SJ007

Hi everybody,

Just need a bit of information before we move to ACT.

Can we take a mortgage after getting a job or do we have to wait for years to build a credit history?

Any help will be appreciated.

asprilla

No need to wait for credit history. Once you have a permanent job and 3month's worth of bank statements showing the income coming in, you should be fine. The other important thing, is to have a deposit. If you don't have one, you can still get a loan but it might be a bit trickier and you'll probably pay a higher interest rate.

We're with bankwest at the moment. The online homeloan rate is now 5.58% as of today.

Craig Vaughan

You can get pre-approved before arriving in Australia. The rules depend on your particular visa you are coming on or whether you hold PR. If you are coming on a visa then you will require minimum 10%, if you are PR you will require minimum 5% deposit - plus your costs of course like stamp duty etc.

You do not need to wait 3 months before you apply, and you do not pay a higher interest rate because of your "new arrival" status. Yes, some lenders will make you wait 3-6 months but you do not need to do this. You will however need 3 months statements on all existing debt in the UK (including debt just closed) to establish your credit history back at home. Providing you can do that, and are professionals, then you will be ok.

Good luck with the move

Craig Vaughan

SJ007

Many thanks Asprilla and Craig. Peace of mind that do not have to wait for years to get a mortgage.