As a New Zealander, securing car finance in Australia is a feasible option, but you may wonder how long you need to reside in the country before applying. Generally, lenders assess applicants based on several factors, including residency status, employment history, and financial stability.
Residency Requirements
Most lenders prefer applicants to have been living in Australia for at least six months to one year. This period allows lenders to verify your local financial history and employment status. If you’ve recently moved to Australia, it may be beneficial to establish a consistent income stream and build a local credit history during this time.
Factors Influencing Approval
While the duration of your stay is important, other factors play a crucial role in your application’s success. Lenders will consider your income, credit score, and existing financial commitments. A solid job history and a good credit rating will significantly enhance your chances, even if you’ve only been in Australia for a short time.
The Benefits of Using a Broker
Navigating the car finance landscape can be complex, especially for Kiwis who may be unfamiliar with local regulations and requirements. This is where enlisting the help of a finance broker can make a significant difference. Brokers have extensive knowledge of the market and can assist you in finding lenders that cater to your specific situation, regardless of how long you’ve lived in Australia.
In summary, while living in Australia for six months to a year is generally advisable for securing car finance, working with a broker can help you navigate the process more effectively and increase your chances of approval.
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
