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justonemore1

Car Loans 309/100 Visa

5 posts in this topic

Hi,

 

I have recently arrived (4 weeks ago) in Oz on a 309/100 permanent partner Visa. I currently bank with NAB and am potentially looking at applying for a car loan. 2 questions on this:

 

1. Is it possible to have sufficient a credit rating to get a loan so soon into my stay?

 

2. In around a year I wish to apply for a mortgage. If this loan is available and I pay as planned would this help improve my rating for the mortgage application?

 

Any advice is appreciated.

 

JB

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Australia doesn't use credit ratings the same way they do in the UK. In fact, if you have a car loan, that will reduce the amount you can borrow on a mortgage!

 

It's also worth noting that car loans in Australia aren't the same as in the UK. I was astonished during my stay in England to see how many people had car loans, because in Australia they're regarded as a rip-off and people avoid them if they can. I'd suggest talking to NAB about a personal loan, which will give you more flexibility to pay it off faster - and I'd be buying a second-hand car, too.

Edited by Marisawright

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Australia doesn't use credit ratings the same way they do in the UK. In fact, if you have a car loan, that will reduce the amount you can borrow on a mortgage!

 

It's also worth noting that car loans in Australia aren't the same as in the UK. I was astonished during my stay in England to see how many people had car loans, because in Australia they're regarded as a rip-off and people avoid them if they can. I'd suggest talking to NAB about a personal loan, which will give you more flexibility to pay it off faster - and I'd be buying a second-hand car, too.

 

Thanks Marisa. That confuses me a bit as I was told to take a loan to build a credit history? On loans I was intending to use NAB as have been impressed by their service thus far.

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Please remember this is the NAB section of the forum to liaise directly with NAB. General members should not be replying to posts here. Further posts in reply from members will be removed.

 

OP, if you wish to ask the forum in general your questions, you need to post them in the Money and Finance forum where other members can reply. You posted here to ask NAB some specific questions and I am sure someone from them will be along soon to reply.

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Please remember this is the NAB section of the forum to liaise directly with NAB. General members should not be replying to posts here. Further posts in reply from members will be removed.

 

OP, if you wish to ask the forum in general your questions, you need to post them in the Money and Finance forum where other members can reply. You posted here to ask NAB some specific questions and I am sure someone from them will be along soon to reply.

 

Hi JB

 

You should have a chat to your personal banker in regards to the best way to finance your car purchase if you do need a loan. When seeking credit the bank will normally need your employment details/contract/payslips and if you have access to the last six months of financial/bank statements from the UK that will provide us some idea of your credit history. Each home loan is assessed on a case by case basis and as in the UK the bank will look at your income and amount of deposit (savings) when assessing your application. If you have had a mortgage previously in the UK you can provide this information to your banker also.

 

When you are settled and are thinking about your next steps towards buying a home get in touch with the branch and a home loan advisor will be able to help get you started. You will need to look at the local conditions, property contracts and how they work, stamp duty and solicitor costs. NAB has some great online tools and information to help you not only with the loan but also practical advice. see:

 

www.nab.com.au/personal/loans/home-loans/buying-a-home

www.nab.com.au/personal/loans/home-loans/home-loan-calculators/loan-repayments-calculator

 

Kind regards

 

Peter a NAB

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