Nisey

HI everyone

I have a question about financing things.

A delicate issue for some, but when we come out we will have a pot of money but not a huge pot and we will need cash for deposits and so on to get started before salary starts coming in. So we dont really want to be putting large sums into things like buying a car and so on. How soon after you arrive and get bank accounts etc can you do things like buy a car on finance, or even get a mortgage. Do you have to provide evidence of your credit worthiness from home in order to borrow or do they even care?

Thanks

Nisey

Hang11

Opening a bank account is easy, just go in there and do it.

Getting a mortgage, you'll probably need a job offer letter for.

Sticking a car on finance is simple, as soon as you have an address - I did it 5 days after arriving.

They don't generally check UK credit - the mortgage company might want to see 3 months of UK bank statements, but they seemed pretty relaxed about that sort of stuff.

Smelly Cat

Do you need PR for any loans or is a working permit enough? Im glad someone asked this question i was going to get round to it eventually!

Fi
x

sarahw

Credit checks in NZ seem to be the opposite of in the UK. In NZ you only get black marks on your credit record and so a blank credit record is taken as being a good thing.

Littletoe

You need to be a resident I believe for finance, but its certainly easier here than in the UK. My estate agent did a check for me in front of me. And each time a person runs a check, it INCREASES your chances of credit because companies see that other companies have passed you! I had no worries getting approved for broadband, and passing the check to rent. They only take NZ into account, not the UK. Opening a bank account is certainly easy here, not sure about things like mortgages though. Good luck!

stacey19

No you dont need to be a resident for financing a car or getting credit cards either. Just a work permit and your works contract will do.

Littletoe

What about a tourist visa? And as an individual do you need proof of income? Or is it household income do you know?

sirplug

A good or bad UK rating does not count at all? Is there a limit on the size of mortgage a new migrant can take out?


So, does that mean I can declare myself Bankrupt and disappear to NZ without paying the credit card bill!!!

I might be there quicker than I thougt!!

Nisey

As long as you don't ever want to come back to the UK, you can do exactly that. But you may loose any and all equity in your home and other assets in order to pay things off.

sirplug

I bank with the HSBC and have their Credit Cards. The HSBC is in NZ, is it possible to transfer all my details from the UK banking to NZ banking??

Are there any benefits in this?

Nisey

Weird I was reading your post and saw the link on the toolbar below for HSBC international services, there might be something there.......

Nisey

CAN2NZ

If you bank at HSBC they can open an account for you here in advance. You will need to allow 4-6 weeks before arrival for it to be open. You can have your bank card sent to you in the UK or have it delivered to a friend's house in NZ. You will not need an IRD number to open the account, but should supply it when you get one. We opened with HSBC before we came out. It was easy and nice to have some money immediately on arrival. HSBC only has branches in Auckland. You can use WESTPAC bank machines at no cost and can use the depost tower at Westpac for deposits if needed. Employers oay by direct deposit.

sirplug

Thanks for that. Seems the way to go.

Paul

Apple12

Please check the HSBC NZ website for the location of branches - if you are settling in Auckland it may work, but just be aware that physical access to this bank is limited.
Presumably there are ATMs belonging to another bank that you can use in the rest of the country that are free to access?

Dave in Auckland

No

NZ charges are higher & NZ CC interest is MUCH higher than a UK card.