ed_the_lad

I arrived in Melbourne 2 weeks ago and i've seen a house im interested thats on auction in about 3 weeks.Today i dropped into my bank ANZ just to find out about the possibility of getting a mortgage. The house is starting at around $500, anyone have experience of auctions in Australia? Is the starting price knocked down alot in general to get people interested? or is it usually the fair price?
Anyway i have just over $500 in savings and i'm currently not working, i asked the possibility about borrowing 100,000 and the bank manager asked if i was a resident,i said no as i've just arrived,but i have the 136 independent working visa.Anyway he will find out more details and we will meet next week.Am i considered a resident? How do others get a mortgage when they just arrive?
Also can anyone suggest a good mortgage company?

Thanks!

Wendy

Yes, you are considered a permanent resident

Give these guys a call about a mortgage, they'll be able to give you a few to choose from. www.mortgagechoice.com.au

oliverandlisa

thanks Wendy, we are looking into this too. Lisa.x

ed_the_lad

Thanks Wendy!

Wendy

No worries guys

BadgeIsBack

$500!!!? Bet I get it - I've got $1000 spare. See you at the auction!

stuckinblighty

lol thats what i was thinking

Pootle

Depending on the area, houses at auction tend to sell for 10 - 20 % higher than the advertised price. I would expect that a house advertised for $500k+ would sell for nearly $600k then you've got stamp duty on top (another $30,000 approx)

Pootle

flip

Welcome to Melbourne. Just checking that you know that auction bids are binding and can't be subject to survey, finances, etc. If you want to have it subject to these you'll need to put in an offer a minimum of, I think, 5 days before the auction with those conditions. You can get a good deal by offering early. You may do well to contact a buyers agent for advice and negotiation - we believe ours saved us money and gave us peace of mind.

You may want to have a survey or inspection for white ants done prior if you make an auction bid. These cost a few hundred dollars and will give you some peace of mind.

Finally you may already know to get a "section 32", this is a document held by the real estate company and holds all the information on rates, water, septic tank, etc.

Where are you buying?

Flip

SharonN

we got our mortgage from ANZ on a self certification type thing. we both have pr, but didnt have jobs in Oz, altho I still had my job in the UK.

good luck.....

Jacque

What was the outcome of this, Ed? Would love to hear some follow up, especially if you managed to acquire the property at auction....

Auction "price guides" can be misleading, depending on a range of factors, including the past behaviour of the particular agent, the locality and the popularity of the type of property being auctioned.

They're certainly not my favourite method of purchasing property, though they can work in some circumstances and produce favourable results for the buyer- especially if they were willing to spend more in a private treaty situation.

Buzzy--Bee

I want to know if Ed got the job he was going for.....

Buzzy