I have received news that I have granted my visa and am currently trying to clear the house of clutter in order to sell. I have bank statemebts going back for years as well as utility bills for at least three years. Can anybody tell me how much of it I can shred? I am really likely to need it. If I apply for a mortgage in Australia will they need proof that I am a 'good' banker?
Rebecca

I came to Australia with no records of any kind. However you should remember that under Inland Revenue rules you should keep bank records etc for 6 years. If you were a normal PAYE employee then I wouldn't worry too much about that. However if you had to file a tax return (say because you are self-employed)every year then they might be worth keeping.

Getting a mortgage here you just need to have aan employment record for six months. I just applied for one and all I had to produce was 1 payslip and my group certificate (P60) for the last tax year. Also had to prove my identity - passport, driving licence etc (quite a common practice here in Oz - referred to as 100 points of ID). Nothing else needed. They will of course to a credit check.

quote:

They will of course to a credit check.

What te Credit Check does is to search and ensure that you don't have any "black marks" recorded against your name.

In Aust, if you are late making credit payments or don't pay a debt it is recorded by the Credit Reference Agency of Australia (CRAA).

Most migrants easily pass the credit check because they've not been here long enough to have done anything wrong. There is no requirement to prove a credit history of having done the right thing, just never have done the wrong thing.

Cheers
Bob in Bull Creek
Mortgage Broker

Thanks for the help and advice. Shredder, here I come!
Rebecca

hi guys, reading through your posts, does that mean a uk credit history is invalid when in Aus? E.G. when applying for credit in Aus are they able to see your uk credit record?

thanks

quote:

Originally posted by markfaries:
hi guys, reading through your posts, does that mean a uk credit history is invalid when in Aus? E.G. when applying for credit in Aus are they able to see your uk credit record?
thanks

G'day

Applications for credit in Australia are assessed without reference to your UK credit history. At the moment. This may change in the future, but there ae no plans to do so, that I know off.

Only negative things about your credit record are recorded. The fact that you've always paid every bill early in the last 20 years means nothing. When you apply for credit here, the credit provider will usually check with Baycorp to see if you are "known" to them. Almost all credit providers report to Baycorp any time a borrower is late in making a payment, or fails to pay at all, or has their loan cancelled, or has a credit application rejected.

So, if you have done something "wrong" then generally Baycorp will know about it, and they will pass that on to other companies that you apply to for credit.

Most migrants have not had time to do anything 'wrong" and as such they have a clean credit record. Being late in paying your phone bill a couple of times however may result in you being knocked back for a housing loan.

Cheers
Bob in Bull Creek

Bob,

Thanks for your reply! Almost sounds like it would be good to have a big spending spree prior to leaving the UK!

Sounds a lot more strict than UK rules. Is there much chance of getting a mortgage straight away when we get there... or is the general rule to get 6 months worth of employment behind you first?

Thanks again Bob.

quote:

Originally posted by markfaries:
Is there much chance of getting a mortgage straight away when we get there...

Yes, with a good broker.

Of course having a reasonable deposit and the demonstrable ability to repay the loan makes things easier.

Cheers
Bob in Bull Creek