weezypenguin

We are moving to Brisbane, and want to know what we can do to show that we are good for a mortgage?
thanks

macy

Hi,

This topic has been discussed many times so if you do a search you will find lots of information, basically your credit record needs to be built up in Oz, you need the usual employee payslips to get a mortgage and you can print out your credit record from the UK but it doesn't necessarily mean much to lenders out here. Do a search there will be lots of information for you too look at.

hoofie2002

Your UK credit record is of no interest to the banks. You start with no record and over time all it contains is credit applied for and any defaults/judgments against you. It does not give you a score; the lender does that at the time of lending.

If you have a nice fat deposit and can afford the repayments you should be fine. You might have to wait 3 months or so to get enough payment history but it is dependent on the lender and your own circumstances.

mvagusta

There are some banks that will help in moving your credit rating to Oz. These tend to be the ones that are multi-national.

Hsbc can arrange this although you have to have one of their premier accounts for this to happen.

spottydog

But its not really worth it as the Aussie branches will take no notice of any overseas credit rating.

Generally you only make your credit rating worse here. Each loan application is recorded as is missed payments but positive paying of debt isn't recorded.

Generally for a mortgage you need to be through your probationary period, provide proof of income and be able to prove your savings aren't a last minute gift/loan from a rellie. Other than that its down to affordability.

weezypenguin

so it is truely a new start in life.
We moved to Canada 8 years ago and it is very similar.
But we found it a sruggle at first. But now we know how to work the very similar points brought up in this email.
Not that i am, but what would happen if i was bankrupt in Canada? or say i returned a car I had on loan to a bank in canada even though i had not finished the payments?

mvagusta

As you are starting a new life Oz banks will not know about an adverse credit history. Hence the reason that you need to build up your credit rating.

You may find though that depending on who it is and how much you owe, they may start chasing you for the money if they can locate you.
Alot of financial institutions sell the debt on to debt collectors so it's in the collectors interest to find you.

bearclaire1

I know if that happened and you moved to the UK, they would come after you for the money still owed.
It happened to my parents when we left Canada for the UK, they could not sell their car in time of the flights and posted the keys at the Bank. About 6 months later they where in contact for the balance due.

weezypenguin

so did they come after all the money that was owing ? or just the amount left after selling it?

bearclaire1

Just after the money that was left the sale.

The Woodcutter

Talk to these guys:

http://www.mortgagechoice.com.au/