tabby

Hi
Hope someone can help we have just arrived and need to get a mortgage we have $115,000 to put down plus bond comes out in Apr '06 for $102,000 and we need to borrow $120,000


1. Mortgage guy is telling us we can't borrow against the bond so has to be taken in to account when borrowing $120,000 ( making a total of $222,000 ). I thought you could borrow against this independently as the money is guaranteed.

2. we have not got jobs yet as we have only been here a week, so we are going for a lo doc mortgage which means we have to apply for a ABN and register for GST get excepted and then cancel both the ABN and GST !!! Which seems like a perfect solution apart from we will be locked in for 5 years at a interest rate of 7.39% variable and if we want to come out of that it will cost $3,500 :scared:

So dose anyone have another solution or idea of how i can get around this, I think a afternoon by the pool and a few is in order

karenjc

Why don't you rent for a while till things become less of a headache and your interest rate could be lower - which over the time of loan would save you some money. We have rented till we were in a better position to buy.

tabby

Thanks for advise.

Did you have trouble renting as we hear it's quite a hassle, and what sort of docs do you need ???

ABCDiamond

I agree. Renting is a good idea to begin with, allows time to find the RIGHT place.

If you offer to pay 3 months rent upfront, most landlords won't have too many problems saying yes

I'll dig out a number for a local broker who has helped a few people locally get mortgages pretty quickly.

tabby

Thanks for the PM would send karma but you seem to be doing well on that front

ABCDiamond

awww... I only need a few more points to go off the scale

I've just noticed, you have literally just arrived Where are you staying, and where are you looking at buying ?

Karens point about saving the interest is a good one. 1% saving could be worth about $6,000 over just 5 years

Stormz

Listen to ABC etc dude....

Chill out, relax, rent a place, find a job. Then find yourselves the right house when you have your extra dosh and you also know more about the prices of houses and the decent area`s. Prices are going down over east anyway so you have time.

Brizbound

We were in similar position but did take the plunge. Now have jobs and with very simple paperwork have reduced interest by 0.6% off our high lo doc rate on the back of now having "real income". THerefore check as I don't think you'll be tied in if you eventually find work!

That said, kick back and have a cold one as others also suggest.