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Mortgage Questions if anyone can help

Mortgage Questions if anyone can help

Old Jul 2nd 2008, 4:31 pm
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Default Mortgage Questions if anyone can help

Due to lack of selling we are now looking into renting our UK house. If we do this will we be able to get a mortgage in Oz still? Also wondering if we buy land am I correct in thinking that you need a 11% deposit? If you then do a self build (oh a builder) Would we need more deposit or could we borrow whole amount (assuming building costs lower with lower labour costs to final value...if you know what I mean)...obviously subject to earnings etc, also we will both be self employed so I guess this might affect things....probably impossible to aswer these questions but thought I would ask anyway! Going to Perth, seems like things are slowing there too are prices coming down a bit?
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Old Jul 2nd 2008, 7:46 pm
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Default Re: Mortgage Questions if anyone can help

Originally Posted by Samleeuk View Post
Due to lack of selling we are now looking into renting our UK house. If we do this will we be able to get a mortgage in Oz still? Also wondering if we buy land am I correct in thinking that you need a 11% deposit? If you then do a self build (oh a builder) Would we need more deposit or could we borrow whole amount (assuming building costs lower with lower labour costs to final value...if you know what I mean)...obviously subject to earnings etc, also we will both be self employed so I guess this might affect things....probably impossible to aswer these questions but thought I would ask anyway! Going to Perth, seems like things are slowing there too are prices coming down a bit?
Self build about 40% deposit

Less than 20% deposit incurs mortgage insurance - but on sliding scale

Westpac apparently have a product out at the moment which has no mortgage insurance for deposits of 15%

Self build requires registration and insurances - I had a link but can't find it at the moment but it applies to Melbourne so might be irrelevant to that state.

Being self employed with a low deposit (11%) you will find it difficult to get a mortgage (hopefully for you I will be corrected). You will need at least 2 years (Oz) tax returns - which might be a better plan for you ie rent and save while the housing market gets cheaper
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Old Jul 6th 2008, 4:16 pm
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Default Re: Mortgage Questions if anyone can help

My OH claims he has read somewhere that you can get a mortgage in the UK, and take the money to Oz, is this correct.
We have paid off our mortgage, and are planning on moving summer 2009, and we intend to get another/upgrade when in Oz any advise?
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