how easy is it to get a morgage in Australia?
Jan 24th 2009, 8:21 pm
#1
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how easy is it to get a morgage in Australia?
Just a query guys because I know nothing about Australian mortgage's,
If I wanted to but a $414,000 home in WA with a $135,000 deposit what kind of annual income would i need to be earning?
If I wanted to but a $414,000 home in WA with a $135,000 deposit what kind of annual income would i need to be earning?
Jan 24th 2009, 8:36 pm
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Re: how easy is it to get a morgage in Australia?
I'm sure some of the 'mortgage specialists' on the site will be along later to help out. The one thing I will say is its not quite so straightforward to calculate that here because the banks/mortgage providers take in to account any other debts you have as well. I think its a much better assesment of your ability to pay than just the three and half times earnings set-up the UK has....or perhaps had.
Jan 24th 2009, 10:02 pm
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Re: how easy is it to get a morgage in Australia?
but what if i dont have any debts? never have, never will. if i cant afford something i dont have it. morgage is my only borrow.
are you saying they assess individuals on there lifestyle ie look in to income v's out goings?
are you saying they assess individuals on there lifestyle ie look in to income v's out goings?
Last edited by DCS; Jan 24th 2009 at 10:05 pm.
Jan 24th 2009, 10:20 pm
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Re: how easy is it to get a morgage in Australia?
http://www.commbank.com.au/personal/...s/default.aspx
Jan 25th 2009, 5:46 am
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Re: how easy is it to get a morgage in Australia?
They take your income from all sources. They want to know about all your outgoings (other loans, credit cards, fixed expenses like school fees, mobile plans etc), plus they plug in a basic allowance for how many dependents you have (single and no kids vs wife and ten kids makes a big difference in how much cash you need to feed them all). Whatever's left over is then available for mortgage repayments.
Beware though - you might be suprised at how much they will allow you to borrow. They will calculate an amount that will take up every spare cent you have..
Jan 25th 2009, 8:16 am
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Re: how easy is it to get a morgage in Australia?
cheers nicky, thats very helpfull.
i'm someone that lives well within there means her in the uk and would hope to do the same over there. when time comes to want an australian morgage would you say it should be relativly easy for me to get one over there? i'd be 33/34
i'm someone that lives well within there means her in the uk and would hope to do the same over there. when time comes to want an australian morgage would you say it should be relativly easy for me to get one over there? i'd be 33/34
Jan 25th 2009, 8:48 am
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Re: how easy is it to get a morgage in Australia?
Jan 25th 2009, 8:53 am
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Re: how easy is it to get a morgage in Australia?
cheers all good news but any idea how long i will need to be working in oz before i'd be considered?
