Getting a mortgage in Oz.. help
Feb 19th 2004, 1:25 pm
#1
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Joined: Feb 2004
Location: Brisbane
Posts: 578
Getting a mortgage in Oz.. help
How easy is it to get a mortgage over there? When we go, we only want to rent for a short time and then hopefully buy our own property. Do you have to be employed for a specific time?? We will prob have about 70 grand deposit for a house. How will we go about it??
Feb 19th 2004, 1:47 pm
#2
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Joined: May 2002
Location: Narangba, Brisbane
Posts: 164
Re: Getting a mortgage in Oz.. help
Hi
We are just going through the process of getting our home loan.
We have been in Brissy for 4 months.
What they wanted from me was:
A letter from my employer stating that i was in full time employment and not on a probation period, they normally last 3 months out here so i had to wait till that had finished.
Wage slips showing my salary.
A bank statement showing we had the deposit that we said we had.
Also, we had to show a copy from our solicitor showing the proceeds from our house sale in the UK.
We have found it quite straight forward so far although recent interest rate rises lowered our borrowing power a little.
Hope this helps.
We are just going through the process of getting our home loan.
We have been in Brissy for 4 months.
What they wanted from me was:
A letter from my employer stating that i was in full time employment and not on a probation period, they normally last 3 months out here so i had to wait till that had finished.
Wage slips showing my salary.
A bank statement showing we had the deposit that we said we had.
Also, we had to show a copy from our solicitor showing the proceeds from our house sale in the UK.
We have found it quite straight forward so far although recent interest rate rises lowered our borrowing power a little.
Hope this helps.
Feb 19th 2004, 4:42 pm
#3
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Joined: Mar 2003
Location: Hands up if you like shopping !!
Posts: 876
Re: Getting a mortgage in Oz.. help
Originally posted by mo33
How easy is it to get a mortgage over there? When we go, we only want to rent for a short time and then hopefully buy our own property. Do you have to be employed for a specific time?? We will prob have about 70 grand deposit for a house. How will we go about it??
How easy is it to get a mortgage over there? When we go, we only want to rent for a short time and then hopefully buy our own property. Do you have to be employed for a specific time?? We will prob have about 70 grand deposit for a house. How will we go about it??
try this link, should help a bit, I have spoken to a bank out there and they are happy to lend if deposit is over 50% with proof of starting employment, they vary so much, like here.
think thread some while back re people arranging before they went.
http://www.aussiemove.com/aus/mortgage.asp
Feb 19th 2004, 5:04 pm
#4
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Joined: Oct 2003
Location: Nappyland
Posts: 2,886
Hi
Try a bank for starters. If you do not meet the lending criteria of the banks then go to a non-conforming lender. These are the lenders who deal with those rejected by the banks. The NCLs will look after new migrants, bankrupts, self-employed, and other people who don't have the credit history.employment history, large deposit, etc, that the banks are looking for. You will pay slightly higher interest rates with an NCL as you are classed as a higher risk borrower. However, the rates may not be that much higher - depnds on your personal circumstances. If you keep up a good payment record with an NCL then you can move to a bank after a while or ask the lender if they will reduce the rate.
Liberty is the biggest in Oz - www.liberty.com.au. They also have reciprocal agreements with certain banks - i.e. if you approach a bank and you don't meet the bank criteria then they will refer you to Liberty (or other NCL) or if you approach an NCL and they think that you would meet bank criteria they will refer you to a bank. There are other NCLs such as Bluestone and another I think is Pepper.
Try a bank for starters. If you do not meet the lending criteria of the banks then go to a non-conforming lender. These are the lenders who deal with those rejected by the banks. The NCLs will look after new migrants, bankrupts, self-employed, and other people who don't have the credit history.employment history, large deposit, etc, that the banks are looking for. You will pay slightly higher interest rates with an NCL as you are classed as a higher risk borrower. However, the rates may not be that much higher - depnds on your personal circumstances. If you keep up a good payment record with an NCL then you can move to a bank after a while or ask the lender if they will reduce the rate.
Liberty is the biggest in Oz - www.liberty.com.au. They also have reciprocal agreements with certain banks - i.e. if you approach a bank and you don't meet the bank criteria then they will refer you to Liberty (or other NCL) or if you approach an NCL and they think that you would meet bank criteria they will refer you to a bank. There are other NCLs such as Bluestone and another I think is Pepper.
