Loans for new arrivals
 

Hello

My hubby is Aussie citizen. Due to having to fling most of spare cash at mortgage to pacify mortgage company, will be entering Australia with less cash than anticipated.

Was going to get loan here but wondering if would have much chance of getting loan over there? What is an average rate for about $15000? Looking about 6.1% here but what with the exchange rate wondering whether loan there might be better. He left Oz 9 years ago. He has a job lined up.

many thanks

Re: Loans for new arrivals
 

Finance basics: always try to keep assets / liabilities in the same currency and likewise income / expenses. So I would recommend you get your loan in Australia as you will be paying it back from Australia.

But seriously though, $15k loan on $60k income. Are you sure this is a good idea? I cannot imagine taking out a loan for a quarter of my income, not unless it is for a house mortgage anyway.

Re: Loans for new arrivals
 

Hi Bermudashorts

Yes, not overwhelmed myself. We will be getting income each month in addition from renting the house which has about 9k left on mortgage. Mortgage company want this cleared within a year so part of this loan is to clear that and the rest will be rental income. Considered taking out more mortgage and then converting to BTL but the costs involved and higher interest rate, plus new legal work, made getting the loan seem a cheaper deal. Plus will need to get a car which will cost considerably more than here. Nothing fancy but still dearer.

Is there a website in Australia like moneysupermarket where you can compare deals?

thanks

Re: Loans for new arrivals
 

maybe cannex can help - http://www.canstar.com.au/

Re: Loans for new arrivals
 

thank you.