mwjw Posted April 17, 2013 Report Share Posted April 17, 2013 The wife and i were thinking about renting when we move out, later this year to find an area we like. Bit worried as at some point we may want to buy somewhere, but we wont have any credit history and if were lucky we may have a deposit!. Are lenders in Oz flexible with these kind of things, or is it tough you have to build a decent credit rating first? Any help greatly appreciated! cheers Mike Quote Link to comment Share on other sites More sharing options...
Malella Posted April 17, 2013 Report Share Posted April 17, 2013 I might be wrong but there was a very knowledgable poster on the other day discussing credit history. Hopefully they will be along to correct me if I get this wrong. Apparently Australia doesn't look at credit history in the same way as the UK. Over there your credit history is clear when you land. Its only if you default on loans etc. that things are added to your history. So, from what I could gather, a clear credit history is a good thing. No need to build up a good credit history as in UK. Quote Link to comment Share on other sites More sharing options...
bensdad Posted April 18, 2013 Report Share Posted April 18, 2013 Correct it's all done on affordability. To get a mortgage though most look for you to be in a job that's not on probation and also most banks like to see an amount of genuine savings which you use for your deposit. Quote Link to comment Share on other sites More sharing options...
mwjw Posted April 18, 2013 Author Report Share Posted April 18, 2013 Correct it's all done on affordability. To get a mortgage though most look for you to be in a job that's not on probation and also most banks like to see an amount of genuine savings which you use for your deposit. Phew, thanks for the info. Weve both got a clear credit history and know that in oz it counts for nothing. Its good to know that we have options when we get there, may have to sell our house to get a bit more behind us!! Thanks Mike Quote Link to comment Share on other sites More sharing options...
Goat Posted April 18, 2013 Report Share Posted April 18, 2013 Defo require. 6 months work history Quote Link to comment Share on other sites More sharing options...
Home Loan Experts Posted April 19, 2013 Report Share Posted April 19, 2013 The wife and i were thinking about renting when we move out, later this year to find an area we like. Bit worried as at some point we may want to buy somewhere, but we wont have any credit history and if were lucky we may have a deposit!. Are lenders in Oz flexible with these kind of things, or is it tough you have to build a decent credit rating first? Any help greatly appreciated! cheers Mike Hi Mike It is true that with a strong income position, an overseas borrower can acquire a loan with a bank. It is however, not so accurate that a clean credit history necessarily allows this to happen. Different financial organisations view risk differently so it would make sense to speak to someone who deals with multiple lenders and knows about their policies for overseas borrowers. It also makes a big difference what kind of visa you have and whether your income and employment fits their policy. Quote Link to comment Share on other sites More sharing options...
mwjw Posted April 20, 2013 Author Report Share Posted April 20, 2013 Hi Mike It is true that with a strong income position, an overseas borrower can acquire a loan with a bank. It is however, not so accurate that a clean credit history necessarily allows this to happen. Different financial organisations view risk differently so it would make sense to speak to someone who deals with multiple lenders and knows about their policies for overseas borrowers. It also makes a big difference what kind of visa you have and whether your income and employment fits their policy. Hi, Thanks for the help. Its re-assuring to know that we may have options. I know our uk credit history dosent count for anything, as long as we have a chance then thats something!! Quote Link to comment Share on other sites More sharing options...
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