showdan

I'm arriving in Brisbane at the end of the month and will be staying with relatives for the short term (as short as possible). I did plan to rent for 6 months or so before buying, but I'm getting put of this idea because or the ever increasing property market and I've already been off the property ladder (in the UK) for almost a year.

I will have the immediate funds for around a 30% deposit with further funds to pay off a further 20% in June 2008 (when my $100K bond is released), plus I have a job which I start almost immediately after arriving.

All this considered, would I be able to get a mortgage straight away? and would I get a decent deal e.g. not pay a higher rate than everyone else.

cheers
showdan

bcworld

Hi Showdan,

I think generally you will only need 3 months of payslips as evidence to secure finance...which will also probably coincide with the end of the probationary period of your employment in Oz.

For the sake of 3 months I'd stick it out and avoid rushing into a low doc home loan (if you can get one) which may involve a higher interest rate.

I'd speak to a broker when you arrive though......I can put you in touch with a very well regarded one in Brisbane if you want to PM for his details......with equity like you have I'm sure he'd be more than happy to introduce you to the Ozzie phenomenon of the investment property or 10!!

Cheers,

Bazza

devilishdean

We have been here 2 1/2 months and got a mortgage the day I started my first job. We had ben in Australia 3 weeks We just self certified and use a loan advisor. She got us a great deal. We have actually become quite friendly with her now so if you need any help when you get hear send me a PM and I will forward her details.
Best of luck with everything

Nu-Shooz

We got a morgage straight away. But we did have a big deposit.

If you are working they will want pay slips so you should be fine. I am self-employed and had to through Rams low doc who charge a high interest rate, but got rid of them now i am up and running.

Simba

We are banking with Westpac and they told us as long as we have a 20% deposite we could borrow straight away.

We are renting for 6 months so we can be sure where we want to be before buying.

BullcreekBob

G'day

Don't think you get one straight away, you'll need one or two payslips first. As long as you're doing the same sort of work as you did in the UK you should not pay more that 7.4% which is probably cheaper than many folks.

Cheers
Bob in Bull Creek

why

i got a 95% mortgage on a part time income with three months of pay slips...

supersonic4

As a temp spouse visa holder is there any rule saying on how much of a loan you can have ie: 80% of the loan?
Cheers Lorri

BullcreekBob

Yup,

Banks are not allowed to lend more than 80% to temporary visa holders, overseas residents, etc. Some banks will limit the loan to 70%.

Cheers
Bob in Bull Creek

lovealot

I got a mortgage with only two weeks payslips as long as i wasnt on a trial period. My partner was the same. Bankwest, we did have a resonable deposit though, not sure if that made a difference, good luck though

supersonic4

Thanks Bob,thats the thing that annoys me the most,other types of visas can get pr straight away,its not fair that spouses are classed as temp.What about the spouses of the others they don't get looked at like they are some kind of crim,and made to suffer for it,what with not being able to apply for some jobs ,having to have 20% deposit and heaps of other things that come up,people think you are some sort of fly by night if you are a temp visa.
Rant over for now.
Cheeers Lorri
Ps I wish we did have 20% deposit but....... nope.

JAJ

I don't know where you get the idea that they are "not allowed to" but I can tell you that you are wrong - there is no such law.

JAJ

Need to set a few facts straight.

Firstly, not all spouse visas are temporary. Those in long term relationships get PR straight away.

Secondly, the reason the temp spouse visa was introduced in 1996 was to deal with the number of bogus marriages.

Thirdly, there is absolutely no obligation to go for the temporary spouse visa if you can qualify for a skilled PR visa instead.

Wendy

If your OH is an Australian then I can't see you'll have a problem anyway

scallyuk

Same info was given to us by Westpac, in the end we waited to find the right place but the in principle agreement happened on day one of my job.