OmegaOz

So, my plan should work, I would just need to secure a job first and wait a few months so I had proof of earnings. I suppose this would also give me time to build up a bit of an Oz credit rating too. When you hear about people emigrating to Oz and buying a house straight away, how is this possible if they don't have an Oz credit rating?

Hi wondering if I could get some advice......I am an Australian citizen (by descent) living in UK with my wife, who is also British. In the next couple of years we are looking to make the move to Oz (applying for a partner visa for my wife). At the moment we rent in the uk, as we do not have enough of a deposit to buy. I started thinking about this and came up with a hypothetical situation, and I would be interested in any comments about why it might not work, or anything I haven't considered. So.... before leaving for Oz in a couple of years, we take out a personal loan, say for £25k, which wouldn't be a problem as we have excellent credit rating. We would then use this as a deposit to buy a property in Australia, say for $490k. Taking advantage of the higher earnings in Australia (and not factoring in big changes to exchange rate etc.) a very rough figure I have calculated would be $46k a year needed to pay the mortgage payments and to pay the minimum monthly amount towards the uk loan. Even if we both only got average paying jobs, this would seem an easily achievable amount, with plenty left over for living expenses etc. I have seen threads about overseas debt not being enforceable, but aside from it being fraud to take out the uk loan without paying it back, I would want a clean conscience as well as a nice property! So.....would this work? Would an Oz bank give someone a mortgage with a UK debt for about the same size as the deposit?! Do they ask about overseas debt? They aren't silly and would surely know you had taken this loan to get a deposit? Any comments would be much appreciated, thanks