Yiddo

Hi,

Do you have to have been in Australia for at least 12 months before you can get a mortgage or can you gt one as soon as you are in employment?

Thanks

hereshoping

You normally need 3 months of pay slips to prove income and get a mortgage. However there are self cert mortgages which you can get at higher rates without this.

MartinH

We got a mortgage approval before we arrived. We needed to show the offer of employment letter.

However we did have 20% and a relatively low multiple of earnings on the mortgage.

johnpod

There are loads of different types of mortgage here, no docs, low docs, full docs - basically it all boils down to how big your deposit is and if you have a job/job offer. WE arrived Dec 6th, my OH bought a business (he is a podiatrist) on the 20th Dec but is thus self employed (no salary history/paperwork), his projected earnings based on the girl selling was $60k and I had been attending interviews for my job (medical sales) with a guestimate salary of $60-70k.
We looked at property and didn't think we would be able to get a mortgage but were advised to see a finacial advisor re the local situation.
Anyway to cut a long story short we got a low doc loan (no hike in interest % payment) based on the fact that my OH had a job - showed the purchase paperwork and we had a 40% deposit.
A low doc is dependant on a 40% deposit and all you do is sign to say you can meet the repayments!!!!
Based on this they were prepared to offer us a $600k mortgage - very scary.
We ended up with $390k, offset mortgage, over 30 years (oz standard) and pay about $2300 a month depending on how much is in the offset account.
So yes you can get a mortgage, we did after only 4 weeks in - and no regrets yet

Ali

longreach

Just to answer your question and clear up a few errors as well...

No you don't have to be here for 12 months before you can get a mortgage

A low doc loan does'nt result in higher interest rates

You can get a low doc loan with a smaller deposit than 40%

Cheers,
Mark.

breezeboylan

We weren't here 12 months. We just needed to show 2 payslips each. We didn't get a low doc mortgage or have a massive deposit
Tracie

PaulandNic

Was that through a broker?

Nu-Shooz

We got a morgage straight away (after 3 weeks of landing) thats with having no jobs. But we did have a big deposit.

PaulandNic

I once had a big deposit.

Once! ...

Now relying on being able to get a 100% mortgage in a few months hopefully ...

Nu-Shooz

Well, when we sell up here, we will have made a loss. So once we get back to UK, i will be in the same position probably. Thought i would have made some money over here, but not to be.

PaulandNic

Win some lose some is all I can think of, sorry ...

EvannTel

Large deposit but large mortgage. No probs after 1 month employment with High St bank.
(in fact the bank were dissappointed they couldnt lend us more - irresponsible buggers throwing it at us!).

Nu-Shooz

Exactly, thats the name of the game....it's sad, but i don't let it get me down.
Good luck anyway Paul...hope you get where you deserve to be

PaulandNic

Good on ya! ... and thanks ...

Hills Boy

Just to add to the list. We found a house and organised a mortgage within six to eight weeks or so of arriving in Australia. No job but got a low doc mortgage no problem, however, we had a large deposit. We had to show evidence of our funds which was the proceeds from the sale of our house, statements from our Australian bank accounts. They are also interested in any debts you may have (credit card, car loan, etc) and we then self certified our 'income' and that was that. In my experience low doc rates are pretty much the same as a regular mortgage (all they're interested in is the value of the house against your deposit and if you put enough of a deposit down then the lower the risk to the lender and the better rates you can get.) No doc loans might be different and may have higher rates, but I have no experience of them. One thing to note is that I needed an ABN - Australian Business Number - for the particular mortgage we took out, but I needed one for other reasons anyway.

In summary it comes down to how much you can afford to put down. Sorry I can't remember the figures off hand but if you can put 30-40% (others may have more accurate figures) down then you'll have no problems with a low doc loan, assuming any other debts you might have don't mess up their calculations.