A common
mistake for new arrivals is to believe they can arrive in Australia and walk into a lender and ask for
a loan. The bank will usually show them the door and say come back in 6
months with an employment record.
Many new migrants are surprised to see that their past work history from overseas may have been of little help.
The key factors in regards to employment are -
Is your employment in Australia with the same employer (eg: a
transfer)?
Is
your employment with a new employer but in the same/similar
role and industry?
Did you
move, gain employment in a new
position
or in a new industry or intending to be self employed. This
can potentially be the more difficult pathway.
Taking the time to determine the best way to package the loan before it is presented to the lender is one of the most critical steps of applying and how Balance Property & Finance's experience can help you.
If you have recently arrived and are finding it tough getting finance you want to minimise the amount of lenders you have to approach. Quite simply, if your application has not
been accepted, your credit
report in Australia may have this listed.
Any new lender may see that
you have been unsuccessful in the past and may deem you not to be a
worthwhile applicant, even before you get started with them. The more
times you are refused the worse this can become. We can in many situations obtain finance for clients once we have been able to determine their employment situation and find a lender that is friendly to their needs.
Overseas Borrower 
