FluffyTheCampfireSlayer

T'is me again!!

We are considering buying snew or nearly new car on the never never. Wasnt a plan, but there are some REAL ****** sheds for sale in our price range!
Has anyone got experience of obtining finance after being in the country for a few days? T'other half has a job...i'm still looking.....do we stand a chance?
Any and all advicce greatly appreciated.

Stitch

Think you should. Check out with the banks.

Cheers

Ginny

wannabauzzienurse

I got car finance within the first two weeks of getting here on a 457 visa, think the fact i had a job probably helped though

Stitch

Did you go through car place or bank?

Cheers

Ginny

wannabauzzienurse

The car place sorted it out

I did mention it in the bank in passing if I would be eligible for a loan but they said I'd need to wait 6 months (Bendigo Bank)

Stella340

We've just got finance and we've been here about 2 months now. We could have bought outright but wanted a credit history so decided to put it on finance and just pay it off quicker. The place we bought from organised ours for us too.

I think you can get finance from companies. The one we went with asked about our visa status and how long we intended to live in Australia etc. The ones available to you obviously might not be the best interest rates though.

BullcreekBob

G'day

I've heard of new arrivals doing stupid things for stupid reasons, but this one takes the cake. Why on earth would you want credit history here?

In Australia only negative things are recorded, you get credit history here by not making payments or by defaulting on your loan. How often are you planning on not making your car payment to acquire the history you want ?

Having a credit history in Aust will make it harder for you to get finance for mortgages, credit cards, phones and possibly even rentals.

I'm still shaking my head in disbelief !!!

sarahlou

i cant believe what your saying,well im shaking my head at your comments too!
how the hell are we supposed to know that,its the complete opposite in England you only get credit if youve shown that you can manage credit by using credit, DER ! it shows good and bad credit here and the more managable credit the more you get offered regardless whether you can afford it....its how you manage it here,

Stella340

well thanks bob! you continue to shake your head!
Funny that we've been told by a number of people here (australian not expats) to buy something small so that yes we have a credit history. If we continue to buy everything with cash (like we have so far) we have nothing listed against our names. We have had this advice from many people who are qualified to give it (before you question their credability)
And I shake my head back at you in disbelief in asking such a stupid question as 'how often are you not going to pay it' I said in my post that we can afford to buy our boat (not car) outright but have specifically chosen not too so we can have a record in Australia.
You know sometimes people with a bit of information think they're the Oracle on everything Australian

bcworld

....he's wrong anyway. Your credit history has details of all applications for credit you have made...not just defaults. When you make your first application your credit file is created......so having a credit history in itself doesn't indicate that you are a credit risk.

Stella340

which is exactly what we were told!
Thanks!

Stitch

Friend of mine works for an Auz bank and she agrees with BullcreekBob in that they take account of credit cards etc when applying for mortgages etc. i.e. if you have a cc with a $5000 limit but have only used say $200 they still say (banks I mean) that you owe $5000 and this can go against you......

Cheers

Ginny

wmoore

I got finance from a car yard after being here about a month. We hadn't needed a car before then as we had a rental with our house rental Anyhoo, I got the car the day after accepting a job offer (or maybe a couple of days after starting ... something like that) and it wasn't difficult. Of course they loaded up the APR a bit because I had no local history but it was a fairly cheap car and I always planned on paying it off quickly anyway.



PS I've still got the car

BullcreekBob

G'day

I consider myself an Aussie not an expat cos I've been here over 30years, however this is not a case of comeone "with a bit of information think (sic) they're an Oracle on everything Australian"

My uni degree is a Business degree. Yes. it's an Australia qualification about Australian practises. After 25 years in IT primarily working in banks and stock exchanges, I am now running my own business as a fully trained, qualified, licensed and registered Finance broker. I work day-in, day-out arranging mortgages mainly for migrants. I know how credit applications are processed here. I do know what I'm talking about.

It doesn't matter if you've had and paid off early 100 car loans or housing loans. None of that is recorded. What will be recorded is anything you've done wrong, like not paid or you've been late making a payment. Migrants when they arrive have the best "credit history" that they'll ever have here, that is nothing is recorded against them. I hope that most of you are able to keep it that way. Going out of your way to get a credit history is just SO stupid.

Take care
Bob

Stella340

I never questioned whether you are an expat or Australian. I merely clarified from whom I obtained my information. To save any assumptions about me listening to other 'new arrivals'.

I also never questioned your qualifications. Although you obviously seem to need to clarify them here. However, the patronising tone of your first reply is why I responded in the first place. You may have lots of experience but I am merely telling the OP about the advice I have been given. If you disagree, then say so without patronising and maybe offer the correct advice so we can all learn from it.

Clearly there is different advice being given from different companies about credit history/rating, and I'm talking about independent companies, obviously not the finance people who want you to get credit. Another poster has also said the content of your reply was wrong, so it seems I am not alone in receiving this advice.

I'm all for learning from others on this board, whether from new arrivals or those who have lived here for a number of years. However, I don't come on here to feel patronised.

But thank you for taking the time to reply! and apologies if you felt you needed to justify your credentials.