Urno

What sort of time frame is involved in getting a mortgage?

From application to actually getting the wonga.

Ta.

comet555

Our took about 14-16 days through a mortgage broker. It may be faster going directly with a bank, I'm not sure.

Ours was relatively straightforward since our deposit was about 40%. Not sure how long it would take for a more high risk loan.

My advice is start getting pre approved so it's essentially done when you find a house.

longreach

Hi Urno,

Like Comet555 said, it all depends on your circumstances. If there are no complications and you easily meet all the lending criteria then it can be done it just a matter of days.

However if there are any queries on your application then this will obviously hold things up a little.

There is no difference going between a broker and direct in terms of speed.

Please feel free to give me a call if you need any further help.

Cheers,
Mark.

Urno

This sounds encouraging!

There shouldn't be any difficulties, but the only problem we might have is the 100k visa bond, which we want to sink into the mortgage, but it's tied up until about June.

Would there be much difficulty in borrowing the 100k extra, and then paying it off once the bond is returned, which would only be 6 or 7 months later? I'm thinking of penalty charges for paying off large sums?

longreach

The bond will form part of your 'statement of postition'... ie it will be classed as an asset.

This will be obviously a positive against any potential application.

Whether there would be any problem borrowing the extra $100K would depend on your current financial position and the level of debt you wish to take on.

At the end of the day, the banks want to be satisfied that you can meet the repayments. Without knowing your income / other assets / liabilities it is impossible to say. Sorry.

As for penalty charges, that generally would not happen if you were with the right lender.

I am more than happy to run through with you your options if you like. No obligations or pressure... it is entirely up to you but if you have any further info / questions then shoot away.

Cheers,
Mark.

Geelong Gent

Agreement in principal 5 mins
Completed application 72 hours

Funds ready for transfer 10 days

SarahJane2007

Very quickly if you have a deposit and no complications...just a matter of days.

RenShen

Hi,

On the subject of mortgages, I have only just started to look at this and have used some mortgage calculators on estate agent's web sites.

Only thing is, the ones I have seen let you change the mortgage rate to get a quote. I have little idea of what rates are applied in Oz.

I just want a general idea of what it would cost me to borrow £50k over 10 years. I wonder if anyone could let me know of a good Australian site that could give me a quote?

Thanks,
Ren.

longreach

Hi Ren,

Assuming you actually meant $50K, then around $600 a month

Cheers,
Mark.

aston man

can be done here in two weeks..