Mortgages
#1
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 8
Mortgages
Hi there, I guess this is aimed at those of you who have settled out in OZ already. I was wondering how long it took before you were eligible to get a mortgage over there. Obviously you need to be in employment, but I'm heading out there towards the end of the year, selling my place and was wondering how long it will be before I can get on the ladder over there
#2
Account Closed
Joined: Jun 2007
Posts: 8,913
Re: Mortgages
Hi there, I guess this is aimed at those of you who have settled out in OZ already. I was wondering how long it took before you were eligible to get a mortgage over there. Obviously you need to be in employment, but I'm heading out there towards the end of the year, selling my place and was wondering how long it will be before I can get on the ladder over there
We were only here 6 weeks and got a morgage. No jobs, no references. But good deposit.
Unfortunately interest rates gone up about 10 times since we bought, so my morgage is a killer for a small amount we borrowed. Be careful.
#3
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 8
Re: Mortgages
You don't have to have a job to get a morgage here. Just a good deposit.
We were only here 6 weeks and got a morgage. No jobs, no references. But good deposit.
Unfortunately interest rates gone up about 10 times since we bought, so my morgage is a killer for a small amount we borrowed. Be careful.
We were only here 6 weeks and got a morgage. No jobs, no references. But good deposit.
Unfortunately interest rates gone up about 10 times since we bought, so my morgage is a killer for a small amount we borrowed. Be careful.
thanks for your help
#5
Re: Mortgages
There are only 3 criteria that concern the lenders...
1. Income
2. Deposit
3. Good Credit.
1 and 2 can be counter-balanced with each other, eg high deposit / low income and vice versa. Realisitically, you are looking at around 30-40% deposiit with n little or no income.
Of course, if you are emlpoyed then it all changes and reliance on a large deposit is less.
#6
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 8
Re: Mortgages
They definately do do credit checks.
There are only 3 criteria that concern the lenders...
1. Income
2. Deposit
3. Good Credit.
1 and 2 can be counter-balanced with each other, eg high deposit / low income and vice versa. Realisitically, you are looking at around 30-40% deposiit with n little or no income.
Of course, if you are emlpoyed then it all changes and reliance on a large deposit is less.
There are only 3 criteria that concern the lenders...
1. Income
2. Deposit
3. Good Credit.
1 and 2 can be counter-balanced with each other, eg high deposit / low income and vice versa. Realisitically, you are looking at around 30-40% deposiit with n little or no income.
Of course, if you are emlpoyed then it all changes and reliance on a large deposit is less.
do they pull your cerdit over from the UK then or do you start afresh?
#8
Forum Regular
Joined: Aug 2007
Posts: 67
Re: Mortgages
They definately do do credit checks.
There are only 3 criteria that concern the lenders...
1. Income
2. Deposit
3. Good Credit.
1 and 2 can be counter-balanced with each other, eg high deposit / low income and vice versa. Realisitically, you are looking at around 30-40% deposiit with n little or no income.
Of course, if you are emlpoyed then it all changes and reliance on a large deposit is less.
There are only 3 criteria that concern the lenders...
1. Income
2. Deposit
3. Good Credit.
1 and 2 can be counter-balanced with each other, eg high deposit / low income and vice versa. Realisitically, you are looking at around 30-40% deposiit with n little or no income.
Of course, if you are emlpoyed then it all changes and reliance on a large deposit is less.
#10
Forum Regular
Joined: Sep 2006
Location: reynella adelaide
Posts: 233
Re: Mortgages
we had nightmare getting a morgage, between us we was bring in $2,600 per week and we had over $30,000 to put down but no one would give us the time of day even our own bank.in the end we got sorted only because we went for a cheaper place(less to borrow) $215,00 2 bed unit.the main reason they wouldnt lend us because im self employed and girlfriend is casual
#11
Re: Mortgages
Our (future) lender wants evidence of 'saving' behaviour so open a savings account as soon as you get here and start putting a little by each week......
#12
Re: Mortgages
we're a bit more of a standard house buyer, we bought a house at £181'000 on the gold coast and we went to westpac and put down £30'000... my hubby had a proven income as he had worked foir the same company for 16 years ( he still worked for them via the internet in oz), which they asked for references, i was casual p/t but the mortgage was pretty straight forward (much more than uk), and much more secure, the worst thing was we didnt realise we could have a mortagage straight away and wasted $10,000 renting, what a gutter!!!!! but i think it depends on which type visa you have,,,, good luck! and feel free to ask any more+
#13
South Yarra Sheila
Joined: Apr 2007
Posts: 1,078
Re: Mortgages
Hi there, I guess this is aimed at those of you who have settled out in OZ already. I was wondering how long it took before you were eligible to get a mortgage over there. Obviously you need to be in employment, but I'm heading out there towards the end of the year, selling my place and was wondering how long it will be before I can get on the ladder over there
Depends how desperately you want to get on that ladder!
#14
Re: Mortgages
The majority of low-doc loans I put through are around 8.87%
#15
Re: Mortgages
1. If you go with the right bank this is not required
2. If you have funds that you have brought over from the UK like most of us this shouldn't be a problem anyway.