Credit Rating and home loans in Austrlia - How much can you borrow ?

05-23-2004, 03:43 AM

My wife and I will be moving permanently to Australia in the coming months
and we wanted to get a head start with financing.
We are not australians however I have lived in Australia in the past. I am
british and she is german and we live in the U.S.
The questions I have for forward planning are :

1. How does the australian credit rating system work as we have no credit
history. Can we transfer a U.S. credit rating or do we have to start from
scratch ?
2. How much typically can you borrow for a first home. I anticipate we will
have a deposit of approximately $150,000 AUD when we arrive. Is it a
multiple of salary ?

any advice greatly appreciated..

Many Thanks

Steve Mew

05-23-2004, 04:32 AM

On arrival go to a Mortgage Broker.

The mortgage attaches to the property you buy, rather than to you
individually (as in some parts of the world); but a bank or other provider
won't lend to you if they believe you will have difficulty in making
repayments. Each provider has its own criteria as to salary multiple they
will lend.

If you are perceived as being an 'above average' risk - they will require
Mortgage Insurance (which costs a set % of the loan value) as well.

All Banks lend for housing, as do most Credit Unions, all Building Societies
and specific Housing Loan Providers such as Wizard Home Loans, RAMS etc.
Google!!! - you'll find a surprising amount of very detailed information!!

"steve mew" <> wrote in message
news:p5Vrc.4645$...
    > My wife and I will be moving permanently to Australia in the coming months
    > and we wanted to get a head start with financing.
    > We are not australians however I have lived in Australia in the past. I am
    > british and she is german and we live in the U.S.
    > The questions I have for forward planning are :
    > 1. How does the australian credit rating system work as we have no credit
    > history. Can we transfer a U.S. credit rating or do we have to start from
    > scratch ?
    > 2. How much typically can you borrow for a first home. I anticipate we
will
    > have a deposit of approximately $150,000 AUD when we arrive. Is it a
    > multiple of salary ?
    > any advice greatly appreciated..
    > Many Thanks
    > Steve Mew