NinjaPom Posted June 26, 2014 Share Posted June 26, 2014 Hi, does anyone know how to get a credit rating history from UK transferred over to Australia for the purpose if getting a mortgage? Apparently it's too hard to get a mortgage without one and since we have no credit history here in Oz we are not sure what to do? Cheers:wink: Link to comment Share on other sites More sharing options...
JoannaAch Posted June 26, 2014 Share Posted June 26, 2014 Hi, does anyone know how to get a credit rating history from UK transferred over to Australia for the purpose if getting a mortgage? Apparently it's too hard to get a mortgage without one and since we have no credit history here in Oz we are not sure what to do? Cheers:wink: I heard that only credit history in Australia counts and you can't transfer it from overseas? But your credit history starts the moment you arrive in Aus, so after a few months you should have enough to get mortgage. You can check it on Veda. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted June 26, 2014 Share Posted June 26, 2014 Don't worry. You will not have to build up a credit rating to get a mortgage here, it is looked at on your individual circumstances to service the loan and the lenders policy. Link to comment Share on other sites More sharing options...
NinjaPom Posted June 26, 2014 Author Share Posted June 26, 2014 I heard that only credit history in Australia counts and you can't transfer it from overseas? But your credit history starts the moment you arrive in Aus, so after a few months you should have enough to get mortgage. You can check it on Veda. Hi Joanna, thanks for that. We have no debts, no credit cards, loans and only rent our home currently so officially we have no credit history even though we have been here three years. Going on Veda won't really help us but thanks anyway. :wink: Link to comment Share on other sites More sharing options...
NinjaPom Posted June 26, 2014 Author Share Posted June 26, 2014 Thanks Andrew ... We saw a financial advisor the other day.... He said we were really "old school" and quite unusual in that we had no debts or loans of any kind. Funny but a pain in the rear at same time! Maybe we could get a credit card each and buy a couple of small things we need, pay it back and we will have "history"! Link to comment Share on other sites More sharing options...
MovingtoTasmania Posted June 26, 2014 Share Posted June 26, 2014 My understanding is (and Andrew from vista financial will hopefully correct me if I'm wrong) but not having a credit history is the main thing as it used to be (and it might have changed, I don't know) that if you defaulted or paid late for something, then a credit history would show for you, unlike in the UK where all payments, late or otherwise are noted down. So not having a credit history is good as it shows that you aren't in debt. But as I said, I may be wrong on this. Link to comment Share on other sites More sharing options...
Guest Posted June 26, 2014 Share Posted June 26, 2014 We had no credit history here and we were fine when we came to getting a mortgage. Fwiw we bought after 7 or 8 months here. They looked at our income, outgoings and so on. It was fine. Link to comment Share on other sites More sharing options...
Que Sera Sera Posted June 26, 2014 Share Posted June 26, 2014 Yes we got a mortgage fairly early on but you will have to have a deposit and some banks are fussy requiring a proven savings history here. Link to comment Share on other sites More sharing options...
JoannaAch Posted June 27, 2014 Share Posted June 27, 2014 Hi Joanna,thanks for that. We have no debts, no credit cards, loans and only rent our home currently so officially we have no credit history even though we have been here three years. Going on Veda won't really help us but thanks anyway. :wink: You will have a credit file on Veda just because of your bank account, utility bills (AGL does checks), phone contract, maybe even the real estate agency etc. Your credit score should be average or good (depending how old is the file). As long as you don't forget to pay any bills on time, don't apply for credit and so on your credit "score" will only get better. And as other mentioned - you don't need a "solid" history of paying back debts. Banks look at income/savings and if you don't have any defaults on your file. Link to comment Share on other sites More sharing options...
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