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Finance

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Do I Qualify?

We’ve put together some tips on how to secure financing when you’re Down Under.

Read on below or if you have any questions don’t hesitate to contact our Australian finance experts through our dedicated 24/7 helpline.

get free help making the move via our Australian experts


Careful planning, alongside understanding the process of any credit lender, will assist your chances of securing finance in Australia tenfold.

As well as our dedicated 24/7 helpline that puts you in touch with our finance experts, whenever you’re dealing with money it’s also good to use an accountant, money advisor or bank to make sure you’ve got all the information before you apply.

If you get it wrong and are declined it stays on your record so take your time.

Advisors will first look up your credit history. This is a great starting point as it’s exactly what the lender will do and it lets you build up your profile toward what the lender is seeking.

We’ve put together some information below on how to figure out whether you’ll qualify for a credit card and other loans, plus the common issues people face.

score cards

Credit card companies check and re-check score cards because it enables them to make a ‘calculated risk’ when they’re considering who to lend money to.

Basically, low scores will be declined so if your score is low then you need to rethink your borrowing until you can show a high one.

Lenders have a threshold that’s specific to them. They don’t publish this level so it comes down to experience with who is best to borrow from.

That’s where a local accountant is best to step in because you can build your score by a secured credit card or other options.

Talk to us and we can give you advice on where to go from here.

applying for multiple credit cards or loans

In short, applying for multiple credit cards only downgrades your application.

You’re far better off doing your research, consulting an advisor and choosing the lender that’s best suited to deal with your specific set of circumstances.

‘Shop around’ for 3–5 potential applications but the sooner you become informed the better.

maxing your credit card limits

Any card holders who consistently sit on the maximum credit available will eventually risk future loans being declined because credit lenders see this as a red flag.

The golden rule is to minimise your credit level in order to maximise your borrowings – a simple equation when you think about it.

Try and pay off what you spend in the month by the due date to increase your credit score.

failed repayment schedules

Being late on any repayment schedules is a big factor in your credit rating, even aside from the nasty shock of late payment fees.

In fact, it’s worth over 30% on any score factor so it’s important to ensure that you can repay any loan or credit card on time, all the time, even if your circumstances change.

consolidate your loans

If you’ve got multiple loans it’s a good idea to have them reevaluated and condensed to sit under one lender. Credit lines being spread too thin with multiple lenders will only create more hurdles in securing future credit cards and loans.

Plus, there are many factors that lenders consider, including the types of companies you’ve previously dealt with, so it’s a good idea to first and foremost consider the main lenders for your own protection.

For example, retail lenders are plentiful but they’re all about selling so be wary as they may compound your credit history.

Banks tend to be prime lenders but they’re followed closely by the smaller banks and specialised lenders.

It’s all very complex so it’s best to seek advice, such as through our dedicated 24/7 helpline, to make sure you’re on the right track.

cull the cards?

At one time or another most of us wish to cancel our dormant accounts but in reality this isn’t actually so wise.

Generally, keeping these accounts open actually provides you with a stronger credit line so think twice before closing any accounts.

Instead, simply service the accounts.

credit report mistakes

So often we hear about cases of mistaken identity on people’s credit history.

While we all trust our banks and systems (for the most part at least!), things do go wrong so ideally it’s a good idea to have an annual look at your credit history records.

Wrong credit will hurt you but it’s easy enough to correct. You just need to be proactive about it.

To get your credit history you can get in contact with your lender.

avoid credit altogether?

Avoiding credit altogether is really hard to do in these modern times of money handling so it’s important to understand how you can benefit from it.

Credit card facilitators and credit reporting agencies rely on peoples’ past payment history to gauge how borrowers will do in the future.

If you don’t borrow, they’re left with no information to rely on.

For those without any credit cards (and no desire to get one), a student loan or car loan helps build a credit history, as does paying every single bill on time and in full, including rent, phone, internet and utility bills.

cosigning a loan

If you cosign a loan you’re agreeing to uphold the loan in the case that the person you’ve cosigned for can’t pay.

The problem is that if they start missing payments, the lender doesn’t contact you until they’re 90 days late, unless it’s specified on the contract.

This can be a big problem because it can severely damage your credit rating so be very wary and astute if you’re considering signing any agreement of financial responsibility.

If you do decide to cosign you you can also request that all related loan documents are posted to the both of you.

employment history

Income stability is a key factor so being constantly on the move between jobs isn’t so wise. Sometimes it’s not avoidable so if that’s the case keep your lender informed.

For most, your employment history won’t have an impact on your credit card application because most applications are processed electronically using calculations that are based on your credit score alone.

However, frequent job changes could, to some issuers, bring up questions of an applicant’s income stability.


thinking australia? we can help!

Again, it’s so important for you to be informed so we recommend getting in touch with our talented team of experts via our dedicated 24/7 helpline for more information.

free Australian financial advice? yes please!