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Mortgage experience

Mortgage experience

Old Feb 22nd 2012, 5:11 am
  #1  
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Default Mortgage experience

Hello all,
Could it be possible for a new pr to get a mortgage using his overseas employment.
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Old Feb 22nd 2012, 5:49 am
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Default Re: Mortgage experience

Is your 'overseas employment' your current employment? The bank is going to need to see evidence of where the money is coming from to pay your mortgage. Past records may help, but not as much as evidence of a monthly pay cheque.
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Old Feb 22nd 2012, 7:06 am
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Default Re: Mortgage experience

Originally Posted by airlineguy1980 View Post
Hello all,
Could it be possible for a new pr to get a mortgage using his overseas employment.
Are you not planning to move over?
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Old Feb 23rd 2012, 7:10 am
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Default Re: Mortgage experience

Yes I am planning to move over. But i intend to buy the house first then move my family and let my OH settle first before I quit my job. I have kids and dont want to float in to unchartered waters.

YES I am currently employed overseas and have proper pay cheques and bank statement to prove it.Could you advice more on that if you have info
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Old Feb 23rd 2012, 7:56 am
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Default Re: Mortgage experience

Just a thought and I'm no mortgage broker but surely the fact that you are moving in the future means that you will be without income for a while and mortgage people like to see lots of employment? Do you have a job lined up so you go from one to the other seamlessly?

Not sure about the cross country mortgage though, sorry......
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Old Feb 23rd 2012, 8:02 am
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Default Re: Mortgage experience

When I took out my first mortgage here shortly after starting my first Aussie job the bank asked for copies on my last few payslips from the UK to prove I had been employed at a similar level in the UK.

I doubt whether any bank would use only foreign income for a mortgage since, as itigo said, if you are going to move over you are going to be quitting your foreign job to so will have no income to pay the mortgage for an unknown period of time.
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Old Feb 24th 2012, 8:24 pm
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Default Re: Mortgage experience

Noticed that on another thread you'd been seeking input on where to live.

Many people move over having done their homework on their target home area and rent for at least six month to validate that they are right in their thinking. Having rented many change their minds on the best place to live having experienced areas first hand. They avoid the commissions and stamp duty of buying and selling, and the current prospect of being in debt on selling due to a turbulent housing market. I would urge extreme caution with buying before getting here.

In terms of mortgage - although I'm not a financial advisor, and I am not giving financial advice to you - the obvious thing is that a lender will lend if it thinks it will not make a loss on the loan, and that it is not obviously 'wrong' to lend for your circumstances. Retail lenders like banks will have automated rules that will tell their staff whether they can lend to you and how much they can lend based upon the answers to standard questions. I'd be surprised if an Australian retail lender will be able to deal with the "UK-income but I'm going to move scenario". A boutique lender might just go their, but this is firmly in the territory of going to specialist mortgage brokers/financial advice.


I guess you could consider a UK lender. By one way of looking at it, one could argue that it is no different to those people that bought houses in France in the 2000's. However, that view is probably a bit too much of a mental stretch in this scenario since you are proposing to move over here permanently. A UK lender would certainly factor in the possibility of you defaulting on your debt and the hassle in their eyes of chasing debts internationally.

Neil
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Old Feb 24th 2012, 8:47 pm
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Default Re: Mortgage experience

Originally Posted by wongstonn View Post
Noticed that on another thread you'd been seeking input on where to live.

Many people move over having done their homework on their target home area and rent for at least six month to validate that they are right in their thinking. Having rented many change their minds on the best place to live having experienced areas first hand. They avoid the commissions and stamp duty of buying and selling, and the current prospect of being in debt on selling due to a turbulent housing market. I would urge extreme caution with buying before getting here.

In terms of mortgage - although I'm not a financial advisor, and I am not giving financial advice to you - the obvious thing is that a lender will lend if it thinks it will not make a loss on the loan, and that it is not obviously 'wrong' to lend for your circumstances. Retail lenders like banks will have automated rules that will tell their staff whether they can lend to you and how much they can lend based upon the answers to standard questions. I'd be surprised if an Australian retail lender will be able to deal with the "UK-income but I'm going to move scenario". A boutique lender might just go their, but this is firmly in the territory of going to specialist mortgage brokers/financial advice.


I guess you could consider a UK lender. By one way of looking at it, one could argue that it is no different to those people that bought houses in France in the 2000's. However, that view is probably a bit too much of a mental stretch in this scenario since you are proposing to move over here permanently. A UK lender would certainly factor in the possibility of you defaulting on your debt and the hassle in their eyes of chasing debts internationally.

Neil
I totally agree. Melbourne is a huge city with a wide variety of suburbs and "lifestyles" for want of a better word. We lived there for 13 years, and are now heading back, and even with that experience I wouldn't consider buying without living in an area for a while. I know its a hassle moving and you want to get settled as soon as you can, but there are major costs involved in house-buying in Melbourne - a $400,000 house will cost you around $20-$25,000 in stamp duty alone. This is all money you will likely lose if you decide you don't like the area/house. Schooling is another big factor. Do you know yet where you will be working?
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Old Feb 24th 2012, 9:42 pm
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Default Re: Mortgage experience

Originally Posted by airlineguy1980 View Post
Yes I am planning to move over. But i intend to buy the house first then move my family and let my OH settle first before I quit my job. I have kids and dont want to float in to unchartered waters.

YES I am currently employed overseas and have proper pay cheques and bank statement to prove it.Could you advice more on that if you have info
Well first of all I would doubt very uch that you can get a mortgage on the strength of an overseas job that you are planning to quit!

I think this is no bad thing, because like others have said it is a good idea to try out an area first of all, see if you like it and of course you don't know where you will even be working yet. It would make sense to find a job before finding the house.
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Old Feb 26th 2012, 7:34 am
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Default Re: Mortgage experience

KiwiKaye

My work is either avalon airport or melbourne airport. so i already got some suggestion about areas which are safe. I am working on the school part.Honestly If things dont work out i may rent the house and buy a another home. Just i hate to live in rented places for many reasons the hassles of finding a good landlord, reasonable rent, moving out.

I am not coming to australia with high hopes. I am sure many people here are professionals so they cant be too far out from my basic expectation may be it may not be perfect fit but defnitely can pass the 75 grade point. I also have cousin in melbourne to check the area which some posters pointed out.

I have limitation on my job I need to be near one of the airport or inbetween the two. good schools (state school preferred as cant offord crazy private fees) and safe neighbourhood shopping.

other than this beach, entertainment and other stuff is last thing in our minds.As we can ride to those places when we need.
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Old Feb 26th 2012, 7:42 am
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Default Re: Mortgage experience

bermuda,
thanks.i get your point. but I am gona send my wife and kids first.let my wife get a job.as i m not gona work in different profession. we already decided the location of our home (the area) based on that.Then i can move over resigning from my current job. I also have possiblity of transfer but i m not sure wether it can be in melbourne.but my 176 have limitation too. hope you get my situation better. I dont want to burn my savings as long as i have my current job my wife can live her life easily and have time to find a good job without stressing herself. Me resigning first is gona put all of us in a stressful situation. On top of it my job have licensing issues it cant be done within a year unless I am gona certify few foreign registered aircraft.any advice welcome
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