68MEVY

Hi, I have searched the forums and can't find what I'm loking for so any help is much appreciated.
We have applied to migrate on a skilled independant visa, just waiting for DIMIA now-you know how it is.
Anyway, unlike most of the people on here we are going with NO money. We live in a school house as my hubby is the current caretaker so we have no house to sell. We are taking our furniture, car and dog with us so that is where all our money is going. We will probably have £5000 when we arrive and will be staying with relatives for as long as we need to. The problem being that we have a 3 year old so don't want to stay with family longer than we have to, but how do we get a mortgage? Is it just a case of one of us has to of been working for 6 months in a secure job, or do we both have to be working? We have browsed some housing brochures and it looks like for what we're wanting we would be looking at spending somewhere in the region of $300,000. Do we have to be earning a certain amount a year to get a mortgage for this amount? Do they make it easy for first time buyers to get on the property ladder? Can anyone recommend any estate agents or brokers that may have this info on a webpage?
Thanks for reading and thanks for any info.
Marie

MrsDagboy

Hi Marie,

Yes, depending on your income & deposit you should be able to get a mortgage. Its dependant on many factors like deposit (in your case very little, but there are plenty of people who are in that boat ), your income (if one income isnt enough for the amount you need to borow then the other one may need to get a job as well). There are places that will lend you a 100% mortgage but I would be wary of them. Builders like Devine homes used to offer them all the time. You will also probably have to take out mortgage insurance, which covers the banks bum if anything goes wrong. You dont mention where you are going to, but dont forget to factor in the cost of stamp duty (on both purchase & mortgage) & solicitors fees when you work out how much money you need.

You may be eligible for the First Home Owners Scheme, I dont know much about it, but someone else may be able to help more if you want peoples experiences about it. Heres the website http://www.firsthome.gov.au/ which gives you the general info.

If you want to work out how much you can borrow, repayments etc, try the Westpac Bank site.
http://hlc1.westpac.com.au/hlc/hlc/Splash.do
takes you straight to their home loan calculator, just click on the tabs at the top to calculate the things you need to know.

Good luck .

tbeb

Hi Marie,

We got a small mortgage with the Commonwealth Bank when we arrived to enable us to buy the house we wanted, and needed a letter from my Australian emplorer stating my annual salary. I'd only been with them for 4 weeks, so there was no need for a 6 month history.

If I was in your position though, I would look at renting for a while, enabling you to save up a decent lump some before you decide to commit to buying. Rental property is quite cheap out here, when compared to the UK. A decent house 3/4 bedrooms is around $800 (£320) per month, depending on area.

Try looking on http://www.realestate.com.au for rental property and advise.

TBEB

68MEVY

Hi,
Cheers to the both of you for the weblinks, loads of useful info on them for me to plough through.
Marie.

sj oldfield

Hi,

I would seriously consider renting for a while, until you find your feet.

We rented through Kirtsy at www.primerealty.com.au.

There are initial setting up fees with renting places, but at least it will give you time to have a look around as to where you want to settle.

All the best

68MEVY

Thanks for the recommendation. I would rather use a recommendation than find things out the hard way possibly ending up with someone useful.

I think we are gonna rent for about a year but we want more kids but to of bought a place first.

Marie