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how long to get mortgage?

how long to get mortgage?

Old Apr 15th 2006, 4:15 pm
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Default how long to get mortgage?

Hi, moving to Perth early next year, will have job as a nurse lined up prior to arriving, just wonder how long it will take to build up credit history to get a 90% mortgage
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Old Apr 15th 2006, 4:20 pm
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Default Re: how long to get mortgage?

Originally Posted by erins dad
Hi, moving to Perth early next year, will have job as a nurse lined up prior to arriving, just wonder how long it will take to build up credit history to get a 90% mortgage
Some banks will let have a mortage almost immediately if you have a job, some will let you have one after three months, some will take ages.

So no real definate answer I'm afraid. Only way to go is to try applying once you get there and see how you go.
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Old Apr 15th 2006, 4:50 pm
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Default Re: how long to get mortgage?

Originally Posted by erins dad
Hi, moving to Perth early next year, will have job as a nurse lined up prior to arriving, just wonder how long it will take to build up credit history to get a 90% mortgage
In general it will take you 3 months. Most lenders require 3 months payslips, and trust me that 3 months passes in a flash.

Also its probs better to rent for the first 6 months in order to give you a good idea what you really want from a house/location/cost.

Good Luck, Perth's a lovely city.
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Old Apr 15th 2006, 6:02 pm
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Default Re: how long to get mortgage?

Originally Posted by WendyC
Some banks will let have a mortage almost immediately if you have a job, some will let you have one after three months, some will take ages.

So no real definate answer I'm afraid. Only way to go is to try applying once you get there and see how you go.


thank you, hopefully will have a mortgage lined up pretty quickly then.
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Old Apr 15th 2006, 9:34 pm
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Default Re: how long to get mortgage?

Originally Posted by erins dad
thank you, hopefully will have a mortgage lined up pretty quickly then.

I really would recommend that you rent for 6 months to get a feel for the area. Houses in australia seem to take a while to sell and you wouldn't want to buy in an area you hate after 3 months and then cant sell. IMO if you want a 90% mortgage they will probably expect 3 month wage slips as over here they are much more cautious on mortgages over 80%. You will need to pay an insurance premium. Also you may find a lender willing, but the deal you get will be crap, it really is worth waiting that 3 months to be able to shop around.

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Old Apr 15th 2006, 10:57 pm
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Default Re: how long to get mortgage?

As others have said I'd stick with a rental for 6 months to make sure you're in the right place and don't buy somewhere in haste. The HSBC gave us a mortgage even though we're both in our probation periods of employment, all they asked was that we lodged a bond to cover 6 months worth of repayments until our probation periods end and then they release it back to us. So theoretically the bond will only be held for about 6 weeks. Getting the mortgage was pretty easy and buying a house here certainly moves faster then the UK. 30 days from offer to completion.
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Old Apr 16th 2006, 4:31 am
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Default Re: how long to get mortgage?

I walked into Commonwealth Bank with a copy of my contract that I had just picked up. They wanted to see the last 3 months payslips from the UK to prove my new salary was realistic and I was unlikely to get kicked out of the job and 24 hours later I had approval for a mortgage of 4.5 times my salary without even starting work.

But as others have said I would certainly check out areas first as we're not buying in the area of Sydney we had initially expected to buy in.
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Old Apr 17th 2006, 3:54 am
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Default Re: how long to get mortgage?

Originally Posted by erins dad
Hi, moving to Perth early next year, will have job as a nurse lined up prior to arriving, just wonder how long it will take to build up credit history to get a 90% mortgage
Hi Erins Dad

It is possible in many cases to get a mortgage straight away, it depends on many differing things, such as emplyment and the size of deposit you have, the process can usually be started before you get here too. Many have recommended you rentfor 6 months and i'd sgree to a certain extent, but you also have to consider your personal circunstances, with property prices rising the way they are you may find that the areas you can afford to buy into when you arrive will be out of your price range 6 months later.

Lynn
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Old Apr 17th 2006, 4:24 am
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Default Re: how long to get mortgage?

We are going to try the RAC for our mortgage,has anybody else tried them
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Old Apr 17th 2006, 7:10 am
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Default Re: how long to get mortgage?

Originally Posted by erins dad
Hi, moving to Perth early next year, will have job as a nurse lined up prior to arriving, just wonder how long it will take to build up credit history to get a 90% mortgage

My hubbies been self employed for 28 years ....almost all his working life and we found it much easier to get borrowed money here especially if u have a good deposit.

We nearly bought a block of land for cash and they gave us funny looks so we were glad when our offer got turned down and we sought advice, most people here only ever put 10-40% down, and get a mortgage on the rest.

We have been offered low doc and no doc loans where u just have to declare your own income and they will lend you money.
Loads of people get a block of land or house and then equity release to buy something else in a very short time.....welcome to the land of borrowing, its a hec of a lot easier here than in the UK and some will lend up to 6 times your salary!!!
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Old Apr 17th 2006, 10:39 am
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Default Re: how long to get mortgage?

Originally Posted by spottydog
I walked into Commonwealth Bank with a copy of my contract that I had just picked up. They wanted to see the last 3 months payslips from the UK to prove my new salary was realistic and I was unlikely to get kicked out of the job and 24 hours later I had approval for a mortgage of 4.5 times my salary without even starting work.
4.5 times your salary!! :scared:

My god the repayments would be more than half your net monthy salary. I'd never sleep!
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