mortgage advice please
Aug 22nd 2004, 12:59 pm
#1
sunny coast
Thread Starter
Joined: Aug 2003
Posts: 3,514
mortgage advice please
hello everyone.
can anyone tell me how mortgages work in oz,is it like the uk
were they will give you 2 or 3 times your wage and do you
have to be employed for a certain amount of time.
when the wife and myself got our mortgage about 13 years
ago the norm was 2.5 times joint income and you had to be
in your job for 12 months,we will be looking to rent for about
the first year and then would hope to put about $150,000
down on say a $350,000 house around wellington point or
victoria point.does this sound like a realistic plan or am i talking
out of my bum,cant work out how all these people on these
get a new life shows get a mortgage,dont want to knock
them as they are living my dream its just that they seem to
find a house and there does'nt seem to be any problems
with getting the cash when they have only been there a
few months, cheers jonni boy
can anyone tell me how mortgages work in oz,is it like the uk
were they will give you 2 or 3 times your wage and do you
have to be employed for a certain amount of time.
when the wife and myself got our mortgage about 13 years
ago the norm was 2.5 times joint income and you had to be
in your job for 12 months,we will be looking to rent for about
the first year and then would hope to put about $150,000
down on say a $350,000 house around wellington point or
victoria point.does this sound like a realistic plan or am i talking
out of my bum,cant work out how all these people on these
get a new life shows get a mortgage,dont want to knock
them as they are living my dream its just that they seem to
find a house and there does'nt seem to be any problems
with getting the cash when they have only been there a
few months, cheers jonni boy
Aug 22nd 2004, 2:28 pm
#2
Hussy
Joined: Feb 2003
Location: Australia...for now
Posts: 1,035
Re: mortgage advice please
Originally Posted by jonni boy
hello everyone.
can anyone tell me how mortgages work in oz,is it like the uk
were they will give you 2 or 3 times your wage and do you
have to be employed for a certain amount of time.
when the wife and myself got our mortgage about 13 years
ago the norm was 2.5 times joint income and you had to be
in your job for 12 months,we will be looking to rent for about
the first year and then would hope to put about $150,000
down on say a $350,000 house around wellington point or
victoria point.does this sound like a realistic plan or am i talking
out of my bum,cant work out how all these people on these
get a new life shows get a mortgage,dont want to knock
them as they are living my dream its just that they seem to
find a house and there does'nt seem to be any problems
with getting the cash when they have only been there a
few months, cheers jonni boy
can anyone tell me how mortgages work in oz,is it like the uk
were they will give you 2 or 3 times your wage and do you
have to be employed for a certain amount of time.
when the wife and myself got our mortgage about 13 years
ago the norm was 2.5 times joint income and you had to be
in your job for 12 months,we will be looking to rent for about
the first year and then would hope to put about $150,000
down on say a $350,000 house around wellington point or
victoria point.does this sound like a realistic plan or am i talking
out of my bum,cant work out how all these people on these
get a new life shows get a mortgage,dont want to knock
them as they are living my dream its just that they seem to
find a house and there does'nt seem to be any problems
with getting the cash when they have only been there a
few months, cheers jonni boy
Your plan sounds reasonable enough. Mortgages here are worked out on what you can afford to pay each month, rather than as a multiplication of your salary. (so car loans, etc, are taken into account, but they will happily lend you 4x your income).
I can't really comment on how long you have to be employed as my husnad is self employed and most lenders wanted 2 years self employment within Australia before they would lend to us. However we found one (Rams) who lent us the money after 6 months Aus self employment, and 18 months Uk employment. We had to get what is called a No-Doc loan, in that we did not provide any proof of income and just signed a stat dec declaring what we had put down on the application to be true. you also get low-doc loans where you provide limited documentation. As a general rule interest rates for these loans are higher, and larger deposits are required.
With the size of deposit you are talking about, I'm sure most lenders will consider your case as long as you have been employed for a few months at least.
Hope this helps
Aug 22nd 2004, 6:10 pm
#3
Forum Regular
Joined: Jan 2004
Location: was middlesbrough now melbourne
Posts: 44
Re: mortgage advice please
Just back from Melbourne last week, was speaking to numerous banks and the general info was, that they would lend me the money to buy a house so long as i had been employed for a minimum of 3 months and that my job was permanent, this would require a letter from an employer. Hope this helps, good luck.
Gary
Gary
