GETTING AUS MORTGAGE
 

as you all are aware the house prices in the uk have slumped and not many houses are selling , the situation i am in is that i have had my mortgage transfered to interest only repayments , this will allow me to rent the house out and not have to send any money home to top up the mortgage , if you are in a similar situation this is one option so you dont have to wait for the house to sell .what i would like to know is once in australia if i decided to buy a house could i still get a mortgage with also having a mortgage in the uk , do the Australian banks do a uk credit search or just go off bank statements and references .

Re: GETTING AUS MORTGAGE
 

Re: GETTING AUS MORTGAGE
 

Yes you sure can :) We've done exactly the same thing although it ws after we'd been here 2 1/2 years that we did it. We now have our UK home (which is still rented out and still interest only) and our Aussie home - both are mortgaged :)

Re: GETTING AUS MORTGAGE
 

Going off topic slightly, does anyone know what other expenses mean when applying for a mortgage, does it mean any other personal loans etc or does it mean all other monthly , outgoings eg food , utilities , petrol etc.

Re: GETTING AUS MORTGAGE
 

that sounds promising . what i want to do is keep my uk house and use it as a retirement fund , regarding deposit how much is required to buy a home in oz , many thanks and a happy new year to all of you.

Re: GETTING AUS MORTGAGE
 

Its the same as the UK...you can get 100% but that works out a lot more expensive with insurances etc. A general rule of thumb is a 10% deposit minimum but we got away with 5% when we purchased...we used Bankwest for our mortgage.

http://bankwest.com.au/Personal/Home...ide/index.aspx

Re: GETTING AUS MORTGAGE
 

When we applied for a mortgage, we said we weren't sure of those figures, and the Bank lender filled something in for us ;)

There are now some mortgage brokers that actually rebate part of the commission they get from the banks eg: http://www.refundhomeloans.com.au/ca...k-mortgage.php


Have a look at this Choice article on Mortgages http://www.choice.com.au/viewArticle...aspx?id=104205

Re: GETTING AUS MORTGAGE
 

Hi

regarding deposits the above post is slightly inaccurate. 100% loans have all but disappeared (without equity from another property anyway)

You will need in most cases 5% (ANZ require 10%) for a normal home loan. Please do not forgot other expenses on top of this deposit are - Stamp Duty (cost depends on state) and Lenders Mortgage Insurance (need if loan amount is greater than 8% - Full Doc) on average 2 - 3% of loan amount.

This may need to be increased depending on your situation and the type of loan you want/need to apply for.

Please feel free to send me an email to [email protected] should you need any clarification. Also please visit the website for a whole array of home loan info

www.loans4homes.com.au

Hope this helps

Tambo

Re: GETTING AUS MORTGAGE
 

What is lenders mortgage insurance? Does it cover you or them?
Thanks :)

Re: GETTING AUS MORTGAGE
 

It covers them

Re: GETTING AUS MORTGAGE
 

To get an idea of the cost of Lenders Mortgage Insurance have a look at:
http://www.yourmortgage.com.au/calcu...age_insurance/

In nearly all cases, if you borrow more than 80 percent of what the lender considers to be the value of the property they will ask you to pay their mortgage insurance.

Lender's mortgage insurance protects the lender in the event that you default on your loan and the outstanding value of your loan is greater than what they receive from selling the property.

It is usually charged as a one-off premium.

Re: GETTING AUS MORTGAGE
 

LOL yes exactly!!!!

AS the name suggests LENDERS Mortage Insurance, it covers them, (in case a foreclosure in insures they get the full loan amount back regardless of what the house sells for in a fire sale).

But of course you have to pay for this - the bank only require it for a high risk loan.

Anything over 80% (full doc) 85% With Westpac
Anything over 60% (lo doc)

Hope this helps

Re: GETTING AUS MORTGAGE
 

Oh forgot to mention

In most cases you are able to add this to the total loan amount upto 2 % - so in most case you havent got to come up with this upfront.

Re: GETTING AUS MORTGAGE
 

Try Bankwest...anything over 80%, you will have to get LMI

Re: GETTING AUS MORTGAGE
 

Anyone comtemplating using my companies service


www.loans4homes.com.au


We offer a full service fro FREE, yes FREE we get paid by the banks