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AaronS

A bit frustrated with the credit situation

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We have everything in order....visa active, bank account, letter showing employment in Oz and salary, letters of reference from our previous bank in the US, etc. Basically everything we've been asked. Still no luck securing financing for a vehicle. It's getting a tad frustrating. It looks like we may have to get an unsecured loan for a ridiculous interest rate to get a vehicle. That is not acceptable. Does anyone have any suggestions on a better way to go about this process here?

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Are you going to the bank who your account is with or are you using external finance companies? Ask to speak directly to the manager of the bank that you have your accounts with, you might have some luck there.


Offshore partner visa sent 2/6/10, signed for 3/6/10, money taken 7/6/10, CO acknowledgement 9/6/10, PR Visa granted 28/9/10, Arrived in Brisbane 5/11/10 and loving life again :biggrin:

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Also try at the actual dealerships - they often have affiliations with lending companies and may have a little more 'sway' when it comes to approvals. The interest rates aren't that much different from the banks and, in some cases, better.

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You could do without a car and save up for it. Thats what we did and paid cash. Australian banks do seem to treat you like scum if you are a foreigner. Even if you can prove you have had creditcards, overdrafts and loans in another country with no problems.

 

How long is your visa for? One of the banks told me that they do not usually give anything to temp visas as they expect them to be thrown out or leave after 2 years. Thats why i had to wait until I got PR even to get a credit card.

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We could pay cash for one but don't really want to lay out the money. Plus we need to build credit. We'll keep pursuing a loan. We'll probably end up going unsecured with the bank and pay off early to buil credit but avoid paying all the interest.

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Hi Aaron, we part paid my car and financed the rest through the dealership (Toyota). The deal wasn't too bad and it is a flexible loan so we can up the repayments if we like. Try dealership as you will probably get a better deal.


And the end of all our exploring will be to arrive at where we started, and know the place for the first time.

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We could pay cash for one but don't really want to lay out the money. Plus we need to build credit. We'll keep pursuing a loan. We'll probably end up going unsecured with the bank and pay off early to buil credit but avoid paying all the interest.

 

Don't think you build a credit history here. You just avoid black marks on your credit history. Recently arrived friends had no issue with proof of job. I would just keep trying banks and credit unions....one of them will say yes.

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Guest Guest31881
Don't think you build a credit history here. You just avoid black marks on your credit history. Recently arrived friends had no issue with proof of job. I would just keep trying banks and credit unions....one of them will say yes.

 

 

As far as I know that is correct, You start with a good credit rating and if you avoid black marks you should be OK. You do not build a credit rating here but you can destroy one with a late payment.

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You do need to build a credit rating in Aus, we did it by buying a tv years ago and my friend went guarantor.

 

Once you get on the first rung you are fine.

 

Keep trying the banks if you have deposited a good amount in one they should be able to help you.


Petals

:ssign15:taking no prisoners :wink:

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You could do without a car and save up for it. Thats what we did and paid cash. Australian banks do seem to treat you like scum if you are a foreigner. Even if you can prove you have had creditcards, overdrafts and loans in another country with no problems.

 

How long is your visa for? One of the banks told me that they do not usually give anything to temp visas as they expect them to be thrown out or leave after 2 years. Thats why i had to wait until I got PR even to get a credit card.

 

Fortunately that isn't true. I'm on a 457 and had no issues getting car finance. Also, I know of several other 457 holders who've had mortgages approved.

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Fortunately that isn't true. I'm on a 457 and had no issues getting car finance. Also, I know of several other 457 holders who've had mortgages approved.

 

You have been lucky then. Despite being on a partner visa, having a well paid job and substantial savings, I had immense trouble getting a credit card and even a mobile phone contract was quite problematic. The electricity supplier wouldn't let me be on the bill so that had to be in my OH's name only. All of the others were OK.

 

Maybe its because they didn't seem to understand how partner visas work. I know of a few people that had similar problems. I can only go on my experience.

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Looks like it will work out for financing a car. I was being a bit impatient. Guess I'll have to adjust to the fact we don't have the perfect rating built here like we had in the US.

 

Cell contract is a completely diffrrent issue. The basically wanted my first born son to get one now. Have to wait 3 months. Prepay it is until them

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To be honest, I wished I'd stayed on Prepay - it actually worked out a whole lot cheaper. As soon as my contract is up, I'll be going back down that road!

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I'm on a partner visa - no difficulties getting mobile phone, utilities or credit...

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To be honest, I wished I'd stayed on Prepay - it actually worked out a whole lot cheaper. As soon as my contract is up, I'll be going back down that road!

 

I own my phone and its unlocked so I may stay prepay. My wife needs a new phone and prefers a contract. I've been happy with voda phone so far......but it has only been one week

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I should have been patient. Car, phone and house all sorted out today

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Guest GeorgeD

I'm on the Temp Partner Visa (SC 309) and had no problem having our home phone & internet in my name. I haven't applied for a credit card yet, but I had no problem getting a mortgage for an unfeasibly large amount of money with the Commonwealth Bank. We were given pre-approval for a large sum after me only having 6 weeks of wage slips and a temporary visa!

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