Coomercial Mortgage Aus
May 29th 2003, 8:58 pm
#1
Guest
Posts: n/a
Coomercial Mortgage Aus
Hi
As I have insufficient money to buy a house outright I am looking to putting down a hefty lump sum on a 3 bed villa or town house.
As I plan to get around a bit my first few years, I want to rent it out moreorless from the outset.
As I have no job in Aus, and no credit history there, presumably I would have to get some sort of buy to let type mortgage with a higer interest rate and higher deposit. what sort of deposit do commerical mortgages require in Australia?
I could probably afford up to about 75,000 dollars. (say perhaps as much as a 30pc deposit on a 225,000 dollar villa. This is the price of homes near where my cousin lives.
badgers
As I have insufficient money to buy a house outright I am looking to putting down a hefty lump sum on a 3 bed villa or town house.
As I plan to get around a bit my first few years, I want to rent it out moreorless from the outset.
As I have no job in Aus, and no credit history there, presumably I would have to get some sort of buy to let type mortgage with a higer interest rate and higher deposit. what sort of deposit do commerical mortgages require in Australia?
I could probably afford up to about 75,000 dollars. (say perhaps as much as a 30pc deposit on a 225,000 dollar villa. This is the price of homes near where my cousin lives.
badgers
May 29th 2003, 11:10 pm
#2
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
If you do what you suggest, you blow your chance of the $7,000 First Home Owners Grant, as you are only eligable for the first house you purchase in Oz, and you must live in it for the first 12 months.
So do you want to give up your chance of $7,000.
So do you want to give up your chance of $7,000.
