shelia & brucie

MORTAGESWHEN ARE YOU ABLE TO APPLY FOR A MORTAGE!! :scared:

wannabetherenow

i really wanna know this question!!! its quite a major thing considering we are all hoping to settle in oz!! im gonna do a search!!!

marknclaire

we got one 6 months after becoming PR

njk435

Most firms just neeed you to be a PR, ING's application form needs a 'referee' who has known you 12 months though, any others ask for this?

Sandra

You can apply straight away - whether you get one or not will depend on loads of things, like percentage of property you are funding/deposit. If you have a job etc.

Some lenders like you to have a job for a specific period of time others don't care much if you are only borrowing a small amount compared to the price of the property.

so shop around for your mortgage - but be careful, if you are being given easy money there is usually a catch - the interest rate goes up

Try a mortgage broker when you come over and do not be fooled into paying money to get a mortgage arranged.

Have fun

Dorothy

We got a pretty substantial mortgage 2 months in by using a broker who went to bat for us with the banks. He showed them our mortgage statements from Canada showing that we had never been late or missed a payment and that we had paid out everything before we left. The bank we use for our everyday account, who also hold our downpayment in one of their investment accounts said no, but a smaller bank said yes. We immediately took our down payment out of ANZ and moved it to the BankSA.
Our broker didn't charge us any broker fees, he gets paid by the banks.

The S's

Depends on your deposit. We have a 50% deposit and have been approved even though I am still on probation and have only been working for a few weeks. Its the old story of the banks covering themselves.
In short if you have a good deposit they will lend to you the day you start work :scared:

Dorothy

Not necessarily. We had a good deposit sitting in ANZ and they said no they would not even let us apply until we had worked 3 months. They won't even consider us for a low limit credit card until we've worked 3 months. BankSA was very different, though. I think it depends on the bank you go to.

sj oldfield

Just go to your local bank and see how the land lies!!
if you are in Wa I can recommend Ollie at Westpac, Ocean Keys

thebears

It also depends on who you talk to at the bank. Don't take every employee's word get a second opinion ie The Manager. Our initial offer from the bank was bettered by .5% after further investigation at a higher level including wiping off the arrangement fee and ongoing annual fee.

They are just as much in need of your business so dont feel intimidated and dont take the first offer they throw at you the market is going to get a whole lot more competitive.