Kai Posted September 14, 2015 Share Posted September 14, 2015 Hi Guys, Just wondered if you literally had to start again with a new credit history when moving to Aus from the UK. Does anyone know how long it will take to build a reasonable amount of credit history to be able to get a mortgage? Many thanks Kai Link to comment Share on other sites More sharing options...
Bronyaur Posted September 14, 2015 Share Posted September 14, 2015 Hi Guys, Just wondered if you literally had to start again with a new credit history when moving to Aus from the UK. Does anyone know how long it will take to build a reasonable amount of credit history to be able to get a mortgage? Many thanks Kai Hi, The credit system works a bit different in Australia as you start with a clean sheet. However the clean sheet puts you at the top. When you first go for credit a new file will be open for you and from then you are able to apply for further credit. As long as you have a job a permanent address and id you shouldnt have much trouble getting some initial form of credit. If you have a largish deposit you should be able to obtain a mortage within 3- 6 months. ( personal experience) please note that if you have to much available credit, ie $10,000 available on a credit card then this will reduce your borrowing amount regardless if you use up to the limit. In Australia you dont have to wait 3 years as a resident to get credit as you do in the UK. Link to comment Share on other sites More sharing options...
DianaK Posted September 14, 2015 Share Posted September 14, 2015 What is the deposit that will generally allow you to get a mortgage within the first 3 - 6 months - 10%, 20%? Link to comment Share on other sites More sharing options...
Shellybingobingo Posted September 14, 2015 Share Posted September 14, 2015 What is the deposit that will generally allow you to get a mortgage within the first 3 - 6 months - 10%, 20%? 5 percent ! Or if u a low income earner you can get away with paying peanuts ! Link to comment Share on other sites More sharing options...
Bungo Posted September 14, 2015 Share Posted September 14, 2015 What is the deposit that will generally allow you to get a mortgage within the first 3 - 6 months - 10%, 20%? You should try to get a 20% deposit if you can otherwise there is expensive mortgage indemnity insurance to pay. Link to comment Share on other sites More sharing options...
DianaK Posted September 14, 2015 Share Posted September 14, 2015 Thanks! It is good to know that we have a chance with less than 20%. 20 was our goal, but with the property prices in Sydney, I am not sure that we will manage to raise such a deposit. Do they require certain period of time with the same employer before we can apply? Link to comment Share on other sites More sharing options...
Shellybingobingo Posted September 14, 2015 Share Posted September 14, 2015 Thanks! It is good to know that we have a chance with less than 20%. 20 was our goal, but with the property prices in Sydney, I am not sure that we will manage to raise such a deposit. Do they require certain period of time with the same employer before we can apply? after ya probationary period which is 3 month ! Link to comment Share on other sites More sharing options...
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