National Australia Bank
13 May 2016 by News DeskNational Australia Bank points out that you can’t transfer your credit rating to Australia. Even if you have a copy of your credit file from an overseas credit agency it will count for nothing in Australia.
National Australia Bank suggests that you take with you some of your financial or banking history, as banks like to see information from other institutions.
Two or three years of bank statements, mortgage statements, credit card statements, loan re-payments, etc, to prove that you’ve been regularly serving your existing loans, etc.
It is important to show that you’re a good credit risk, that you have not missed any mortgage or loan payments. This kind of information will go a long way to establishing your financial credentials when applying for a bank account in Australia.
National Australia Bank will provide every customer with their own manager, who will get to know you and help to navigate around the various financial systems that exists down under.
It is possible to open a bank account and get a mortgage as soon as you arrive in Australia – as long as you meet all the usual credit criteria.
Being a new customer with no credit rating in Australia you may be asked to contribute a larger deposit for a mortgage than an Australian citizen who does have a credit rating. But if you have money for a deposit, if you are earning the right amount as a salary to make payments due, then NAB can help you straight away.
National Australia Bank: advice
A lot of migrants make the mistake of opening a bank account when they first arrive in Australia. NAB advises people to open an account well before they plan to arrive in the country.
Many migrants turn up with a pile of cash, but customs at the airport will only allow $10,000 in cash to be bought into the country.
Others arrive with an Australian dollar money draft drawn on an overseas bank. The bank in Australia will have to negotiate that money draft with the bank it was drawn from, which can take time – up to eight weeks – before the money is available. The cheapest and most efficient way to send money is electronically.
National Australia Bank advises migrants to open an account before they arrive down under. You’ll be earning interest on your money and you can wait until you’re happy with the exchange rate before transferring the money to the account in Australia.
This is by far the best way to approach banking in Australia, it’s an easier, cheaper and more efficient way to establish banking facilities that will be ready to go when you arrive down under.
The Australian banking system is very competitive. There is a relatively small population spread out over a very large area and banks are keen to get your business.
People generally shop around looking for the best deal when it comes to mortgages and loans. NAB is happy to provide advice on the various institutions available in Australia, the kind of mortgages and terms that are available.
NAB aims to help migrants to settle into the country and be confident in its systems, which can be different to what people are perhaps used to in their country of origin.
If you’re thinking of emigrating to Australia, if you’ve already applied for your visa or if you’re involved in the migration process, contact NAB for advice on opening a bank account and the various deals on offer.
Darrell Todd, founder of thinkingaustralia, says: “We have worked with National Australia Bank for many years and would recommend them to anyone looking to open a bank account in Australia.”
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For information about National Australia Bank, click here: N.A.B.
