Anyone know of mortgages in Oz similar to Virgin One ?
 

We are in Victoria and were wondering if there are any mortgages about similar to Virgin One, or ones where you have the freedom to pay more off if you want to.

Anyone know of any good websites to compare products on ?

Thanks for any replies - we bank with Westpac at the moment.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

We had an ANZ Equity Manager mortage until we recently paid it off. It's similar to the Virgin One account and I was happy with it.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Hi Westpac have a home loan called an Equity Access loan which can work similar to the Virgin One. It's basically a line of credit account, most banks have one in their product range. Ask about an offset account, it's a bit different to the line of credit type of account, but you may prefer it.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

We have the same kind of set up with our national mortgage. As one of the other posters says, they are called offset mortgages / accounts. If you want to get a good idea of best / a range of products available to you, why not book an appointment with a mortgage broker like MortgageChoice or Aussie. Also try YourMortgage for more info.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

I've done quite a bit of research into this and I recommend this loan:

www.myrate.com.au

They offer a pretty agressive repayment system on their evergreen (line of credit) loan, but you can combine it with another variable rate loan to take advantage of a lower interest rate.

You pay your salary into the loan account every month, and use their special nill interest credit card for payments and cash during the month. They automatically sweep the balance off at the end of the month. Anything that is left comes off of your mortgage.

The best thing about it is that it is completely fee free - no application fee, no maintenance fees, no ATM fees, no fees. Also, there are no redraw fees, so you can draw on any extra payments you have made if you need them.

All in all a really good package. They are a branch of ANZ, so there is also a lot of protection..

Hope that helps.

S

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

The MyRate loan looks quite good, like the no fees, but the rate seems a little high. You can get something that would work farily similar with ANZ directly at a 0.38% lower rate for an average loan size.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Hi Mark,

Can you post a link or more details of this? It sounds quite interesting. Do you know if they charge fees on ATM and other standard transactions?

S

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Hi, here's a link to some info on the ANZ Equity Manager:

http://www.anz.com.au/aus/homeloans/...ityManager.asp

If you take this loan with the Breakfree Package, then there is single annual fee which covers almost all of your ongoing fees and a discount is available to the rate depending on the amount borrowed. It is probably one of the best priced products of it's type at the moment. Maybe talk to a good broker to make sure it's the right thing for you.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Cheers for that. I see it has some fairly hefty application fees, and is quite limited in free withdrawals. Also no Sweeping credit card, though I guess you can arrange that yourself.

I will have a further look later on. At the moment, it looks like my offer has been rejected anyway...

S

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Thanks for all the information - have got an appt with Mortgage Choice tomorrow.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

You could always try the Virgin Finance/Money website on 'http://virginmoney.com.au/money/

Johnnyyt

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

Our mortgage is with Commonwealth Bank. We have an offset "MISA" account that we can pay into and draw out of which reduces the amount of interest we pay.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

does anyone know how soon after emigrating can you apply for a mortgage, do you have to of lived there for a certain amount of time?

thanks

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

G'day

You can apply for a mortgage before you leave the UK if you want too.

When applying here for a housing loan, the lender, not surprisingly wants to assure themselves that a there's a good chance of you repaying the loan. So generally they want to see that you've a job or other income that allows to pay your tax, pay your other bills, live comfortably and still have enough left over to pay the mortgage.

Stable employment and stable income is they key. Obviously having just travelled half way around the world means your employment is not necessarily stable but if you are doing a job using skills that are in demand and it's something you've done for a while, most lenders will take a favourable view.

The amount you want to borrow and how you got your deposit are factors that affects things too.

If you're a 40 year old office manager and you want to borrow 100% of the cost of a property then it's not unusual for the high street banks to want to see at least 2 years job history, as well as having a good look through your bank statements and credit card statements so they can see what you've done with yor dosh, before they lend you any of theirs.

If you come over here with a skill easily employable, like nursing and you've got a deposit of 20%, you can get your mortgage lined up even before you get your first pay packet. The required paperwork will be fairly minimal, letter from the employer, copy of bank statements to show you've got the deposit, proof od identity and you're okay.

If you've got a deposit of over 40% then you can pretty much tell the banks what you want to do.

Re: Anyone know of mortgages in Oz similar to Virgin One ?
 

that is really helpful thanks, now just being a woman I want to double check somet:D my husband works in IT his job is in demand however he may not of lined any work up before we get out there (hopefully he will but nevertheless) what you are saying is that a letter from his current employer over here in uk along with bank statements etc should be ok??

sorry if I am just gettting you to repeat yourself;)