Barbitana

Hi folks,
Just wondering if there is any loan available to PR holders upon arrival.
BTW, What would be the easiest to get?



Tnx

Dorothy

We've been looking for loans for about a week now and nobody will lend us money until we have been here for 3 months with 3 months worth of payslips behind us. Not even a credit card from the bank holding our substantial term deposit. Others have said that they have been able to get mortgages, but we have had no joy yet.

Barbitana

Sorry to learn abou that, hope you get it ASAP.

northernbird

whilst I have every sympathy for those making anew start with little funds, do you really expect a bank to lend money to a newcomer with no proof of how they are going to pay it back.

redlion

Ouch :scared: did we get outta bed the wrong side today???


Nev

northernbird

No, I have had a lovely day. Went to a winery, did some bottling, had a bbq. I just can't believe that people genuinely don't understand why the banks won't lend them money.

By the way Nev, up the Toffees!

sassenach

i think the banks are pretty helpful here in australia ,but i guess if your migrating to australia and have been in the work force for say ten years and have nothing to show for it ,they may well worry about lending money .

redlion

See now i thought you was being cruel before but thats just plain nasty



Nev.

Dorothy

I never said we don't have enough money to pay the bank back. I am working making more than enough money to pay a mortgage. What I said was that we have not been able to obtain credit yet. Not even from the bank which is in possesion of our considerable sum of money. And, we have plenty to show for our 20 years in the workforce. No debts and enough $$ for a 20% downpayment on a nice home in SA.

northerner

Hmm. I think the reply you got was a bit harsh TBH. We had a problem with our bank in the UK a few years ago. We had a large mortgage with them but when we said we wanted to open a current account with them they told us that they would need to monitor our account for 6 months before they would give us a debit card!!!!! Couldn't quite believe it. Had X 10's of thousands of pounds mortgage with them and they were treating us like untrustworthy school children. Swiftly took our business elsewhere...

Sorry, doesn't help you but I can understand your frustrations....

Graham

Alison1967

I can't get a chequebook from my bank, they said they want to monitor ins and outs for SIX months despite I opened an account with them in April last year and deposited £200 every month until I emigrated a month ago. Their answer there was no withdrawals doh!!!!!!!!!!!!

Ali

PS Dot ring you soon

northernbird

my response was general, not directed at anyone in particular. Didn't mean to offend you at all. When we went to live in Canada we had to wait 6 months before our bank would give us a credit card. My husband was earning 6 figure money in Calgary and they still wouldn't lend us money. I understand the frustration believe me. However I understand the banks wanting to be cautious.

Teliko21

Hehe sounds like something that happened to my boyfriend here setting up our mortgage. Is with the same bank he has used for his business banking for 4 years, yet the name on the title of the land we are building on has his full name including middle name but the paperwork they gave him to sign to set up the mortgage only had first name and surname. So even though the bank had his full name on file we had to get a stat dec done saying that the title of the land was in his name and that the names on the title and the mortgage application are the same person.

Dorothy

Please let me apoligise for my response. I'm working a temp job in a hospital that takes me nearly 1.5 hours to get to, so my days are now nearly 12 hours long before I get home to feed the kids, clean up and try to get a little relaxation in.
Most of my frustration comes from the fact that we are living in on arrival accomodation which is ok, but not what we want. We want to be settled and find a home (not just a house to rent) so our children don't have to keep switching schools and we can feel settled. I would also like to be able to buy something while the prices are still somewhat affordable.
Sorry again for jumping on you. It's not like me at all to do that.

andrew63

Within a month I got a mortgage, credit cards/bank cards and car loan on a temp visa (457-3yr).
I had a letter/contract of employment and 20% desposit for the house and nice bank manager (NAB).
I think you need all 3 parameters:
1) Letter from employer/contract
2) 20% desposit
3) A nice bank manager/bank

Good luck.

Andrew