Loans and credit scoring
Mar 30th 2009, 10:54 pm
#1
BE Enthusiast
Thread Starter
Joined: Aug 2007
Location: Sydney
Posts: 396
Loans and credit scoring
Is obtaining a loan/credit checking for a mobile etc the same or similar process in Australia to UK? Do the same or similar credit agencies exist (Experian, Equifax, CAllCredit).
I am assuming it will be near impossible to get for instance a car loan a short time after settling. Anyone got any advice/suggestions for starting to establish a credit rating as a permanent resident?
I am assuming it will be near impossible to get for instance a car loan a short time after settling. Anyone got any advice/suggestions for starting to establish a credit rating as a permanent resident?
Mar 30th 2009, 11:07 pm
#2
BE Forum Addict
Joined: Jun 2003
Location: Sydney beachside
Posts: 3,506
Re: Loans and credit scoring
Credit scoring is completely different here. The concept of building up a 'good' credit rating doesn't apply - the only details kept on individuals by Veda Advantage (the most commonly used consumer credit bureau) are adverse details (ie defaults, judgements, bankruptcies and the like).
New migrants don't seem to have much of a problem in getting car and housing loans that I've noticed. As long as you have a job you won't have too much trouble getting a loan - particularly if you apply for a loan from institution you bank with. Most banks have special migrant policies which allow for the fact that you've only been here a short time.
New migrants don't seem to have much of a problem in getting car and housing loans that I've noticed. As long as you have a job you won't have too much trouble getting a loan - particularly if you apply for a loan from institution you bank with. Most banks have special migrant policies which allow for the fact that you've only been here a short time.
Mar 30th 2009, 11:15 pm
#3
BE Enthusiast
Thread Starter
Joined: Aug 2007
Location: Sydney
Posts: 396
Re: Loans and credit scoring
Credit scoring is completely different here. The concept of building up a 'good' credit rating doesn't apply - the only details kept on individuals by Veda Advantage (the most commonly used consumer credit bureau) are adverse details (ie defaults, judgements, bankruptcies and the like).
New migrants don't seem to have much of a problem in getting car and housing loans that I've noticed. As long as you have a job you won't have too much trouble getting a loan - particularly if you apply for a loan from institution you bank with. Most banks have special migrant policies which allow for the fact that you've only been here a short time.
New migrants don't seem to have much of a problem in getting car and housing loans that I've noticed. As long as you have a job you won't have too much trouble getting a loan - particularly if you apply for a loan from institution you bank with. Most banks have special migrant policies which allow for the fact that you've only been here a short time.
