Juls

Hello again,

Sorry if this questions already been asked but....
How long before we could take out a mortgage in Australia ?
Does my husband have to be in full time employment for x amount of time ?

All comments welcomed.

Thanks in advance,
Julie & Darren
Adelaide by early 2003

Robert Edwards

There is a fair bit of competition in the Mortgage market in Aust at
present, in the main lenders are most interested in your ability to repay
(most require some proof of employment and earnings) and the amount you are
able to use as a deposit relative to the amount you wish to borrow. If you
have a mortgage where you are now or even some savings/loan history bring
some proof of that as well. I have know people to land here and have a
mortgage in a relatively short time (couple of months).
regards

Rob

"Juls" wrote in message
news:428748.1033318364@britishexpats-
.com...
    > Hello again,
    > Sorry if this questions already been asked but....
    > How long before we could take out a mortgage in Australia ?
    > Does my husband have to be in full time employment for x amount of time
    > ?
    > All comments welcomed.
    > Thanks in advance,
    > Julie & Darren
    > Adelaide by early 2003
    > --
    > Posted via http://britishexpats.com

Juls

colind

Hi Julie

Rob's right. As long as you are able to demonstrate you'll be able to repay the mortgage, you'll find a string of lenders wanting to throw money at you. We arrived June 15th and had pre-approval for a mortgage on June 24th. Ask your bank about this when you arrive. All you then need do is find a property and advise the bank and it should all happen pretty quickly, subject to valuation. One thing I would be wary of is to ensure you do a budget and stick to it. The banks here offered to lend more than banks in the UK would, which surprised me. Don't listen to what the banks think you can repay...figure that out for yourself and then only borrow that much. We ended up borrowing about 70% of what they would lend and I feel we're going to be a little bit stretched even at that level.

Good luck!

Colin

Juls

Thanks for that Colin,

We'll have a good deposit to put down on our Aussie house, but will still need a mortgage. I know what you mean about banks trying to lend you far more than you could expect, it happened to us when we first took out our UK mortgage.

Darren's already figured out roughly how much we'll need to borrow so if we stick to that we'll be ok.
It'll be hard though keeping him from buying one of those Aussie V8's though, then of course there's the race bike he'll be after to compensate selling his the other month !!!

I can only live in hope !

Julie & Darren
Adelaide by early 2003