July

Hello dears,

I got a question. I would like to know after we migrate to AU, can we buy house right away or is there any rules like we need to wait for some time frame to be able to buy the house after migrate over there.

Looking forward for the reply.

Thanks Zillion,
July

hereshoping

depends if you'll be on a permanent or a temporary visa.

July

It will be permanent residence status.

Zambia

Do you mean buy outright or Mortgage

Dorothy

As a permanent resident you can buy a home straight away. The problem is trying to get a mortgage here without a credit history in Australia. Most mortgage companies will only lend to someone who has been in full time employment for a certain length of time, although it varies how long.

hereshoping

We got a mortgage offer after being here only a month and with me in full time employment but only on a contract that went 4 months ahead.

This was only last year, and we got more than one offer. However we did have a big deposit so that helped.

If your circumstances are right you can buy.

July

I see. So for the credit history, there is no strict rule (like need to be at least 1 year in country) and just depend on banks whether they agree on mortgage or not. Am I right?

July

Oh I see. Thanks for the info.

Dorothy

That's right. We applied for and were approved for a $300,000 mortgage after only being in Australia for about 2 months. We didn't end up buying the property we were looking at, thankfully, but we also had a decent deposit.

robo43

Yeh we did , you can get a lo-doc mortgage maybe 1% above standard variable rate usually tied in for 2 years then drop back onto standard rate

July

A big deposit means can we consider 100K as big deposit?

Zambia

I was just of the Phone with Westpac

if you have about 20% of the Value of the house your in a very good position.

A salary of abut 75 K would get you a house of about 500k bearing in mind that includes stamp.