lark_lrk

Hi everyone

Can a new migrant get a home loan approval right away if able to pay a 20% deposit for the house? Or would I have to wait till I get a job and work there for some time before getting approved for a home loan ?

Any assistance would be greatly appreciated ? Thanks

discobay

My bank told me that I should come talk to them once I have started work.

paulhill

Hi

I was of the understanding that you can get a "Low Doc" loan anytime as long as you have 40%. Low Doc loans are useful if you dont have accounts/wage slip for a whole year. Im not sure about 20% I thought is was 40%.

sj oldfield

If you go to a broker you will get mortgage straight away, and pay a much higher interest rate!!! Wait until you have a few pay slips and then go and see your loca bank.

Mrs JFW

We have had a mortgage approved with our bank. We are paying a 20% deposit and just had to give the bank copies of our work contracts with our stated salaries.

Jackie

Wendy

If your deposit is less than 20% the bank will require you to pay lenders insurance. It has nothing to do with whether you have a job or not.

paulhill

Hi

The Commonwealth wont lend anyone any money unless they have a job or payslips. Which Bank will lend you 80% without a job? Also how much is lenders insurance and is you rate not a lot higher?

Thanks

Wendy

I think it depends on how much you have to put down. We waited until my OH had a job before we bought, and a lot of them wouldn't lend us anything until he had finished his probation period at his work.

I do know some people that have been able to get approval on arriving though. One had something like 70% deposit (lucky buggers ) and the other only had a job offer.

I guess a lot also depends on the broker, the first one we used was useless and couldn't get us anything even after the probation period had finished (took him 6 weeks to tell us too ) but the one we switched to got us one within 24 hours.

Our mortgage insurance was somewhere around $3000 on a $225k loan. They add it to the mortgage.

I will recommend these guys for people to have a talk to. I know they have a branch in SA and also in NSW's, I'm sure they also do other states though. http://www.acquiredhomeloans.com.au/...3ef01efa017181

paulhill

Hi Wendy

I dont need a mortgage, I was just told this information from the Commonwealth when we first arrived. I was only try to help someone else. I still cant believe a bank will give you a mortgage without a job!!! You learn something new every day.

Thanks Sue