Seacaptain

Hi all,

After some advice - we have our PR visa, but due to commitments we can't move to Oz until 2010. We know were we want to move in SA, close to family and friends. But we are wondering if it is worth looking into buying a property in Adelaide as house prices seem to be increasing (our family in Oz also recommend us doing this).

We don't have a property here in the UK, but we do have a deposit. But we are quite nervous as well - such a distance. If we were to buy it would be something to live in for a couple of years when we get over there, but I don't know if it would be long term, I suppose it would depend on the property.

Has anyone here done this with needing a mortgage?

Many thanks in advance!

Kerry & Steve

German Dave

Hi Kerry & Steve -

What you are suggesting is exactly what my Wife & I did last year. I could see there seemed to be a lot of scope for substantial house price increases and decided that it would be best to buy sooner rather than later.

We'd been regular visitors to Australia for a number of years - but only became Permanent Residents in January last year. We checked out a few Adelaide suburbs on the recommendation of the South Australian Immigration Office when we validated our Visas in Feb-Apr last year - and settled on the suburb of Greenwith as our preferred choice of place to buy. While there we visited several houses and estate agents and spoke to a number of people regarding our options, including one very helpful mortgage broker. What impressed me more than anything was the quality of the houses on offer and the affordability. I knew it was imperative that we acted sooner rather than later.......

We arrived back Europe in April last year and found ourselves looking at the www.realestate.com.au website at every opportunity. Then in late April last year my Wife announced that we were to become parents! It was, to be honest, what we had wanted - but from my own personal point of view I knew that buying a house in Adelaide was something I'd sooner worry about BEFORE our Daughter was born than after.

In July last year a house became available that we liked the look of (we found it on the realestate.com website), and the price. We had viewed a house almost exactly opposite in the April that we had liked and considered bidding for, so we figured we had to act quick. I called the estate agent and asked if the people selling the house could possibly wait a week or two so I could travel out there to view, and that in the meantime I would keep them informed as to my travel plans. All parties agreed.

I arrived early in the morning of August 7th last year and viewed the house that evening. I liked what I saw (I was travelling alone incidently - my Wife was by this time 5 months pregnant). I agreed to view the house again the next evening and speak to the agent about our options. When we met I made it clear to the agent that I wasn't prepared to enter an auction but that I would make them a reasonable offer. We agreed on a price that was $8000 above what I'd flown out there thinking would be the price but was still very happy with the deal. After all - what we were talking about was the small matter of GBP3200 - it seemed small in the "grand scheme of things". It was a deal that suited everyone by the way - the people we bought it from wanted to rent it back from us (through the agent) until they found something they liked.

The next day I set about trying to finance the deal. We had a sizeable deposit to put down (over 50%) so this wasn't a problem. Now I'm the first one to question the ethics of financial advisors and mortgage brokers so was initially sceptical when pointed in the direction of a preferred broker, although my Wife & I had met and spoken with him a few months previously. I consider myself reasonably financially well informed and questioned him thoroughly on how he made his money and was completely satisfied with the answers he gave me. I had taken the wage slips of the previous two years with me as preparation - even though they are UK it is most important, really - and other proof of funds.

In short, everything went extremely smoothly. I managed to tie up the deal in the 2 weeks I was there, although I did bring a few little niggles home with me that meant a few late nights spent on the phone - mainly to do with the transfer of money to the Conveyancer on the day of handover, which was by then September. Long story, but I pulled a few hairs out over it thats for sure!

I've got nothing but praise for all the people involved when we bought our house, and I recommend that you go ahead with your plans. I don't know how to go about the email thing on here (I don't want to post my email address up) but if you want to know anything else ask on here or we'll try to find another way-I'm sure its possible.

So we move into our house in September - just in time to qualify for the first homeowners grant of $7000 - you have to be living in the house within one year of Settlement. The house prices have gone up in the meantime - I believe ours could cost $25,000 more - and we bought our Aussie Dollars at $2.49/1GBP.

Go for it.......

Cheers -

Dave.

Buzzy--Bee

There is a private message system on here for the exchange of personal info, you can access it in the top right of your screen.

HTH

Buzzy

Seacaptain

Hi Dave - I have sent you an email, hope you have received it.

Thanks for the reply, really useful.

Kerry & Steve