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-   -   employment/ morgage? (https://britishexpats.com/forum/australia-54/employment-morgage-439572/)

ROLLIE Apr 3rd 2007 9:40 am

employment/ morgage?
 
hello again,:thumbup:

How long does anyone have to be in employment(full i suppose?),before anyone will give u a morgage.?(west.au)

thanks.

c.
x

Dorothy Apr 3rd 2007 10:30 am

Re: employment/ morgage?
 

Originally Posted by ROLLIE (Post 4595977)
hello again,:thumbup:

How long does anyone have to be in employment(full i suppose?),before anyone will give u a morgage.?(west.au)

thanks.

c.
x

I was working 3 weeks when we were approved for $310k. OH was not working and we had no down payment. We ended up backing out of the sale, but were approved no problems. We also had a good mortgage broker who went to the bank and spoke to the lending manager on our behalf.

Mark_Rigby May 7th 2007 4:13 am

Re: employment/ morgage?
 
Hi Rollie

I am an expat living in Perth for 4 years now, and work as a self-employed mortgage broker. I am currently handling finance for a client who arrived in Perth 3 days ago and don't expect any problems, but everyone's circumstances are different. Bear in mind the 30 different lenders that I work mean 30 different sets of policies and that's why a mortgage broker will have more success with recently arrived migrants. Drop me a post/email if you want further info or have more questions. Best wishes for your move.

clanwylie May 7th 2007 11:58 am

Re: employment/ morgage?
 
We have been told a few times that would could not get a mortgage...as Oh is self employed....but we have now got someone who has said yes...but we have to wait until the 10/05 until they announce what is happening with the stamp duty for first time buyers....so it pays to shop around and keep looking:D

Mark_Rigby May 7th 2007 12:55 pm

Re: employment/ morgage?
 

Originally Posted by clanwylie (Post 4747722)
We have been told a few times that would could not get a mortgage...as Oh is self employed....but we have now got someone who has said yes...but we have to wait until the 10/05 until they announce what is happening with the stamp duty for first time buyers....so it pays to shop around and keep looking:D

Hi, hope the budget helps with the stamp duty problem then and hope that prices don't sky-rocket again in June when a the first time buyers return to the market.

clanwylie May 7th 2007 1:05 pm

Re: employment/ morgage?
 
Yeah ur probs right about that aswell...swings and roundabouts;)

killamarsh May 7th 2007 3:42 pm

Re: employment/ morgage?
 
Does anyone know how they calculate what you can have? If one person is on say 60k and has a 30k deposit how much could they borrow?

gemz May 7th 2007 3:58 pm

Re: employment/ morgage?
 
hi i dont really understand any of this, can you get approved for a mortgage before you leave england? Do you need a permenant address in Oz b4 you can get a mortgage? Is it best to rent somewhere for 6 months have jobs then look at property? We should have a miimum income of about 52000aud how mmuch would we be able to borrow on a 100% or 95% mortgage?
thanks

aston man May 7th 2007 5:44 pm

Re: employment/ morgage?
 

Originally Posted by Mark_Rigby (Post 4747878)
Hi, hope the budget helps with the stamp duty problem then and hope that prices don't sky-rocket again in June when a the first time buyers return to the market.

hey mark,could i please ask,what qualifications do you need to be a mortgage broker in oz...?

thank you

CathnPaul May 7th 2007 5:46 pm

Re: employment/ morgage?
 

Originally Posted by aston man (Post 4748896)
hey mark,could i please ask,what qualifications do you need to be a mortgage broker in oz...?

thank you

I asked Mark the same question haha, have a look for certificate IV finance. I have emailed a few courses to see if I can get credit for my current experience.

aston man May 7th 2007 5:49 pm

Re: employment/ morgage?
 

Originally Posted by CathnPaul (Post 4748904)
I asked Mark the same question haha, have a look for certificate IV finance. I have emailed a few courses to see if I can get credit for my current experience.


at one time here couldn't anyone be a broker...i wouldn't mind doing it part time in oz...

CathnPaul May 7th 2007 5:52 pm

Re: employment/ morgage?
 

Originally Posted by aston man (Post 4748916)
at one time here couldn't anyone be a broker...i wouldn't mind doing it part time in oz...

The courses I have emailed are home courses (like flexistudy/openuni course), can do them from 6months - 2 years dependant on the amount of hours put in.

It may even look good on my CV to say 'working towards it' plus some companies can put you on the courses and pay for it..so not sure if to sign up as soon as possible after landing or to see how the job side goes.

aston man May 7th 2007 5:59 pm

Re: employment/ morgage?
 

Originally Posted by CathnPaul (Post 4748930)
The courses I have emailed are home courses (like flexistudy/openuni course), can do them from 6months - 2 years dependant on the amount of hours put in.

It may even look good on my CV to say 'working towards it' plus some companies can put you on the courses and pay for it..so not sure if to sign up as soon as possible after landing or to see how the job side goes.

thanks you good luck with it all...ast

CathnPaul May 7th 2007 6:01 pm

Re: employment/ morgage?
 

Originally Posted by aston man (Post 4748956)
thanks you good luck with it all...ast

Cheers Ast.. will let you know if my experience can be credited, fingers crossed they should get back to me over next few days.

stuckinblighty May 7th 2007 7:15 pm

Re: employment/ morgage?
 

Originally Posted by CathnPaul (Post 4748961)
Cheers Ast.. will let you know if my experience can be credited, fingers crossed they should get back to me over next few days.

hey Cath going off topic do you still have dealings with,work for credit card companies as i have a line of enquiry i would like to pursue ?

regards,

Lee :thumbup:

Wendy May 7th 2007 10:41 pm

Re: employment/ morgage?
 

Originally Posted by killamarsh (Post 4748481)
Does anyone know how they calculate what you can have? If one person is on say 60k and has a 30k deposit how much could they borrow?

You'll find that they all vary. You will be able to borrow more if you are single as opposed to if you had dependants.


Originally Posted by gemz (Post 4748529)
hi i dont really understand any of this, can you get approved for a mortgage before you leave england? Do you need a permenant address in Oz b4 you can get a mortgage? Is it best to rent somewhere for 6 months have jobs then look at property? We should have a miimum income of about 52000aud how mmuch would we be able to borrow on a 100% or 95% mortgage?
thanks

It's best to rent for a while because if you buy straight away and don't like the area your either stuck there or it'll cost you quite a bit to sell the house. Plus they do prefer you to be in full time employment and not on probation, so try to fill that criteria first as it will open up more choice within the mortgage market.

On $56k we could have borrow up to about $250k (different figures from different banks), we were offered either a 95 or 100% mortgage. If you borrow more than 80% there will be mortgage insurance as well, but they usually add it onto the loan. Ours was $3500 on $225k

Dorothy May 7th 2007 10:43 pm

Re: employment/ morgage?
 

Originally Posted by CathnPaul (Post 4748930)
The courses I have emailed are home courses (like flexistudy/openuni course), can do them from 6months - 2 years dependant on the amount of hours put in.

It may even look good on my CV to say 'working towards it' plus some companies can put you on the courses and pay for it..so not sure if to sign up as soon as possible after landing or to see how the job side goes.

When your company pays for your training, you are put on a trainee salary, which can be very low compared to a regular salary. Generally, traineeships are not all home study but a mix of classroom, workplace assessment and self paced study. Probably you won't get much in the way of response to your emails about credit transfer or RPL. You will have to apply for these once you sign on to your course of study. And, of course pay for having your RPL done.

In the past week I've signed up 11 people for Certificate courses and just gone through the process with them all. Got another 5 coming in today for the same.

CathnPaul May 8th 2007 4:40 am

Re: employment/ morgage?
 

Originally Posted by CathnPaul (Post 4748930)
The courses I have emailed are home courses (like flexistudy/openuni course), can do them from 6months - 2 years dependant on the amount of hours put in.

It may even look good on my CV to say 'working towards it' plus some companies can put you on the courses and pay for it..so not sure if to sign up as soon as possible after landing or to see how the job side goes.

Yes I do for another 3.5weeks. send us a PM Lee

Mark_Rigby May 8th 2007 9:54 am

Re: employment/ morgage?
 

Originally Posted by killamarsh (Post 4748481)
Does anyone know how they calculate what you can have? If one person is on say 60k and has a 30k deposit how much could they borrow?

Try this calculator. It's more in depth than most online calculators and should give you an ideal of borrowing potential. As far as the deposit goes. You should aim for at 5% deposit if you can (no deposit loans are available though) and put aside around 7% of the property purchase to cover purchase and mortgage costs.

Mark_Rigby May 8th 2007 9:57 am

Re: employment/ morgage?
 

Originally Posted by aston man (Post 4748896)
hey mark,could i please ask,what qualifications do you need to be a mortgage broker in oz...?

thank you

To work as a mortgage broker you need different things depending on which state you are in. For instance in WA we are fully regulated, so you have to be licensed, which has a number of pre-requisites, the education part being Certificate IV in finance, which is not too difficult and you may be able to get UK quals transferred to Oz which may give you this anyway. In QLD they are only just starting now to look at implementing regulation for mortgage and finance brokers, but I'd say the Cert IV finance would be a good start.

Mark_Rigby May 8th 2007 10:02 am

Re: employment/ morgage?
 

Originally Posted by gemz (Post 4748529)
hi i dont really understand any of this, can you get approved for a mortgage before you leave england? Do you need a permenant address in Oz b4 you can get a mortgage? Is it best to rent somewhere for 6 months have jobs then look at property? We should have a miimum income of about 52000aud how mmuch would we be able to borrow on a 100% or 95% mortgage?
thanks

Hi, Try the calculator on this site to work out your borrowing potential:

http://www.planabettermortgage.com.au/

If you have a minimum deposit, then you are likely going to need to be in employment for 6 or months or so, before being successful with a mortgage application. You can get a mortgage to buy property here while still in the UK. You don't need to have an Australian address. You are classed as a non-resident, you can obtain up to 80% of the property purchase price as an Australian mortgage. You do however need to get Foreign Investment Board approval to purchase property. This may upset an application for permanent residence, not sure on that one.

Mark_Rigby May 8th 2007 10:02 am

Re: employment/ morgage?
 

Originally Posted by Mark_Rigby (Post 4751505)
Try this calculator. It's more in depth than most online calculators and should give you an ideal of borrowing potential. As far as the deposit goes. You should aim for at 5% deposit if you can (no deposit loans are available though) and put aside around 7% of the property purchase to cover purchase and mortgage costs.

Sorry this is the link:

http://www.planabettermortgage.com.au/


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