Setting up your finances in Australia
Introduction
This is going to be the most interesting part of your move as when you arrive in Australia you will have no credit rating. Over the first year your aim will be to establish a good credit rating.
Gaining a credit rating is not easy to get but being resourceful South Africans, there are ways around this issue.
Banks
Choosing the right bank can save you a lot of frustration. If you chose the wrong bank you can get caught up in a tangle of bureaucracy. Therefore if you can open a bank account before you arrive you are halfway there!
Before you go to a bank to open an account the following documents will be useful:
- 3 months of statements from your last bank in SA.
- A reference letter from your bank describing the facilities you had with them.
- A letter of appointment or a letter from an agent stating that you are seeking employment.
- Passport and immigration papers.
- Lease agreement if possible.
- Any bill or invoice showing your new address.
Some banks then send a letter back to your bank asking for confirmation that you had an account with them. If this happens try and get them to courier it and then phone the bank back home and ask them to courier it back otherwise you could wait up to month to get a bank account opened!
Once you have the account you should try to get a nominal overdraft to start establishing your credit rating. After three months you should be applying for a credit card to further increase your rating.
If you have a question that has not been answered in this section then please ask the community in our relocation forums:
