onepearlyb

Hi all,

Can anyone give me an estimate of how much I'd pay monthly for a mortgage of $150,000.
We'll have about £100,000 to take with us for a deposit but have estimated that we'd have to borrow an additional $150,000.
We'll have letters with us confirming our salaries and can take letters from our banks and mortgage lenders from the uk as proof of lending eligability.
All advice appreciated.
I'm stressing out that we wont have enough cash with us to buy a decent 3 bed house in and around Melbourne ( bayside,inner an douter east suburbs )so figure we'll have to take a small mortgage out at least to cover the shortfall. Bummer - I was aiming to buy outright and live the dream!!

*pearly*

Melchels

$150K will cost you around $1000-$1100 per month. It is around $7 per thousand as a rough guide. Don't forget the stamp duty of 5%! of which on a 400K house would be around $20K.

wongstonn

Seems like you are planning on a $250k spend on a 3 bedroom house bayside, or inner/outer SE suburbs. I think that may be unrealistic unless you are looking to buy somewhere like Frankston in the outer SE. For that money you've little chance bayside or inner SE.

Would recommend you research a bit more on www.realestate.com.au

nicktork

But also don't forget you are entitled to a first home buyers grant.

thebears

Stamp duty is 2560 for the first 115K then 6% thereafter so on 500,000 it is
2560 + (6% of 385000 = 23100) = total 25660.

breezeboylan

No the OP has £100,000 not $ as a deposit.
Tracie

wongstonn

That changes things somewhat!

Neil

breezeboylan

Just a bit
Tracie

Ozzidoc

Do you think? I think that 350K is still unrealistic.

onepearlyb

Hi guys and thanks for all your posts.
I have done my research and found that there is the possibility of buying a 3 bed inner east/outer east and even SOME of bayside providing it's around 20km from the CBD.
Yes, I have £100,000 ( UK pounds ) to take as a deposit but still think that we'll need to take a $100,000 mortgage out when we get to oz.
So, my original posting was regarding how much the monthly mortgage would work out to be ( thanks for working out the $1000+/month payments ) The reason I am sticking to looking at properties below and around the $350,000 mark is that we want to be virtually mortgage free out there and be able to afford to fly back to the Uk for visits when we want to.
I check realestate.com.au on a daily basis ( an OCD is brewing slowly! )to see what's going for what and where so I've a pritty good idea where to look. Also, I've lived in Melbourne before, but only rented. So, I just wondered what the reality costings would be when buying.
Can I now ask, do you pay for solicitor's over there to see to the legal side of buying? If so, what are we looking at cost wise? And are there any more costs involved when buying. I am hoping to get the first time buyers subsidised $'s towards the stamp duty also.

Cheers again,
*pearly*