gidxg03

Currently in the process of applying for skilled migration visa. Decided to check out mortgage rates. 6.5% (HSBC)!!!! Borrowing $200K over 25 years was working out at over $2K per month. My god that is high compared to home (Ireland - adverage interest rate around 3.5%). Am I missing something or is this the reality? Is there tax relief available on mortgages like at home?

Won't stop me from coming though

Suni&Jay

I would double check, 3.5% seems too low.
Are you sure that is a mortgage rate?

gidxg03

3.5% is what you can get here at home in Ireland. I'm asking if 6.5% is adverage in Oz?

Amazulu

6.5% is quite low & quite a good deal. A lot of people are paying 7%+.
$200k is a very small mortgage by Aussie standards.

stuckinblighty

Yep 6.5 to 7 % seems to be the going rate in Aus and it looks like its only going to go one way....and thats up :scared:

regards,Lee

tabby

6.5% I WISH !!!

Are rate is 7.49% and is going up by 0.25% at the mo , if you are new to Aus you can only really go for lo or no doc home loan as you have no Aus credit rating so the rate is higher for the 1st 2 years

Is it really 3.5% were you are ? There is no tax relief on your main home here and there was none in the UK , agian did not know your neck of the woods had this.

On the plus side rates are only £846.00 per year and include water

Suni&Jay

Yes I got that bit,(3.5% in Ireland/6.5% oz)
Bank of england base rate is 4.75% (I think) and the oz base rate is 5.75%, so 6.5% seems right for oz.

Suni

Amazulu

Not so dure about this. I got a 6.3% mortgage 10 weeks after arriving. I had a 12 month work contract. It was so easy to get it was scary.

gidxg03

Gulp this is a bit depressing....

Here at home in Ireland you can get a first time buyers mortgage for about 3.5% - 4% with mortgage relief that shaves about €100 off your mortgage each month. Also we do not have any rates

Oh well better to know the situation now rather than later.

We will not be buying for the first year. Hopefully we will have fulltime employment at that stage and will be able to qualify for a mortgage.

tabby

We did not have jobs or offers and got a home loan from rams for $210,000 13 days after getting here at 7.25% , know what you mean about scary could depend on lender I spose

tabby

is there no counciil tax or charges for bin emptying and stuff

gidxg03

We pay about €30 per month for our bins to be collected. There is no council tax or water rates where I am. They are talking about introducing water rates but it's free at the moment.

On the other hand I do live in the most expensive county in the EU zone. Prices on other items are way way higher than the UK or anywhere else.

Nomore

we arrived 3 months ago...got a morgage with Rams too..we had no jobs or prove of income at the time. So we are paying 7.5% now. Yes my morgage is double what it was in the UK. Very depressing i know. Just hope the move here is worth all this heartache. Wouldn't have bothered coming if i knew all this now.

movetoperth

if you have a good mortgage person on your side its often possible to find good deals, we got a fixed rate of 5.9% with Suncorp a few months back.

Lynn

thebears

Rate would only be higher if you present a higher risk. With a higher deposit ie 30% + there is limited risk so no difference in rate. We got offered 6.82% today post yesterdays rate rise. The tried to claim MIG for amounts over $500K I said forget it. 10 mins later after conversation with manager they waived it.