Polkey Posted February 19, 2011 Share Posted February 19, 2011 Can any one shed any light on how long it takes for your credit rating to build up before the banks will look at you for mortgages and loans. I am selling my business in the uk and want to start another in oz but will probs need another business loan to achieve this. Will the banks take your uk history into account? Any info/advice welcome. John. Link to comment Share on other sites More sharing options...
rebrol Posted February 20, 2011 Share Posted February 20, 2011 Hiya I am afraid that generally speaking banks and creditors won't take your UK credit history into account. You will have to start from scratch - it helps if you have cash in the bank or savings of some kind. You won't have any probs setting up a new business but getting a loan might be more tricky - depending on the business and how much you require. We have been told it takes about 12 months for a mortgage but we got a car loan as soon as we had employment. But the interest rate varies and we are hoping to refinance in 6 months to get a better rate as we will have better rating then. Good Luck Link to comment Share on other sites More sharing options...
Guest JK2510 Posted February 20, 2011 Share Posted February 20, 2011 On a similar note we have just been into crazy johns mobile phone shop and we were told they do credit checks back to the uk?!! I was under the impression that your oz credit ratings start from scratch and its built up. Im sure ive read on here they are not aloud to do a uk credit check for oz credit. Its just me thinking they are giving out wrong info as we have been into others and have been told something completely different. Link to comment Share on other sites More sharing options...
rebrol Posted February 20, 2011 Share Posted February 20, 2011 There are no reciprocal agreements in place between Oz and Uk financially, and I could be wrong but no-one here has ever checked our UK credit rating - if they would we would have been able to get loans and mortgages and contract phones much quicker than we did. As I said previously our car loan rate is not the worst and is not the best and we were told that in 12 months time we could refinance with a better rate because our credit rating would have built up. And we kept saying to them what a shame you can't look at our UK credit rating. Link to comment Share on other sites More sharing options...
Polkey Posted February 21, 2011 Author Share Posted February 21, 2011 Well I guess a year or two is not the end of the world, I think we would need that time to get a feel for the right place to buy and the right place for a business. When we were on the gold coast it was hard to work out the best place for a shop. Over here its easy as you know so much about the areas you are in or looking at. I guess its all part of the adventure, scary cool. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.