loans

[Prema]

Wondering if anyone has had any experiences that they could share with regards to loans.

 

Since the exchange rate is rubbish for GBP we will be keeping our money in the UK, for the time being.

 

We have already applied for NAB bank accounts, here. As hubbie already has a job there, would we have a good chance of being approved a loan to buy a car, as soon as we arrive?

[HEAPS GOOD !!!]

As long as certain things are in place you should be ok just watch you dnt get stung by high interest rates.

 

Proof of earnings is normally enouigh, but if you goto some dealers they maye even help you out in some way....but try and get it through a bank first i reckon.

 

HG

[jim and adel]

I'm sure you'll have thought of this, but just in case ... weigh up what you're losing on the exchange rate against what extra you'll pay for the loan because of higher interest rates here. It's not the RBA cash rate you need worry about, but the over-inflated mark up for financial products!

 

Jim

[Guest Chris Cooke]

Hi Prema,

 

You should be fine, as long as you have some income and employment verification. Be careful of the quoted rate being loaded by brokerage, and of any penalties charged if you pay the loan out early. Always compare the dealer finance offer with a bank or credit union.

 

Chris

[Guest searknubley]

Wondering if anyone has had any experiences that they could share with regards to loans.

 

Since the exchange rate is rubbish for GBP we will be keeping our money in the UK, for the time being.

 

We have already applied for NAB bank accounts, here. As hubbie already has a job there, would we have a good chance of being approved a loan to buy a car, as soon as we arrive?

hi our only experience was around loans for our student daughter, every case is rated on it's individual merits, they take into account your assets like the amount of cash in your account, car etc etc...they have no interest what's left in England only what you have here and how long you've worked here..good luck!

[Guest Cope]

I have a somewhat related question I can't seem to find an answer to: I think as a migrant you can transfer money without paying taxes as if it were income in Australia right? But if you do it later because you wait for better rates, will you then lose that option. Do you have to transfer your funds for example in the year of entry?

Sorry if this was already answered.

[Andrew from Vista Financial]

I have a somewhat related question I can't seem to find an answer to: I think as a migrant you can transfer money without paying taxes as if it were income in Australia right? But if you do it later because you wait for better rates, will you then lose that option. Do you have to transfer your funds for example in the year of entry?

Sorry if this was already answered.

 

 

Hi there

 

It could be possible that there is tax to pay on a foreign exchange gain, however there are many factors involved as to whether there is or not.

 

Just a point, if YOU feel that exchange rates will improve and are happy waiting until that time then if tax is payable it would be on the forex gain only, not the whole amount.

 

If your wait pays off and you achieve a better rate and you do have tax to pay then you are paying tax on money you didn't have, rather than changing at a lower point to avoid tax but not making extra money, ie is it better to pay tax on profit than not to pay tax but not make any profit?

 

Second point, what are you going to be using the money for when you do change it?

 

Could it be better to change at a lower rate because if the intended purchase/investment is currently growing it may outperform in that period of time the wait for the exchange to improve anyway?

 

Just some considerations.

 

Regards

 

Andy