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MORTGAGE IN AUS WHILE STILL IN THE UK

MORTGAGE IN AUS WHILE STILL IN THE UK

Old May 22nd 2007, 12:46 pm
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Default MORTGAGE IN AUS WHILE STILL IN THE UK

Can anyone advise me!

Me and my partner already have our visa for Adelaide, but we are still in the UK and due to move to Adelaide Next Feb 2008, We have already set up our bank accounts there and they are activated.

Can we apply for a mortgage while still in the UK and buy a house in Adelaide, while we are still here in the UK ? and have a transfer set up ?

I just wanted to know what the answer could be before i email our bank accounts manager in Adelaide.

Thanks all !!!

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Old May 22nd 2007, 12:50 pm
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Default Re: MORTGAGE IN AUS WHILE STILL IN THE UK

If you have found the right property and you don't need a mortgage, I don't see why not.
If you need a mortgage then things might become a bit tricky, not sure of your employment status etc etc.

Best of luck
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Old May 22nd 2007, 12:53 pm
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Default Re: MORTGAGE IN AUS WHILE STILL IN THE UK

Originally Posted by Bhoywonder View Post
If you have found the right property and you don't need a mortgage, I don't see why not.
If you need a mortgage then things might become a bit tricky, not sure of your employment status etc etc.

Best of luck
Thanks for the reply - But yeah its seems a tricky one!! I will see what the Bank says!!

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Old May 22nd 2007, 4:58 pm
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Default Re: MORTGAGE IN AUS WHILE STILL IN THE UK

Originally Posted by sush View Post
Can anyone advise me!

Me and my partner already have our visa for Adelaide, but we are still in the UK and due to move to Adelaide Next Feb 2008, We have already set up our bank accounts there and they are activated.

Can we apply for a mortgage while still in the UK and buy a house in Adelaide, while we are still here in the UK ? and have a transfer set up ?

I just wanted to know what the answer could be before i email our bank accounts manager in Adelaide.

Thanks all !!!

G'day

Being outside of the country, the banks will generally limit you to a mortgage of less than 70% of the property value. However getting a mortgage based upon your UK income and expenses is relatively straight forward.
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Old May 23rd 2007, 7:15 am
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Default Re: MORTGAGE IN AUS WHILE STILL IN THE UK

Originally Posted by sush View Post
Thanks for the reply - But yeah its seems a tricky one!! I will see what the Bank says!!

You may be best off taking to an Australian bank and getting a mortgage using the new house in Adelaide at the security. You will be classed as a non-resident by the bank here and you will need at least 25% of the property value to cover the required deposit and purchase fees. You will also need to get the Foreign Investment Review Board to approve your purchase, this is also where you would find out whether this would cause a problem with your visa etc. There is a bit of work involved, but it's not too bad and there are definitely some upsides. Guess its best if there is someone in Adelaide to check out some houses for you first.
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Old May 23rd 2007, 8:50 am
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Default Re: MORTGAGE IN AUS WHILE STILL IN THE UK

Originally Posted by BullcreekBob View Post
G'day

Being outside of the country, the banks will generally limit you to a mortgage of less than 70% of the property value. However getting a mortgage based upon your UK income and expenses is relatively straight forward.

Good Morning Sir

Thank you for your reply, that really did cheer me up

Good to know it would be straight forward and I will be emailing our Account Manager in Adeliade this week to get the ball rolling !!!!!


Thanks again

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