StanUK

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

Nu-Shooz

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.

StanUK

ok so they don't do credit checks and such, the deposit does the talking?

thanks for your help

Nu-Shooz

Yes and yes.

longreach

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.

StanUK

do they pull your cerdit over from the UK then or do you start afresh?

Nu-Shooz

They start a fresh. I had no credit checks at all. Suppose it depends on the lender. Mine was a low-doc.

swallowbride

hi, would 40,000 oz dollars be considered s good deposit or would you say more?

Nu-Shooz

Depends on how much you're borrowing. We put down $170,000 cash. They loved us.

chippie74

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

eddie007

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......

lisaroo

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+

JoolsB

If you get an ABN (Aussie Business Number) as you would if you were going to be self employed you can get a no-docs home loan but at a high interest rate -ours is currently 9.6%

Depends how desperately you want to get on that ladder!

longreach

Holly bananas batman... you need to re-finance!!!!

The majority of low-doc loans I put through are around 8.87%

longreach

2 things....

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.