jumbo

I have a PR visa which I shall be validating in the next couple of months. However our house is taking forever to sell and I may want to buy a house in Oz before finally moving and becoming Fully Oz resident and tax resident.

Does anyone know if its possible to take out a low doc mortgage before becoming Australian resident?

Cheers

Sandra

I will be the first stupid one to reply what is a low Doc?

Cause depending on % deposit most mortages are feasible! If you do a search on this site you will get loads of info!

Cheers

lynnj

Not sure about this, we have just got a low doc mortgage but are living here.

Our mortgage consultant was really great, he was very switched on about low docs, if its perth you are coming to let me know and i'll give you his e mail.

Lynn

ABCDiamond

A Low-Doc loan, is one with little documentation required by the lender.

eg: No payslips, just a declaration from yourself on how much you earn.

jumbo

bump

65 million

I'm of the impression that lo-doc mortgages are only available as "investment morgages" and not to live in for some strange reason. Can anyone confirm that.

We want to buy as soon as we arrive in Cairns but thought this was our only option available to us, but now I'm not even sure we can do this

Alan Collett

No, they are an option for the purchase of a main residence as well.

Best regards.

65 million

Oh, thats a big relief to hear, thanks Alan!

One more question please, would I be able to get one without having a job if we can put 60% deposit down?

I understand there's a declaration on income, if its zero at the time will they refuse us?

thanks again
65KK

Sandra

Ok Now I understand the term!

Deposit is the biggest part of the contract with any mortage lender but loads of personal reference mortgages are available in Aus.

What you need to shop about for is the rates you will get for the different lenders, like anything!

60% deposit should be a shoe in, easy, to get a mortgage, job or no job!

The mortgage market in Aus works the same way as UK, there will be someone to lend you money, it is the terms that matter.

lynnj

65kk

low docs arent just for investment, we move in tomorrow with a low doc.

as for your declaration of income, they dont check, thats why you sign the form saying i am earning x and can pay my mortgage, put down either your estimated income or what you earned last year, thats what our financial guy said most people do.

Lets face it nobody has a guaranteed income these days.

Back to the packing boxes again.....

Lynn

65 million

Hi,

Thanks both for your reply's:

This is what I got from one mortgage broker....

"These are generally used by applicants who cannot show tax returns for the previous couple of years, however, you do still need to be in some form of employment.

Generally speaking, most lenders will require you to have passed any employment probation periods as well before they will approve a loan, however it will depend on your exact circumstances."

Good luck with the house moving lynn!

lynnj

65k

your mortgage broker obviously doesnt know much about low docs, or else ours was a miracle worker, the lender needs no proof of employment or proof of income, merely a signed dec from you saying how much you earn (or think you will earn).

Speak to many mortgage brokers till you find one who knows what they are talking about.

Lynn

65 million

Cheers Lynn.

Thats great. Can't wait to sell the house now and come over!