chrisandvee

I have been told or seen in various places that you need 20% for a deposit on a house. I was hoping to get a mortgage with 10-15% when i get to oz is this possible. Also i will be taking all my accounts with me over the last couple of years will this help us get a mortgage any quicker. Its just i dont want to wait 12 months when i get there for a mortgage, ive been renting for 2 years and dont really want to rent when we get to perth for too long.
thanks

jensteve

The ideal is 20% this is what the banks like to see but a friend at work has just got a 100% loan so they must be available. She has loaned 400K though so the repayments must be pretty huge unless you get a 40year loan!

Jenny

Ian & Sharon

Try this

http://britishexpats.com/forum/showthread.php?t=427054

chrisandvee

Thanks for that i will give them a go!

Wendy

You don't have to have 20% deposit, the only thing having less than 20% means is that you will have to pay for mortgage insurance. The insurance protects the bank should you default on the loan and they can't get their money back when selling, it doesn't protect you if you sell and can't get your money back though.

chrisandvee

How would this affect a mortgage payment wise? Does it bump up the mortgage a lot?
cheers

Wendy

We borrowed 95% on a 237k house, so $225k mortgage. The insurance that paid on that was $600 (ish), so it's not a massive amount and doesn't affect your payments that much. It is added to the amount you borrow. Our interest is about 7.14 per annum (or thereabouts)

keithandsam

i`m not sure but i think you will have to work for atleast 3 mths before being accepted for a mortgage,they werent really interested in any previous history.

Wendy

Yep, generally they want to see that you aren't on probation. But I do know some people that have been able to get mortgages within weeks of arriving, with just a job offer.

Best thing to do is get a mortgage broker

Ian & Sharon

I'd been in Aus 3 weeks, I'd been talking to Tracy prior to moving so she had everything lined up even the deposit bond once I'd found the right house.
The whole process was a lot less stressful than I'd expected.