. In the case of the loan, I was declined twice and then approved after providing them with: copies of UK and USA banks accounts and trading accounts and getting certified HR copies of my payslips and salary package.
Each time you apply for credit on Australia it 'shows up' - so your best bet is to decide what banks or banks you want to secure credit from, swamp them with evidence, and push to talk to more senior people. I got around the multiple checking 'flags' by noting I was not familiar with the Oz system (which was true at the time) and putting in writing I did NOT take out credit from other banks re a personal loan (took out one only). What is strange about the systems here is they can see your applications, but not if you have credit or not. So someone that applies for 10 credit cards and takes on none of them, looks similar to someone that made ten apps and took out 10 cards!
One reason loans and/or cards here are good to secure ASAP is each time you use a foreign card you will get trx fees. Many cards here also provide airmiles which is also useful over time. Finally, the AUS moves around a fair amount - just in the last couple weeks it has lost 8%+ to the USA Dollar so you are likely better off matching your liabilities to the local currency.
Even if you manage the above like I did, get ready to be turned down on other things. I tried to get a blackberry recently, and despite being on 160K I was told I was declined due to 'secret criteria'
from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
Jun 6th 2012, 3:12 am
#2
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Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,826
Re: Credit on a 457: My experience
I tried to get a blackberry recently, and despite being on 160K I was told I was declined due to 'secret criteria' from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
Jun 6th 2012, 3:17 am
#3
Forum Regular
Thread Starter
Joined: Dec 2011
Posts: 131
Re: Credit on a 457: My experience
Clearly. Ironically, I even offered to pay via debit the 2200$ contract total (I wanted a good blackberry and the monthly plan was good) and call it a day, but they said that was 'against policy'. Strange because once the contract ends you keep the phone I would have thought they'd win out on that one - getting all the money up front.
Jun 6th 2012, 4:49 am
#4
BE Forum Addict
Joined: Aug 2010
Location: Not Brisbane
Posts: 1,210
Re: Credit on a 457: My experience
I have been in Melbourne since mid March and though i would share my experiences re getting credit here in case it helps others.
After some effort I have two platinum cards with 15K limits and took out a 15k personal loan as a buffer to avoid the need to trx any funds from the UK or USA.
In both cases, I managed this by visiting banks in person (one I work for, which helped, and the other was WestPac) and asking to speak to a manager when initially declined. In the case of the loan, I was declined twice and then approved after providing them with: copies of UK and USA banks accounts and trading accounts and getting certified HR copies of my payslips and salary package.
Each time you apply for credit on Australia it 'shows up' - so your best bet is to decide what banks or banks you want to secure credit from, swamp them with evidence, and push to talk to more senior people. I got around the multiple checking 'flags' by noting I was not familiar with the Oz system (which was true at the time) and putting in writing I did NOT take out credit from other banks re a personal loan (took out one only). What is strange about the systems here is they can see your applications, but not if you have credit or not. So someone that applies for 10 credit cards and takes on none of them, looks similar to someone that made ten apps and took out 10 cards!
One reason loans and/or cards here are good to secure ASAP is each time you use a foreign card you will get trx fees. Many cards here also provide airmiles which is also useful over time. Finally, the AUS moves around a fair amount - just in the last couple weeks it has lost 8%+ to the USA Dollar so you are likely better off matching your liabilities to the local currency.
Even if you manage the above like I did, get ready to be turned down on other things. I tried to get a blackberry recently, and despite being on 160K I was told I was declined due to 'secret criteria' from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
After some effort I have two platinum cards with 15K limits and took out a 15k personal loan as a buffer to avoid the need to trx any funds from the UK or USA.
In both cases, I managed this by visiting banks in person (one I work for, which helped, and the other was WestPac) and asking to speak to a manager when initially declined. In the case of the loan, I was declined twice and then approved after providing them with: copies of UK and USA banks accounts and trading accounts and getting certified HR copies of my payslips and salary package.
Each time you apply for credit on Australia it 'shows up' - so your best bet is to decide what banks or banks you want to secure credit from, swamp them with evidence, and push to talk to more senior people. I got around the multiple checking 'flags' by noting I was not familiar with the Oz system (which was true at the time) and putting in writing I did NOT take out credit from other banks re a personal loan (took out one only). What is strange about the systems here is they can see your applications, but not if you have credit or not. So someone that applies for 10 credit cards and takes on none of them, looks similar to someone that made ten apps and took out 10 cards!
One reason loans and/or cards here are good to secure ASAP is each time you use a foreign card you will get trx fees. Many cards here also provide airmiles which is also useful over time. Finally, the AUS moves around a fair amount - just in the last couple weeks it has lost 8%+ to the USA Dollar so you are likely better off matching your liabilities to the local currency.
Even if you manage the above like I did, get ready to be turned down on other things. I tried to get a blackberry recently, and despite being on 160K I was told I was declined due to 'secret criteria'
from Telstra - the lady in the shop was shocked given my salary so it just shows credit here is really tricky. In the end I am on 160K with a 'pay as you go' phone - funny situation but it is what it is.
Jun 6th 2012, 7:40 am
#6
Forum Regular
Joined: Apr 2009
Posts: 116
Re: Credit on a 457: My experience
Applied for TFN online whilst i waited for my pickup at the airport, it arrived within 6 days. Got my medicare card which arrived within a week, drivers license followed and then i was good to go.
HSBC Premier even had a Credit card and bank account waiting for me.
Crap bank but great for setting up new accounts etc as soon as you land somewhere.
