julie hilton

We were just wondering what you need to get a mortgage in Australia (Queensland). We want about £40,000.00. We have about 100k to put down.

I have noticed the average price for a decent house is about $350,000.00.

We are looking for 3 to 4 with pool

Any advice out there.

Thanks

gina

hi julie not sure of your question?

do you want to know how much you can borrow?
can you borrow?
how much are houses?

hugs geex

hoofie2002

The main things the banks are looking for is :

1) Can you afford it ? Here, they take your salaries after tax, less any deductions for credit cards, rent etc and then deduct a cost of living. If there is money left over, that dictates the amount you can borrow.

2) All of the banks have a minimum time you must have been in a job which varies between them. If you are self-employed, they will want income statements from accountants etc. Sometimes they may also ask for income proof for previous years in the uk [I had to do this but got it from the Inland Revenue].

3) The amount you are borrowing vs the cost of the house matters. The more money you put in the better. It depends on the banks, but if you hit 90% [i.e. you are borrowing more than 90% of the house value] you get hit for Lenders Mortgage Insurance which adds thousands of dollars to the price.

Having said that, there are loads of lenders here and brokers. A broker is your best bet.

julie hilton

Sorry

We only want to borrow about £40,000.00. Its just a rough figure I'm a book keeper (accounts assistant) and my husband is a Plummer (Builder). I'm 37 and my Husband is 42.

It's just to give us an idea only.

Unfortunately I don't know much about salaries at this stage, but i was hoping there might be a family that have gone through the same process.

Thanks

kakadu chris

Hi

we Got a morgage soon as we got jobs. had about the same deposit. Went with commonwealth. Took 2 weeks to get jobs. just got my employer to write a letter to the bank. In house six weeks after arrival!

Chris

julie hilton

do you know a rough cost of the mortage payments on £40,000,00 per month

Thanks

wavy_davy

We can recommend a good mortgage broker. He sorted us out before we had started with a permanent job. His details are Russi Travlos, Mortgage Consultant, Choice Home Loans. Mobile 0415 926 882. Email russitravlos @ chl.net.au. He said to mention Katy & Dave Dymond (us) when you speak to him so he knows where you got his number from. He's good and met ALL our requirements at a great rate too. We asked Russi and another mortgage broker to get us quotes and the other was rubbish (say no more). He is based in Perth but can organise mortgages wherever you are in Oz. Hope this helps. Katy & Dave
PS we aren't on commission but believe we should spread the word when we meet someone who is really good!!!!

julie hilton

[QUOTE=wavy_davy]

Thank you for that. We are hoping to be living near Brisbane. But I will bear that in mind.

Thanks again

hoofie2002

Go to http://www.yourmortgage.com.au/

They are quoting $349 a fortnight for $98,000 over 20 years at 7% [this allows for the almost certain rate rise] or $380 which is the monthly payment divided by two but paid fortnightly [which means you make two additional payment per year which clears it faster].

Note : Salaries and mortgages etc here seem to be done fortnightly.

banjo

we got a mortgage of $150k within 4mths of arriving. We opted to make weekly repayments (with Commonwealth by the way) as you do save quite a lot on interest. If you are planning on keeping some aside then consider a Mortgage Interest Saver Accout (MISA) as this ofsets against the interest on your mortgage, you can draw on it as and when and of course it's tax friendly.

I'm not in the business but really there shouldn't be any problem getting a $40k mortgage. Hahve you looked on www.realestate.com.au usually somewhere down the right hand side they have an mortgage calculator which is very handy.

Good luck

soonbethere

Just wanted to say great thread, very good to get some straight answers, thanks!

kits

Hi Julie,

We're based in Brisbane for 7 months now & loving it. We never had anyone to help us out like getting a mortgage,advising about properties and suburbs to look. We met this Mortgage Broker, he's with Brisbane Finance.He will help you go through everything you need including Bldg & Pest inspection,solicitor & find the best mortgage that suits your needs.He's also Justice of Peace which is helpful for documents that needed sign by a JP.

We used the inspector & solicitor he recommended to us without any doubt and they were great.

We have a $100,000 mortgage on 5.99% variable but lock in for a year with a monthly payment of $600,and a Mortgage Interest Savers account(MISA) that goes with it.

You can enquire about mortgages without obligations to use him in the future.His name is Wayne Thistlethwaite ,[email protected] just mention my name Elaine. I lived in the western suburb of Chapel Hill(8klms CBD).

Good Luck and hope everything goes well in moving.

JaneandJim

Hi Elaine,

How did you manage to get Wayne to do anything? We met him a couple of times and all he did was talk about his time living in Papua New Guinea! We ended up going direct to a lender as we were getting nowhere with him.

Do you still live in Chapel Hill? There are a few posters from there.

Jane

kits

Hello Jane,

He did that at the start, talk about his times in PNG. We're upfront and direct with him that we need to secure a property as early as possible. And provide all the info he needs from us. We went straight to Commbank B4 we met Wayne but we got nowhere.

I guess every situation seems to be different.We're still in Chapel Hill.
elaine

Gold Coaster

Hi Julie,

We can help out on mortgage quotes, Please contact the Director of our mortgage and finance group, Peter Hicky is his name, please visit our site and he will be more than happy to help out" www.assetunity.com.au

Regards

Tony