Buying a house from UK or wait til in Oz
Feb 11th 2008, 1:06 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2008
Posts: 102
Buying a house from UK or wait til in Oz
Hello
This may have been asked before but then again it might be such a stupid idea that no one has asked it and you can let me know...
My partner wants to buy a house as soon as we can when we settle in Australia. We are aiming to move to Adelaide but are worried that we will only have at most £20,000 to put down as a deposit on a house and the rest will have to be taken out as an Australian mortgage.
We have been told that interest rates are massive and stamp duty is phenomenal so we might not be able to get a mortgage anyway. This would really put us off going to Australia as we are into our 30's now and wouldn't want to have to rent forever. We'd be better off staying in our 2 bed terrace in a sh!tty area of Glasgow... God forbid!!!
Anyway, my partner has been looking at these websites where you can buy property abroad from the UK using a UK mortgage and treating the house as a holiday home type scenario. Is this at all more economical?
Also, people have said if we could get a big enough deposit then get a UK bank loan for a substantial amount, we could put a lot more money down on a house then get a mortgage to bridge the gap when we get to Oz
I am soooooooo scared and worried about all this money talk and the fact that we might be having problems actually getting a roof over our heads when it seemed so feasible a few months back.. Reality check or what???
This may have been asked before but then again it might be such a stupid idea that no one has asked it and you can let me know...
My partner wants to buy a house as soon as we can when we settle in Australia. We are aiming to move to Adelaide but are worried that we will only have at most £20,000 to put down as a deposit on a house and the rest will have to be taken out as an Australian mortgage.
We have been told that interest rates are massive and stamp duty is phenomenal so we might not be able to get a mortgage anyway. This would really put us off going to Australia as we are into our 30's now and wouldn't want to have to rent forever. We'd be better off staying in our 2 bed terrace in a sh!tty area of Glasgow... God forbid!!!
Anyway, my partner has been looking at these websites where you can buy property abroad from the UK using a UK mortgage and treating the house as a holiday home type scenario. Is this at all more economical?
Also, people have said if we could get a big enough deposit then get a UK bank loan for a substantial amount, we could put a lot more money down on a house then get a mortgage to bridge the gap when we get to Oz
I am soooooooo scared and worried about all this money talk and the fact that we might be having problems actually getting a roof over our heads when it seemed so feasible a few months back.. Reality check or what???
Feb 11th 2008, 1:46 pm
#2
Forum Regular
Joined: Feb 2008
Location: Kallaroo, West Australia
Posts: 49
Re: Buying a house from UK or wait til in Oz
Hello
This may have been asked before but then again it might be such a stupid idea that no one has asked it and you can let me know...
My partner wants to buy a house as soon as we can when we settle in Australia. We are aiming to move to Adelaide but are worried that we will only have at most £20,000 to put down as a deposit on a house and the rest will have to be taken out as an Australian mortgage.
We have been told that interest rates are massive and stamp duty is phenomenal so we might not be able to get a mortgage anyway. This would really put us off going to Australia as we are into our 30's now and wouldn't want to have to rent forever. We'd be better off staying in our 2 bed terrace in a sh!tty area of Glasgow... God forbid!!!
Anyway, my partner has been looking at these websites where you can buy property abroad from the UK using a UK mortgage and treating the house as a holiday home type scenario. Is this at all more economical?
Also, people have said if we could get a big enough deposit then get a UK bank loan for a substantial amount, we could put a lot more money down on a house then get a mortgage to bridge the gap when we get to Oz
I am soooooooo scared and worried about all this money talk and the fact that we might be having problems actually getting a roof over our heads when it seemed so feasible a few months back.. Reality check or what???
This may have been asked before but then again it might be such a stupid idea that no one has asked it and you can let me know...
My partner wants to buy a house as soon as we can when we settle in Australia. We are aiming to move to Adelaide but are worried that we will only have at most £20,000 to put down as a deposit on a house and the rest will have to be taken out as an Australian mortgage.
We have been told that interest rates are massive and stamp duty is phenomenal so we might not be able to get a mortgage anyway. This would really put us off going to Australia as we are into our 30's now and wouldn't want to have to rent forever. We'd be better off staying in our 2 bed terrace in a sh!tty area of Glasgow... God forbid!!!
Anyway, my partner has been looking at these websites where you can buy property abroad from the UK using a UK mortgage and treating the house as a holiday home type scenario. Is this at all more economical?
Also, people have said if we could get a big enough deposit then get a UK bank loan for a substantial amount, we could put a lot more money down on a house then get a mortgage to bridge the gap when we get to Oz
I am soooooooo scared and worried about all this money talk and the fact that we might be having problems actually getting a roof over our heads when it seemed so feasible a few months back.. Reality check or what???
Feb 11th 2008, 1:50 pm
#3
Joined: Aug 2007
Posts: 8,067
Re: Buying a house from UK or wait til in Oz
BAD IDEA!! never buy a house until you have seen it for yourself!! personal experience talking here!
the photos might be nice to look at but you dont know about the stuff that hasnt been photographed.
where are the cracks?
actually how big are the rooms and garden?
whats the area like?
exactly how far away is that road i can see in the back of the photo?
every fibre in my being has given me a mental kick up the ass when i read your post.
the photos might be nice to look at but you dont know about the stuff that hasnt been photographed.
where are the cracks?
actually how big are the rooms and garden?
whats the area like?
exactly how far away is that road i can see in the back of the photo?
every fibre in my being has given me a mental kick up the ass when i read your post.
Feb 11th 2008, 1:58 pm
#4
Forum Regular
Thread Starter
Joined: Feb 2008
Posts: 102
Re: Buying a house from UK or wait til in Oz
Yes - good point indeed!!! I think the whole panic about money and fear of the unknown is making us a little crazy. I still have my sensible head on but am swayed by "reasonings" of my OH as he is very persuasive.
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
Feb 11th 2008, 2:08 pm
#5
Joined: Aug 2007
Posts: 8,067
Re: Buying a house from UK or wait til in Oz
Yes - good point indeed!!! I think the whole panic about money and fear of the unknown is making us a little crazy. I still have my sensible head on but am swayed by "reasonings" of my OH as he is very persuasive.
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
i know exactly where you are comming from.
as for the mortgage thing, wait and see till you get there. all sorts could happen till then.
as for the reasonings of the OH, always go by your gut feeling!
may seem like a good idea now but what are things going to be like once/IF you actually get there?
wait and see what happens first. is it really THAT bad renting a place until you know for certain where you want to be and what you can afford?
its bloody scarey and i'm not looking forward to it myself but i'd rather find out what i want and where before i really make a pigs ear of things and go by the estate agents opinion of things who, by the way, is working on commission and couldnt give two hoots about you once they have your money.
Feb 11th 2008, 5:09 pm
#6
visa granted 6th August
Joined: Mar 2007
Location: Adelaide
Posts: 223
Re: Buying a house from UK or wait til in Oz
Yes - good point indeed!!! I think the whole panic about money and fear of the unknown is making us a little crazy. I still have my sensible head on but am swayed by "reasonings" of my OH as he is very persuasive.
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
How much are you allowed to borrow given your salary is say AUD$40,000? Then how much interest is typical? We are mortgaged to the hilt here in the UK for a 2 bed terraced house in a "redevelopment" ie rough area and are hoping that if we can afford this here, then we should be able to relocate to Australia and even if we have to pay the same kind of mortgage, at least we shouldn't be bricked into a pokey 2 bed house where you can't leave after dark!!!
Thanks
sorry to maybe burst your bubble but i have been reading other threads on here about wages and you will really struggle on $40k in Oz what a lot of folk are saying is that you need to earn at least $60k. But i guess every one is different just thought it might help.
steve
