newly arrived and getting a personal loan

[TonyD]

Hi all, before leaving the UK we decided we would leave our fridge freezer, washer etc and buy new when we arrived (they were nearing the end of their life anyway) by getting a personal loan, thinking that as I had a good, permanent job that wouldnt be an issue. Joined the HSBC (mistake which I am going to rectify) but this week when I enquired about a personal loan was quickly told by them that they wouldnt even review lending me any money until I had been in the country six months.

 

 

Thrown a spanner in the works as we move out of our furnished accom. on the long weekend so I want to quickly join a bank that loans people newly arrived money - anybody any experience of this? Alternative advice of credit cards/other avenues much appreciated.

 

Australia day weekend without a fridge for beer......can't think of anything worse!

 

Any advice much appreciated.

[TonyD]

Forgot to mention I'm looking at about 17 grand as I now need a car as well as we're going to be living a bit further out that now warrants it.

 

T

[Blossom]

Wow. I'm sure I've seen it done, well for mortgages anyway. I don't think it's very easy though. Have you signed up to things like mobile phone plans to start building up your credit rating?

 

I applied for a credit card last year after bring here for 6 years. Although I asked for more the would only give me a limit of $3000.

[TonyD]

Hi Blossom, got a company phone so no phone but got mobile broadband. Thats about it though!

[Guest Claire-n-tel]

Hi Tony!

With mortgages at least they wouldn't even look at you until you had been in the job for the whole probationary period, usually 3 but sometimes 6 months, you might think you do not have a probationary period but check your contract chances are you do even if it wasnt discussed.

 

I think the banks would be looking at the buying of white goods as 'living expenses' which they would expect you to have savings to cover. you might be able to get some sort of non bank loan for a car ie with the garage but i would think they would sting you on interest.

 

Good luck

[snifter]

I agree with the above. Mean time to borrow that much without a credit rating you probably won't get very far.

 

We bank with Commonwealth who gave been excellent but even our account manager said we would need to be employed for 3 months minimum before they start lending, mortgage wise at least. Although other avenues might be more forgiving, the banks seem pretty strict.

 

Suggest you look at short term saving and buy second hand to tide you over till you have the budget or means to spend more. We looked at some cars for around the $2,000 mark when we arrived but ended up spending $6,000.

 

Does your rental come with white goods? And gumtree and places can be good for that stuff, or reconditioned. Also people list stuff here on the forum or ask if stuff is going. Post in the For Sale/Wanted section and see if anyone is selling off stuff or can loan you a few bits till you are in a position to buy.

[TonyD]

Hi Claire n Tel, I do have a 6 month probation period and you're right, a car dealer will ream me on interest so thats a last resort but maybe a necessary evil! Off to a garage sale now in Unley so hopefully we could pick up a bargain or 2 there!

 

Tony & Sharon

[snifter]

Are there companies hire out white goods? I know renting stuff happens here still as I see loads of people hiring things or using layby till it's bought. Look into those also as they might be of use.

[Blossom]

Are there companies hire out white goods? I know renting stuff happens here still as I see loads of people hiring things or using layby till it's bought. Look into those also as they might be of use.

There are. Last time I looked they were expensive and had minimum rental times too. Radio rentals at least used to do it.

[Guest Claire-n-tel]

I think there is one called mr rental ad on tv at the moment i'm sure they harp on about no minimum rental time...

[Guest vikkiann]

Gumtree is probably better than rental.

We bought an American fridge freezer from gumtree while we waited for our container to arrive, it cost less than $400.

 

As as for the loan part, I can't help, sorry!

[NicF]

Hi Tony!

With mortgages at least they wouldn't even look at you until you had been in the job for the whole probationary period, usually 3 but sometimes 6 months, you might think you do not have a probationary period but check your contract chances are you do even if it wasnt discussed.

 

 

We got agreement for a mortgage on a block of land when my OH had been in his job for less than 3 months with a 6 month probationary period, so it can be done (with the Commonwealth Bank as well). We went through a broker though which may have made a difference. And we had about a 70% deposit.

 

There are lots of places that advertise cheap finance for car purchases, although as we are not looking to buy one I don't know if this is for new cars only or for second hand ones as well.

[Guest Guest12727]

Ditto what everyone else has said. Unlikely to get finance with a bank. Gumtree is excellent, for buying and selling.

Consider a reputable car dealers finance - so long as you can pay it out earlier, this could tide you over for 6months until you can get a bank loan.

For white goods, also try scratch and dent - there is one on South Rd and Radio Rentals at the top of Main North Rd have a section. These are usually new products that have some slight exterior damage so they sell them cheaper. Make sure you know the dimensions of the space that the fridge / washer etc need to fit.

You can also try Good Guys / Harvey Norman etc for buy now / pay later. Don't know if they would let you, but worth a try. They will often bend over backwards to make a sale.

[Mr Technical]

I applied for a loan for a car for approx. half the amount you want, but was declined because I was still in my probationary period, think I was in month 4 out of 6 months. This was despite having been here 5 years and having been in full time perm employment for all that time on a fairly decent wage, having our own home and the only debt we had was the mortgage. The stumbling block was purely the fact I was still in my probationary period.

[Jessica Berry]

thinking that as I had a good, permanent job

 

While I don't want to be the voice of doom and gloom, this advice comes from my background in HR/recruitment roles and working in a variety of jobs and industries and I would advise exercising caution taking out large loans while you are still in your probationary period, especially if you don't have any savings as a backup (obviously I don't know your personal circumstances, but you are perhaps looking at a loan as you don't have the required funds available). In my opinion, Adelaide employers use the probationary period and will terminate an employee in this period for whatever reason, it is used much more here than I ever witnessed in the UK. The notion of a 'permanent' job as well, can also be misleading, I have also witnessed employees terminated when they had a 'permanent' job again for a variety of reasons and also in industries which people would consider safe environments.

 

As I said, this post is not designed to scare monger, purely to point out that before taking out a large loan, just consider if you were to lose your job suddenly would you be confident in keeping up the repayments?

[Guest Claire-n-tel]

We got agreement for a mortgage on a block of land when my OH had been in his job for less than 3 months with a 6 month probationary period, so it can be done (with the Commonwealth Bank as well). We went through a broker though which may have made a difference. And we had about a 70% deposit.

 

i would say thats what the difference was

[TonyD]

As usual some great advice from all. Next stop is to try the commonwealth as they seem my best bet but in reality it looks unlikely. as suggested by a few we have been looking on gumtree and will continue to do so but with a week to go we'll have to be very active! We wanted to buy new and what we want to have in place long-term but maybe it is a case of make do with what we can afford. particularly appreciate Jessica's advice - I have come over and been offered the job due to knowing one of the Directors very well (I have worked with him in the UK on 3 different projects) but you are right, I should not get a load of debtand run the risk of it not working out with my new employers. Also not heard of Scratch and Dent so thanks for that lead too Howde.

 

We're going to have a mooch tô the Good Guys etc tomorrow to sound them out for credit - we do have a bit of money put to one side but want to keep that as a buffer. We move into our beautiful new home in Edwardstown at the end of next week but wil have to make do with it being empty! to top it all our container seems to be severely delayed due to the storms in the UK - if we didnt have bad luck we wouldn't have any luck at all!!

 

Thanks again to you all for your help.

 

Tony and Sharon

[Keith & Linda]

Whilst I do not know what you have in your container, you could look at buying the things you will be needing/wanting and utilize them for the present, for example a patio set could be used as a dinning set, some even have reclining chairs so could become your lounge chair. Picnic sets too, maybe camping gear? I am sure others will have ideas too.

Good luck with things.

Keith

[TonyD]

Good advice Keith, we need a sofa so have identified a good sofa bed that doubles up until our bed arrives and we're thinking some sun loungers will be great for the garden but can be brought in! We'll have to make do - As for a telly, we've got 3 in the container so REFUSE to buy another bearing in mind how poor Aussie TV is! Also, we're thinking that instead of a stereo Sharon can sing me my favourite tracks at night..........if anyone sees a pair of earplugs on gumtree let me know!!!

[Keith & Linda]

Good advice Keith, we need a sofa so have identified a good sofa bed that doubles up until our bed arrives and we're thinking some sun loungers will be great for the garden but can be brought in! We'll have to make do - As for a telly, we've got 3 in the container so REFUSE to buy another bearing in mind how poor Aussie TV is! Also, we're thinking that instead of a stereo Sharon can sing me my favourite tracks at night..........if anyone sees a pair of earplugs on gumtree let me know!!!

 

The old tube TV's can be cheap in some of the charity shops as well as some form of stereo and other goods like kettles, toaster and the like they then become your back-ups in emergencies. You can also use the Mr Bean method for earplugs, you may need to pass on this tip to your neighbors too:wink:.

[TonyD]

Thought about an old tube TV, seen one today for 50 dollars but refrained. thinking about the earplugs may need to bulk-buy for people as far out as Hallett Cove! the words cat/throttled/being spring to mind!!

[snifter]

We might have an old tube TV going. Let me check and see if it's been rehomed.

[shazlouD]

TonyD you are so cheeky! You know how great my singing is! I will never serenade you again for that remark!

[TonyD]

I'm so happy I could cry!! your post above is akin to hearing "thats the final whistle and England have beaten Australia/NZ in the Rugby League World Cup"

[Keith & Linda]

That's the one good thing to watch on tv here....Rugby league, but alas, does not get too much coverage here in Adelaide, no singing when that's on just the hissing of beer bottles opening:biggrin: