Uk Credit Records

[Guest MoreSkippy]

Hi All

 

I know there are plenty of threads on opening OZ (& ANZ) banks, as well as info on taking money to OZ. My question is in regards to credit record. I know that in OZ one starts with clean record and that the record in Blighty doens't count in OZ (good or bad), but are there any members who had their credit checked when they opened an OZ bank, whether here or over there, and what clending criteria do they use when you apply for credit card or mortgages...It seems that all I hear is that you just apply, make sure you have a passport, visa and an address in OZ for verifictaion purposes. But surely, they do have to have other criterias to base their lending on. What are these??:arghh:

 

Thanks to all who contribute.:notworthy:

[Guest cantwait]

Hi

I spoke to a guy from Westpac Bank at a recent expo and he said it was easier to open an account in Australia while you are still in the UK. He said if you open an account from UK, when you get to Australia they will have a chequebook and debit card waiting for you to collect from a local bank. The only problem was if you transfer money over there, you can't retreive it until you get to Australia. Sorry, but I don't know anything about lending criteria etc.

[Guest adey]

if you apply for a credit card or mortgage from your aussie bank then you will just need to prove that you are permanently employed and have passed your probation period. Provide 3 to 6 months payslips depending on lender, copy of the purchase contract for the house/land and provide statements of credit cards/loans with other lenders. They will then input the information into a service calculator which will take into account not only your salaries but also all your finance/expenditure and the service calculators here also include cost of living so they will estimate living costs and these will be built into the calculation for how much you can borrow. If you have money in the UK they will also expect to see statements to prove the additional funding.

[Guest Glovertron]

Hi mate, I've opened an oz bank account whilst in the UK with the Commonwealth bank of australia, all I needed was a copy of a bank statement here in the UK, a certified copy of my passport and a utility bill. They dont check how much you have in you bank etc, I guess they think that if a uk bank has given you a bank account, then they will be safe to do the same....you can do it online and they send you the paperwork out. Mine took about 3 weeks. Hope that helps, dont worry about having a statement that shows little funds either, its just for proof of address....

[Guest The Pom Queen]

You may struggle getting a loan or mortgage until you have been in your job for a while. If this is a route you are looking at you may want to consider a low doc/no doc loan (UK Self Cert) but you would need around 20% deposit

[Guest Jim Scott]

Australian lenders rely on credit checks only to identify anything adverse. Positive information such as loans repaid etc are not recorded.

 

Having no credit history in Oz does not impair your application for credit here so don't worry about it.

 

It is possible to get finance even if on probation from some lenders. And 2 payslips is all that is usually required for most lenders, perhaps with a group certificate. Evidence of UK employment in a similar role can be useful.

 

Low doc loans are meant for self employed people with established businesses who simply don't have up to date financials. Employees are rarely appropriate for this type of product and in most cases a better solution is available.

[Guest Ian&Lou]

Hi,

 

I'm not sure about credit cards and loans etc as we havent the need for these at the moment. However we just opened our westpac accounts online. When Ian got here he just neeeded to take in his ID to be able to activate the account and collect his debit card etc, we were still able to send funds from the UK before Ian got there.

 

Lou