Buying a house

Old Jun 29th 2008, 1:23 pm
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Default Buying a house

Hi,

Can anyone tell me if it is possibe to buy a house in OZ just after arriving. We are planning our migration process and have heard we have to rent for a while because their is some law preventing this.

Can anyone solve this..??????/

Cheers
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Old Jun 29th 2008, 1:27 pm
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Default Re: Buying a house

Originally Posted by ralphwiggam View Post
Hi,

Can anyone tell me if it is possibe to buy a house in OZ just after arriving. We are planning our migration process and have heard we have to rent for a while because their is some law preventing this.

Can anyone solve this..??????/

Cheers
Depends on what visa you're on and whether or not you can get a mortgage.
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Old Jun 29th 2008, 1:46 pm
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Default Re: Buying a house

Its a 175 Skilled independant
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Old Jun 29th 2008, 3:14 pm
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Default Re: Buying a house

There's no law that will prevent you getting a mortgage on the day you arrive. You might have difficulty persuading a bank/financial institution to give you one, though, as they usually need some proof of income (a few month's payslips seems to be the norm).

If you have a very large deposit you'll probably find it easier than if you don't.
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Old Jun 29th 2008, 5:36 pm
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Default Re: Buying a house

We Just setttled (completed) on a house this week, while still based in uk so it is possible. However, I believe your right some visa's do not allow this unless it's a new build.

One thing to mention the aussie system seems very fast and much less complicated then english system. There is little chance of people pulling out after the five day cooling off period so gazumping less likely. Overall quite impressed
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Old Jun 30th 2008, 10:13 am
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Default Re: Buying a house

Cheers guys, thanks for the heads up.
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Old Jun 30th 2008, 10:20 am
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Default Re: Buying a house

I think each state has it's own rules.

Look up FIRB on t'internet as that gives you rules and regulations for NSW. If not a permanent resident, you are meant to get 'permission' from the government to bid for each house. It's costly as you pay for each house/ flat you are serious about.
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Old Jun 30th 2008, 10:30 am
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Default Re: Buying a house

Hi Ralph

I would strongly recommend contacting both a good independent mortgage broker and buyers agent if you're intending on purchasing soon after landing on our shores. There are several brokers who are familiar with your situation and can organise the finance accordingly, so that most of the work can be done before you get to Oz.
As for engaging a BA, ensure you use someone who is familiar with the city/town you're moving to, able to show you a wide range of possibilities (dependent on budget and specific criteria of course) and is experienced.
Best of luck with it all
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Old Jun 30th 2008, 10:47 am
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Default Re: Buying a house

Yes you can... but buyers beware really applies here. If you sign then there's no backing out, in 30 days you are coughing up the cash and owning a house even if you find its at the end of army range, or on the route of annual cow muster etc.
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Old Jun 30th 2008, 10:16 pm
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Default Re: Buying a house

Originally Posted by datamile View Post
Yes you can... but buyers beware really applies here. If you sign then there's no backing out, in 30 days you are coughing up the cash and owning a house even if you find its at the end of army range, or on the route of annual cow muster etc.
Well Caveat Emptor applies, but this is the case with any purchase in any country and isn't restricted to Australia. Just as with any large ticket buy, research and due diligence is the key to finding the right place at the right price. If you buy without realising the house is at the end of an army range, for example, then you have no one to blame but yourself at the end of the day.
If it's all too hard hire a professional to help you or else take the time required to do your homework properly. It's pretty simple, really. 30days is an unusually short contract, by the way, with most Oz settlements a standard 42 days.
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Old Jul 1st 2008, 4:49 am
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Default Re: Buying a house

From a mortgage stand point it all depends on your situation.

Technically, you will need 3 months worth of income verification but I have managed to get around this for expats before depending on there job situation.

A minimum would be a permanent job without probation and a 5% deposit. Obvioulsy the greater the deposit then the easier it gets.
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Old Jul 1st 2008, 11:08 am
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Default Re: Buying a house

good luck - my experience shows that anyone that is supposed to know anything about finance and mortgages is probably speaking out of their arses just to keep you happy
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Old Jul 1st 2008, 11:28 am
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Default Re: Buying a house

Originally Posted by daunted View Post
good luck - my experience shows that anyone that is supposed to know anything about finance and mortgages is probably speaking out of their arses just to keep you happy
All I can say is that if I didn't know anything about mortgages then I would soon go out of business!

My post has nothing to do with keeping anyone happy but purely based on fact and experience.
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