annqldau

Hi,

350,000 Mortgage in QLD how much a month are the repayments if you don't mind me asking?

And who have you found to be the best bank to go with?

And lastly if you buy to build do you get separate mortgage for land then mortgage to build house or one big mortgage?

We are trying to decide whether to buy already built house or whether to buy plot and build, any comments on which you prefer welcomed.

gobbyjock

Try looking at this site - they`ve got all sorts of calculators on there to give you a rough idea or try the links to the mortgage providers.
http://www.realestate.com.au/

annqldau

Cheers... . will try that.

Thought some people may already have mortgage for about that and know prices and have banks or credit unions they could recommend for pain free mortgage.

BillnLinz

$2500 per month or so

Tom Sawyer

Probably www.infochoice.com.au is your best bet. Lists most current mortgage offers and rates and also has lots of calculators for borrrowing, stamp duty and stuff.

annqldau

Cheers Tom...

Nobody out there all ready got a $350,000 mortgage then and know definate monthly pay back rate?

Also like I said wondering how it works if you buy land then build house, do you get one big mortgage or two instead?

biggy

we paid cash for our land and mortgage for house, but if u have a builder sorted out and u buy the land you can get a motgage to cover them both...its all down to timing.....u get the mortgage as interest only until the house is complete so u only pay interest on the total amount drawn against the nortgage at that time......its not till the house is complete that u go onto a repayment mortgage. We were stretched a bit nearing the end of the build cos we were paying rent and the higher interest, but we managed


Good Luck

Bhoywonder

Have a look at the calculators advised above, doesn't take that long to get the info you need. People might not be comfortable broadcasting financial information like that.

You can structure a land & home package what ever way you want. You can buy the land separately or morgage the whole lot as we are doing.

brisnick

with the myriad of types of home loans here (such as line-of-credit, lo-doc, etc) and the differing payback periods (25 years, or 30 years, or 15 years) it's diffficult to generalise, but i'd put it at between $2,300 and $2,500 a month (note, it's better to pay back bi-weekly) depending on 25 or 30 year mortgage. obviously a bit less for a few years if you fix the interest.

annqldau

At the moment I don't want to be paying mortgage past 65yrs as hopefully may have had some cash windfalls by then so want a 25yr mortgage.

Seen as weather here is warmer would sacrifice holidays abroad to have better house if needs be.

Sure people won't give me their exact finances so they only need share what they want to.

ABCDiamond

Based on St George Bank and 25 year term.

Maximum amount you can borrow: $350,001
Maximum monthly repayment: $2,553.64

You should get a rate of 6.62% so the interest portion would be $1,930 pm

No Monthly fees.

In QLD they give 0.70% reduction from the Standard Variable rate for loans over $250k

Current Variable Rate is 7.32 % p.a.
But a 5 year fixed rate is only 6.59 % p.a

With Introductory Rates of:
1 Year Introductory Fixed Rate 6.09 % p.a.
1 Year Discount Variable Rate 6.14 % p.a.

annqldau

Cheers ABC and Hels (pm) for the info that definitly helps us sort things out and helps us get our head around things.

It's just all so different from UK when you first start... .

Keep seeing land and houses and thinking can we get or can't we.

Plus we have just got our jobs do you know do they make big fuss about how long you have been in work?

Renting is just throwing money down drain as although wages here are less the rent is more than my UK mortgage.

68MEVY

We have been told by a number of banks and lenders that as soon as one of us gets a permanent job in the same line of work that we did in the UK they would give us a mortgage as they see that as a stable job. Even if it's just written confirmation that we have a perm job and are getting paid $xxx a week.
The other one of us has to be working aswell but doesnt matter what sort of job aslong as it's bringing money in, and must provide just 1 wage slip.

This is also with us having no deposit as such to put down. 2.5% if we're lucky, and we're looking at a mortgage of $350,000 - $380,000

Marie

Big Galah

Pity those of us renting a house in Sydney who'd love to buy but can't afford to, even on a decent wage. In order to buy we'd need to seriously downgrade (apartment) and have to sell our outdoor furniture, extra sofa, lawnmower etc.

Don't really want to be doing that with a one-year-old starting to walk, but I don't think it's possible to buy a house on the north shore for less than 500k, unless you start looking as far out as Berowra. Nice as it seems to be, I think we'd die of boredom - we're used to being relatively close to the action.

Renting is only throwing money down the drain in the long term. Sometimes it's better in the short term. We're getting to the end of a year in Sydney and it's decsion time. eek.

Sydney seems far too overpriced, but I can't see the market collapsing either. Whatever way you look at it, people still need somewhere to live.

Good luck whatever you do.

Big.

Bhoywonder

The above is not the case if your jobs have a probationary period written into them. Most do unless you negotiate otherwise. My understanding also is that you will need 3 payslips, 100 point ID ( should be fine as you will have your passport with PR ) letter from your employer stating your salary and that you are not on probation. If you are putting any money down, however small the amount, they will also ask for prove of where these funds have come from.
I am currently going through the process and this is what I was asked for.
We didn't have a whole lot to put down but still had to prove where it came from. Sale of property in the UK, money in the UK account, then showing the money in Oz account.
It is in depth so I guess I am saying be prepared. If you can take these documents / arrange to have them before you leave then do so.