djdutts

Sounds a silly question, but how easy is it to get a mortgage in Oz?
We'll be there in a coupld of months and will have £40,000 GBP to use as a deposit. Due to the fact that we'll both be looking for jobs, how long before Oz mortgage companies will consider us?
We'd like to buy asap - whilst renting has its benefits, it's money down the pan and you don't actually own your property.
Also, apparantly we can buy because we're on a permant visa with an assurer.
Anyone been down this road a bought fairly soon after arriving?
Thoughts anyone?
TA

djdutts

Anyone help us here?

cyclemark

Reckon you'll need to have been working for 3 months before they'll give you a mortgage, which should be fine as it'll take that long to figure out which house/suburb you want to live in. It's certainly 3 months before you can get a credit card.

Where are you looking at going to?

djdutts

Ta for message - just north of Sydney - Manly area ish.
Thanks for reply

Vegemite Kids

Yep, as you rightly say you have to be PR or citizen to get a mortgage. Temp visa holders are not eligible.

As to how long, almost all banks and mortgage lenders require 3 months worth of (aussie) payslips as proof of employment (and to do it that quick you would have to have your probation "passed" letter).

There might be one or two that would be willing to lend without the 3 month requirement - depending on what %age you want to borrow - but I wouldnt bank on it (pardon the pun ).

Sandra

Mortgages are dependant on the lender and multiples - you can get a mortgage while you are here on a temp visa. The only restrictions to temp visas and buying are with FIRB http://www.firb.gov.au/content/default.asp
which may restrict which type of property you buy.

Like all places in the world your mortgage options without working or short term employment may restrict the type and usually the flexibility of the mortgages on offer. You may pay higher rates or not be given such a long term repayment plan.

Your deposit vs the amount borrowed will dictate whats on offer to you. Low doc mortgages here and the price of houses makes for idiotic sums being lent - but basically if a lender sees a big enough deposit on a reputable house he know he gets that if you start to default.

One idea is to take time with a mortgage broker without commiting, eg Aussie Mortgages - do not get pushed into anything just get them out to spend time with you when you come over asap and that will give you a feel for associated costs with buying. Because there can be quite a few fees with mortgages.

We put roughly a third down so we needed less history with the bank we eventually went with (did not even have an account with them). We also got credit cards within two weeks of arriving. But I did come on a job transfer. Push the bank around to get what you want or try another one.

We did rent for a year and do not see it as money wasted, it enabled us to look around and check the type of house and area we wanted to live in. Funny enough we did buy 1km from where we rented! But the type of house we bought changed drastically from when we first looked. No pretty wooden summer cool Cape Cod ones for us....not after we spent the first winter frozen. Things like renting with a pool and see how much you use it or getting a huge garden and realising it is a pain when everything here grows like wildfire. What seems nice at first can soon change through the seasons.

The estate agents here like everywhere else charge like a raging bull to sell, so it can be a costly mistake. Renting lets you get the feel of all the associated costs without the hassle and the rental market here is much more geared up for moving around - sign a shorter term lease if possible and keep the notice period as short as possible that way when you are ready to buy you can get moving when you need.

On a personal not CBA - can be a tight bunch for mortgages even if they are nice enough to start you over here with a bank account and they even wanted to charge us for mortgage advice - tossers! We still have an account with thembut went with ANZ for the actual mortgage through Aussie Mortgages broker and got a superb deal.

Have fun

djdutts

Thanks for all the advice - much appreciated.

Aus4us

So what is a low docs mortgage?

blossom

I'm going back quite a few years now, but when we first went to Oz we transferred all our our money through Westpac in London, and it was their at our local Wollongong branch waiting for us!

As soon as my husband got employment, (within 3 days) we went to the bank and asked about a mortgage. The approved a mortgage there and then subject to us finding a suitable property etc - so there was no waiting. But I think you would have to be in employment first, before they will consider you for a mortgage - which makes sense as you cannot base your mortgage without an income.

Blossom

Sandra

Slang for low documentation required

http://www.securitization.net/pdf/sp_pace_042903.PDF

http://www.iconexhomeloans.com.au/ne...home_loan.html

Somewhat on the lines of self certification in the UK. Madness for some people borrowing more than they can afford - but for some a lifeline into the property they really want.

http://www.mortgagehouse.com.au/

and my favourite http://www.mortgage-loans.com.au/

Cheers

bussie

go to the hsbc and put down 6 months payments into a fixed term deposit account and they will give you a mortgage with out being in employment for 3 months i got one like this at 6.44% and after the 6 months take your money out and put it back on the house.

sj oldfield

For anyone looking for a mortgage in Perth, try yvettee crisp of Mortgage Vision. She is just great.
Email her at [email protected]
or call her on 08 93680067
mobile 0409 952 999

BillyGoatGruff

really? i got one after about 6 weeks (albeit only with a $2K limit). that being said, i was lucky enough to still be employed by the same company i had been in the UK.

debsy

We got a mortgage from the Bank of Queensland and they have been really helpful.

pako

"Yep, as you rightly say you have to be PR or citizen to get a mortgage. Temp visa holders are not eligible."

I heard that temp visas (marriage stage one) can get a mortgage providing they put down 20% or more?