banking - credit rating history

[malaya]

Hi,

We are planning to move over to Aus in early next year. I once read somewhere - maybe on this site, but I cannot find it again some advice on organising your banking needs.

From memory the advise was about collating evidence of your credit history enabling you to apply for cards, bank accounts, mortgages etc more easily in Aus.

 

I realise I can open a bank account from the UK e.g. NAB and I plan to do this. If anyone can give me advise about the other stuff or know where the info is on the forum - please point me in the right direction!!

 

Many thanks

[Guest guest33730]

Hi,

We are planning to move over to Aus in early next year. I once read somewhere - maybe on this site, but I cannot find it again some advice on organising your banking needs.

From memory the advise was about collating evidence of your credit history enabling you to apply for cards, bank accounts, mortgages etc more easily in Aus.

 

I realise I can open a bank account from the UK e.g. NAB and I plan to do this. If anyone can give me advise about the other stuff or know where the info is on the forum - please point me in the right direction!!

 

Many thanks

 

Malaya,

 

To be honest I found that there was nothing I could do that helped me when applying for credit in Australia. There is no reciprocal agreement between UK and Aus so any credit history you may have (good or bad) does not go with you. I have an excellent relationship with my UK bank (Clydesdale) which is wholly owned subsidiary of NAB but it made no difference of any kind, despite my best efforts, when I came to AUS.

 

This is good for people with debt and bad credit in the UK because they get a fresh start in Aus, however as usual, those who have been honest and done the right thing, seem to get penalised.

 

So the only way to get credit in Aus, is to live there for 6 months, get a job, get a bank account and a phone, maybe some utilities and slowly your credit score will go up.

 

Daniel

[spottydog]

From what I understand you don't really build up a credit rating in Aus, only non-payments get recorded on your credit file.

 

Here they look at your overall available credit and ability to pay. I certainly didn't have to wait 6 months to get credit here, I had a post pay mobile within a month of arriving and a mortgage offer once I had a job and therefore an income. The one thing you have to watch here is credit limits affect your borrowing capacity so if you have a credit card with a $20k limit, even if you don't use it that $20k is classed as borrowed for assessing your ability to borrow more (i.e. mortgage).

 

Any documentation regarding UK credit ratings will be ignored here so not worth bringing, possibly the only exception would be proof of paying a mortgage which could be useful to prove to rental agents you owned rather than rented in the UK so therefore have no rental references.

[carpetbelly]

Spottydog is spot on (no pun intended lol)... There is no credit rating as such to build up compared to the uk as the Credit Bureaus over here in Aus only hold bad records and nothing else. That is looking at being changed to be more similar to the uk though where all data, good and bad will be held. You can tell in which field I work eh