How Moving to a New State in Australia Could Impact Your Loan Options
Moving to a new state in Australia is an exciting adventure, whether it’s for a fresh start, a new job, or to be closer to family.
But did you know that relocating could impact your ability to get a loan?
At Zoom Car Loans, we help Aussies with bad credit find the right finance solutions, and we know that moving can bring unexpected challenges when it comes to borrowing money.
Here’s what you need to know.
Your Address and Loan Eligibility
When you apply for a loan, lenders look at your stability. A recent move can sometimes be a red flag, especially if you’ve changed jobs at the same time.
Many lenders prefer borrowers who have been at the same address for at least six months to a year, as it shows financial stability.
If you’ve just moved, you might need to provide extra documentation, such as:
✔️ Proof of a long-term rental agreement or home purchase
✔️ A letter from your employer confirming your income
✔️ Bank statements showing consistent financial activity
At Zoom Car Loans, we work with lenders who understand life changes and are willing to consider borrowers who have recently relocated.
State-Based Loan Rules and Lender Preferences
Each state has slightly different rules and lender preferences. For example:
🔹 Car registration and insurance costs vary by state, affecting the total amount you may need to borrow.
🔹 Some lenders operate only in certain states, meaning your options could change if you move.
🔹 Stamp duty and government fees can differ, impacting affordability.
If you’re planning to buy a car with a bad credit loan, knowing these differences can help you budget correctly.
Employment Stability Matters
A major factor in loan approval is employment stability. If you’ve moved interstate for a new job, lenders may see this as a risk, especially if you’re still in a probation period.
Most lenders prefer applicants who have been in their job for at least three to six months.
If you’re self-employed and have just relocated, you may need to provide long-term business records to show a steady income.
At Zoom Car Loans, we specialise in finding lenders who cater to contract workers, self-employed individuals, and those with irregular incomes.
Your Credit Score Might Be Affected
A move itself won’t impact your credit score, but new financial commitments—like setting up utilities, updating insurance, or taking out new credit—could temporarily lower your score.
This might affect your ability to get approved for a loan, especially if you already have a bad credit history.
Before applying for a loan after moving, consider:
✅ Checking your credit score to ensure accuracy
✅ Avoiding multiple loan applications in a short period
✅ Paying off small debts to improve your financial standing
How Zoom Car Loans Can Help
At Zoom Car Loans, we understand that life doesn’t stand still, and moving to a new state shouldn’t stop you from getting the finance you need.
We specialise in bad credit loans, helping you find flexible lenders who consider your full financial picture—not just your recent move.
If you’ve recently relocated and need a loan, contact us today. We’ll guide you through your options and find a solution that suits your situation.