mellyturner

HI ALL ,
me and other half moved over to oz 2weeks ago and hubby has job starts wednesday i am still looking,we are needing a 300k morgage a.s.a.p what are our chances we have $15000 savings !! please help x x melly x x only reason being is we have the chance of the perfect house with $20000 knocked of !

aston man

i got a loan on my second day in perth...

if i can help let me know..

shiels

What area of Aus are you in? C x

freckles1970

I would be interested to see any replies to this question also.

A couple more to add...

Is it true that you need 20% of the value of the house as a deposit?
Can you get a mortgage before you find work?

I will be going to melbourne on an stni 137

Any advice would be great

aston man

i had a low dock loan as a self employed person ,,they did not ask me for one work related document,,,,

freckles1970

Sorry to sound a bit thick, but what is a low doc loan?

smiths

Mortgages or "Home Loans" as they are known in Oz, are similar to the UK. You can get home loans for up to 95% of house value with most lenders, but then you have to pay mortgage lenders insurance (MIG in UK) which most lenders will also allow you to capitalise onto the loan.

The main cash cost of purchasing a home will be stamp duty. It varies from state to state (approx 2.5% in QLD). You may qualify for the first-time buyers grant of $7,000 which (depending on state) may cover your stamp duty depending price of house and state you're in.

Add onto that costs for conveyancing, building and pest inspections ($1,500 should cover it).

You may be able to get 100% loans, but most tend to go to 95%.

freckles1970

Thanks smiths, that really helps.

Am i right in thinking that some states offer no stamp duty to first time buyers (i'm sure i've read that somewhere before but have a feeling that it relates to NSW)

ub40fan

Here in WA, if you manage to find a house under $500K and you are a first time buyer then you won't pay stamp duty.

HTH

Daxver

Hi Aston Man,

Very interested in this, my oh is a ceramic tiler and we fly out to WA 01 Ocotber on a permanent residents visa. Dont have much cash to bring but would like to get on the property market as soon as poss before the prices rise any further! What is a low dock loan and who was that with?? Did you have a big deposit for the house?

Any help or advice would be great

thanks
Michelle

luula

Hi,

I've read in a magazine recently that you are better off getting a morgage pre-approval from the UK, while you are still in current employment. It said that the morgage lenders look at this more favourably when you get to OZ.

It said that most people make the big mistake of leaving the morgage to the last minute and this ends up costing more.

Hope this is of some help
All the best

bagspacked

Hey
Where did you get your mortgage on day 2. That sounds very fast
Barry

Nu-Shooz

We had been in OZ 4 weeks and got a morgage. Neither of us had a job. We had same deposit as you.
We used a morgage broker to do all the running round for us.

bagspacked

Hey nu shooz,
what bank did you get it with in the end could i ask

mellyturner

wow sounds like we could be ok then ! we are living in melbourne any leads on a good morgage broker ? melly