Mortgages?
Jan 7th 2007 | 8:34 am
#16
Forum Regular
Joined: Apr 2006
Posts: 237
From: by the sea in the convict state
Re: Mortgages?
Renting for 6 months worked well for us.
It was a third of the mortgage repayments so we could look for the right house with no panic and saved up money.
Had no job when we came out...2 weeks had a temporary post, one month had a permenant. Maybe I was lucky but it worked out.
There are a lot more houses than the ones on the net. And many of the ones on the net are there because they can't sell.
It was a third of the mortgage repayments so we could look for the right house with no panic and saved up money.
Had no job when we came out...2 weeks had a temporary post, one month had a permenant. Maybe I was lucky but it worked out.
There are a lot more houses than the ones on the net. And many of the ones on the net are there because they can't sell.
Jan 7th 2007 | 11:04 am
#17
BE Forum Addict
Joined: Jan 2006
Posts: 1,380
From: Perth, WA
Re: Mortgages?
Rent first for six months. During that time you will be able to hopefully get jobs and decide where exactly you want to live. As for the "dead money", well yes it is, but its a small expenditure compared to buying a house in an area that you subsequently regret [remember here in WA, stamp duty etc means it can cost you $25000+ dollars in additional costs, agent fees etc just to move to another house at the same price].
Once you've done all that then go and sort out a mortgage.
Once you've done all that then go and sort out a mortgage.
Jan 7th 2007 | 11:57 am
#18
Go the BNE Roar
Joined: May 2003
Posts: 1,590
From: Northside
Re: Mortgages?
I dont think there are any guidelines like the UK I think they dream up a figure and times it by 3! 
The amount of money we were offered by the banks when we came over was stupid and to be honest scared the living daylights out of me as it was nearly 8 times our joint income. :scared:
We didnt need to wait 6 months for a mortgage infact the other half was a temp and I was 1 day in to a 3 month work probation period.
The amount of money we were offered by the banks when we came over was stupid and to be honest scared the living daylights out of me as it was nearly 8 times our joint income. :scared:
We didnt need to wait 6 months for a mortgage infact the other half was a temp and I was 1 day in to a 3 month work probation period.
Hi, I've done some online mortgage calculators, but can't seem to suss out how they decide borrowing criteria in Oz. Obviously its individually assessed, but there doesn't seem to be the UK equiv like 4.5 x single salary or 3 x joint salary. It seems to be based on outgoings and dependants (which with 4 kids is wiping out our mortgage possibilities!! 
) Any advice/explanations appreciated. plus do you have to wait 6 months to build up a credit rating?
Mel
) Any advice/explanations appreciated. plus do you have to wait 6 months to build up a credit rating?Mel
Last edited by TrickyTree; Jan 7th 2007 at 1:39 pm.
Jan 7th 2007 | 12:28 pm
#19
BE Enthusiast
Joined: Dec 2006
Posts: 447
From: North Rocky
Re: Mortgages?
I,m flying out to Brisbane in 7 hours
I've got a mortgage sorted out and I'm on a 457, the lady said there would be no problem.
Here's one of the examples
OPTION 1
Loan amount $200,000
Interest Rate 7.47% Variable
Repayments $1,394 per month on Principle & Interest
$697 per fortnight on Principle & Interest
She's sorting out a letter for the morning which will say something along the lines of "yes he has got X in the bank and yes he can borrow X amount"
I've got a mortgage sorted out and I'm on a 457, the lady said there would be no problem.
Here's one of the examples
OPTION 1
Loan amount $200,000
Interest Rate 7.47% Variable
Repayments $1,394 per month on Principle & Interest
$697 per fortnight on Principle & Interest
She's sorting out a letter for the morning which will say something along the lines of "yes he has got X in the bank and yes he can borrow X amount"
M
Jan 7th 2007 | 3:29 pm
#20
BE Enthusiast
Joined: Aug 2005
Posts: 333
From: Timberdale Buderim,Sunny Coast
Re: Mortgages?
HHmm a lot of eager beavers on here by the sound of things!..my two cents on this is rent for a while.. even 12 months! rent is massive over here, next to the house we bought was a family who have been renting for 6 years!! :scared: thats a $400k property for $340/$350 p/w which is nothing on what you pay for a mortgage repayment up this way, and added to that, just 2/3 main bills per month ..I could see the up side ..very little worry??
OR!! to help folk like me in earning a crust...build
OR!! to help folk like me in earning a crust...build
Jan 7th 2007 | 3:46 pm
#21
Where traffic lights rule
Joined: Aug 2006
Posts: 2,463
From: Brighton QLD
Re: Mortgages?
But if they got brought that house 6 years ago there repayments would have been a lot less then $350p/w.
I can only see rental prices going up anyway, and when that happens more people are going to buy investment properties push house prices up .....
I can only see rental prices going up anyway, and when that happens more people are going to buy investment properties push house prices up .....
HHmm a lot of eager beavers on here by the sound of things!..my two cents on this is rent for a while.. even 12 months! rent is massive over here, next to the house we bought was a family who have been renting for 6 years!! :scared: thats a $400k property for $340/$350 p/w which is nothing on what you pay for a mortgage repayment up this way, and added to that, just 2/3 main bills per month ..I could see the up side ..very little worry??
OR!! to help folk like me in earning a crust...build
OR!! to help folk like me in earning a crust...build
Jan 7th 2007 | 3:59 pm
#22
BE Enthusiast
Joined: Nov 2004
Posts: 350
From: Sandringham, Vic
Re: Mortgages?
Know what your saying but the problem with renting being "dead money" is that the other option - to rent a short let place for say 2-4 weeks while you find somewhere to buy, is that the short lets are AT LEAST $150 night which mounts up to be a fair whack over a month. ( at least $4500 before other costs like internet set up etc ) If you went for a rented place for say $350 a week - that'd be $1400 a month!!!!!! BIG difference.
It's a tricky scenario but I'd say rent a short let for a week or so when you first arrive and spend that week or so finding a 6 month rental or shorter rental so that you have time to look around areas instead of perhaps rushing into making a purchase you might regret.
I know it's really difficult but that "dead money" I'm highly likely to spend on a rental might just buy me the time I need to find a place I really love.
Hope this helps.I've rented before in Melbourne so I have a rough idea of prices etc.
*pearly*
It's a tricky scenario but I'd say rent a short let for a week or so when you first arrive and spend that week or so finding a 6 month rental or shorter rental so that you have time to look around areas instead of perhaps rushing into making a purchase you might regret.
I know it's really difficult but that "dead money" I'm highly likely to spend on a rental might just buy me the time I need to find a place I really love.
Hope this helps.I've rented before in Melbourne so I have a rough idea of prices etc.
*pearly*
Cheers
Paul
