Dont just read it - please reply
 

how do you get credit in Aussie? i.e. if you wanna get a mortgage or a loan, your previous credit history in uk does not count, any ideas anyone??? :)

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Would love to reply, but haven't got a clue. BUT I'll follow the thread as I would like to know the answer :)

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Erm.. I don't know

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You can get a low doc mortgage so long as you have a job and are putting down a 30% deposit. You should also get a bank account and maybe credit card sharpish to start building up your credit card.

Personally the only credit I'd get is a mortgage so a low doc one is the way we're heading at the mo.

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But beware the higher interest rates on some low doc loans.

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A job and your own home help - same as in UK. Then they have something to take off you when you default :)

Not implying you'd default of course, but they want something they can get their money back on if you do.

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A professional qualification and a considerable amount of equity from the sale of our UK house did it for us.

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It may br an idea to ask if anyone has a contact for a mortgage advisor or financial advisor in the area youare going to who you could contact directly and discuss your circumstances, then you'd know where you stand instead of getting other peoples experiences which vary greatly.

Lynn

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thanks to everyone that replied x x xx x x x

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When you arrive you have no credit, which is good . Once you have a job with a couple of pay slips you should be able to sort out aloan depending on your circumstances. Also low doc and no doc loans are available but slightly higher interest rate.

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Re: the mortgage - we've got a kind of hybrid lo-doc with Westpac - 18% deposit and the standard interest rate, not the higher 7.25% lo-docs usually have. We used a broker from Mortgage Yes - I'd highly recommend using a broker for these reasons. Open a bank account as soon as you arrive - they probably won't give you a credit card immediately, but credit history works differently over here. In the UK, you got a good credit history by using shit-loads of credit cards etc. Here your credit history is based on the careful management of any credit you have - we were told that having more than one credit card actually goes against you.

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thanks Hutch, that's good to know

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What if you have no deposit - but a fully paid up house in UK? Should I take a copy (certified of course!) of the Title Deeds?

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You can actually get a credit card the day you arrive, as we did. We got one through Police and Nurses (no you dont have to be a policeperson or nurse) www.pncs.com.au It is actually a credit card that you put funds on before you can spend them, so you are never actually in arrears. It worked out great for us, whenever we were going to buy something on the card we simply transferred the cash to the card in advance then used the card as you would use any other credit card............even bought a new car with it.

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I'm in a slightly easier position being an Aussie citizen, but have faced similar "challenges" in getting finance. The lo-doc route is a good one, and as Hutch says, some of the banks will offer you combination deals. Try asking your bank when you arrive. What I also found helpful (and note this doesn't apply in every situation / with every financial institution but it did for me) was taking along:
- latest copies of my UK credit card statement
- latest mortgage statement
- "letter of introduction" from my bank (Lloyds) which stated how long I had been a customer
- copy of latest bank account statement (not an internet version, but one with my UK address on it)

These don't carry any official weight, but can help in getting the banks to be a bit "friendlier" (ie take a slightly less uptight stance on getting credit)