thefim38

Hi

I am sure someone out there can help me with this question!
Once you arrive in Australia, ( once you are lucky enough to be granted those precious visas)
How long to you have to rent before you can buy your own property? I would assume you would have to be in employment for a couple of years or so?

Thanks

Debbie

PS If a miracle happens and I win the lotto I will be buying a house in Mandurah, I visited there and fell in love with the place!

Larissa

Hi Debbie
I think its actually a lot easier to get a mortgage than you think, particularly if you have some equity. Hopefully some Expats will be on tomorrow and can give you more details.
Also, if you have visas, you are not restricted to buying newly built properties.
Larissa

debbiea34

Thanks for the advice Larissa, I will be logged on 2moro so like you said, hopefully someone will have some useful information.

Thanks again

Debbie

silvervfr

Hi Debbie you can buy straight away as long as you can afford it. As long as you have a permenant ressies visa then you can buy just as you were in the UK.

Hopefully you have some funds to take with you and then make up the rest with your income.

There interest is calculated on a daily basis instead of a monthly basis as in the UK which means you can pay of the mortage slightly quicker as well.

Nick

debbiea34

Thanks for the reply Nick, some helpful info.
We were hoping to take quite a bit of money with us but with the cost of the agent and all the other costs, application fees, flights, transporting pets, belonging ect I think I will be busking in the streets if we ever get there !! lol

Thanks again

Debbie

joh117

We are in the process of buying a house. We are using the HSBC. They will lend to migrants who are still on probation with work (3 months seems to be the average probation).

I had been in work 2 weeks when we applied my hubby 1 week. We are putting down 25% deposit and a condition set was that we put 6months mortgage payments into an account which will earn interest but we can't access for 6 months. For us that was $9200.

Our mortgage broker also said that the ANZ take new migrants with a substantial deposit on a case by case situation if the HSBC had turned us down we would have gone there.

The HSBC is competitive we are getting 1st year rates of 5.9% then it goes to 6.9% there are NO monthly fees and we have not had to pay anything in fees/charges to the bank for using them. (whether that is cos we bank with them I'm not sure) we also get $200 cash back which will cover the valuation.

I got financial advice from www.Aussiehomeloans.com.au and www.mortgage choice.com.au.

Good luck with the move

Jo

Caroline G

Jo,

We're thinking of borrowing from the HSBC (& currently bank with them) once my husband has secured employment.

We should only need a small loan however do you know if they work out what they will lend on income mulitiples ie. 2.5 the annual wage or do they do it on an income expenditure basis? We don't want to put down all the proceeds from our house sale here as need to buy furniture etc.

Thanks
Caroline

joh117

I am not sure what the lending criteria is. There is a calulator at www.hsbc.com.au under home loans. We have not borrowed anywhere near as much as they were willing to lend us. We have also kept $20,000 aside to furnish the house. Funny enough I am in excel working out the cost of all our stuff we are buying.

Would recommend The Good Guys we are buying all our electrical goods from them and Retrovision could not even match the price they said they would make no money at all and to snap their hand off.

Jo

Caroline G

Thanks for that helpful infor Jo. Just come back from our val trip to Melbourne & got all this stuff to work out too. Happy calculating!


Caroline.

leejo

We are in the process of purchasing a house.

The way forward for new migrants is to go for a Low Doc mortgage. This means you give a larger commitment to the purchase of the property. Therefore, the financial gain for the lender is greater if you default on payment. eg. Deposit 35%, Borrow 65%.

The rate is slightly higher, but not enough to make a huge difference to your monthly repayments. When you have a proven track record and employment history. You then move to a more competitive rate. eg. Normal - 7.07%, Low doc - 7.49%.

Just as in the Uk, the better deals on mortgages are not with the high street banks.

Try this link for a comparison on lenders.

www.yourmortgage.com.au

Cheers

Lee

debbiea34

debbiea34

Hi Jo,

Thanks for the info, we are currently still in the waiting process of emigrating but we are researching everything we can!

Thanks again and good luck to you!

Debbie

neil h

Hi,

We found you need 2 payslips,initial 1% deposit to take the house off the market followed 1 week later by a minimum 10% deposit....after this it all goes VERY fast compared to the UK.
Neil

rudo1ph

You don't need to wait at all.......we had found, bought and moved into our home within 5 weeks of arriving here............

Good luck, and don't forget if you are a PR then you get the $7000 first time buyers grant from the government.

Rudi

hevs

Its actually going up to 12,000 shortly.
I'm ducking out now so as the PC brigade can have a moan...........