Mortgages
Apr 22nd 2008 | 3:10 pm
#19
Lost in BE Cyberspace
Joined: May 2004
Posts: 7,642
From: Birkdale QLD
Re: Mortgages
How do banks survive? Bank of Queensland is offering 6-month fixed term deposit at 8.45%pa at the moment. I know these rates are from different banks but gosh the margin can be so slim.
Mrs JTL
Apr 22nd 2008 | 5:45 pm
#20
BE Enthusiast
Joined: Dec 2005
Posts: 423
Re: Mortgages
Hi
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not
) they have; what they want (fixed, variable, hybrid etc) and a load of other things.
As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not
) they have; what they want (fixed, variable, hybrid etc) and a load of other things.As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
Apr 24th 2008 | 4:48 am
#21
Forum Regular
Joined: Aug 2007
Posts: 67
Re: Mortgages
Hi
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not) they have; what they want (fixed, variable, hybrid etc) and a load of other things.
As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not
) they have; what they want (fixed, variable, hybrid etc) and a load of other things.As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
many thanks us five
Apr 24th 2008 | 6:03 am
#22
BE Forum Addict
Joined: Aug 2007
Posts: 1,789
Re: Mortgages
Hi
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not) they have; what they want (fixed, variable, hybrid etc) and a load of other things.
As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
I am a mortgage broker and I thought I might just put my 2 cents in
As far as size of deposit is concerned; this really depends on how much the property is valued at.
We have an industry term - LVR - which stands for Loan-to-Value-Ratio.
So if you want a house at $500k and you have $50k to put into it, this is known as 90% LVR. Now, the lender may only offer you a deal of up to say 80% LVR if your new to the country and have only a few months employment behind you (even though you might have been doing that job in the UK for the past 20 years). The less risk (higher deposit) to the lender, generally means they are more willing to lend to you: they have less risk.
There are so many variations and each loan scenario is different. I try and sit down with my clients and source a loan best suited to their finances: This means looking at what deposit (or not
) they have; what they want (fixed, variable, hybrid etc) and a load of other things.As a broker, I of course will be biased, but I am being honest as I can when I tell you that approaching one lender (usually your own bank) for your loan will normally result in their mortgage adviser trying to squeeze your situation to their loan (you might be a good fit- you might not be). A broker who has access to the market will generally look for a loan that will suit your circumstances: I cant stress this highly enough.
Hope this helps.
NB Just to answer the above post about Bank of Queensland. I cant speak specifically about that loan in particular; but generically a great fixed rate only lasts for a short time (as is the case here) - It's what you are paying when you come off of the fixed rate whilst you are still tied into the loan, is the important thing.
Cheers
Hi
This may sound like asking 'how long is a bit of string' but wanted to pick your brain.
We are heading to Adelaide as soon as our house is sold in the UK.
We will have a deposit of about £50k ($107K ish) and are looking to buy somewhere for about $300k is this do able with this Deposit? as we will be taking a big in deep in wages when we get to Oz think we will be getting about $700-$800 per week.
Also for anyone in the know can we get a morg in UK for a house in OZ?
Thanks in advance
Tina x
Apr 24th 2008 | 7:51 am
#23
BE Enthusiast
Joined: Dec 2005
Posts: 423
Re: Mortgages
'Number of dependants' also has a large factor in a lenders decision to lend to you 'x' amount. If you have a few kids, they will lend you less as they deem that your disposable income will be so much lower than a family with no kids. Nevertheless, I generally match my clients in those situations with lenders who take Family Assistance Part A+B as part of their income (some lenders dont or limit the amount) and this make the loan easier to service.
Another huge factor which is out of everyones hands is the 'willingness' of a lender to lend money in financial climates such as today, with the global credit crunch fallout. Loans which would have breezed through 2 years ago wouldnt stand a chance today.
Talk to me nearer the time (my email is on my sig below) and I can give you a better idea specific to your own circumstances. Good luck with your move.
Apr 24th 2008 | 8:02 am
#24
Forum Regular
Joined: Aug 2007
Posts: 67
Re: Mortgages
Any money towards a deal is better than none as far as a Lender is concerned (so yes putting 40k towards a deal will get you a better deal generally than no money down), but you can get good deals with no money down. ie 100% loans.....However - What has more of a bearing is your employment - How much your being paid, how long you have had the job, how long you have done similar work in similar industry etc.
'Number of dependants' also has a large factor in a lenders decision to lend to you 'x' amount. If you have a few kids, they will lend you less as they deem that your disposable income will be so much lower than a family with no kids. Nevertheless, I generally match my clients in those situations with lenders who take Family Assistance Part A+B as part of their income (some lenders dont or limit the amount) and this make the loan easier to service.
Another huge factor which is out of everyones hands is the 'willingness' of a lender to lend money in financial climates such as today, with the global credit crunch fallout. Loans which would have breezed through 2 years ago wouldnt stand a chance today.
Talk to me nearer the time (my email is on my sig below) and I can give you a better idea specific to your own circumstances. Good luck with your move.
'Number of dependants' also has a large factor in a lenders decision to lend to you 'x' amount. If you have a few kids, they will lend you less as they deem that your disposable income will be so much lower than a family with no kids. Nevertheless, I generally match my clients in those situations with lenders who take Family Assistance Part A+B as part of their income (some lenders dont or limit the amount) and this make the loan easier to service.
Another huge factor which is out of everyones hands is the 'willingness' of a lender to lend money in financial climates such as today, with the global credit crunch fallout. Loans which would have breezed through 2 years ago wouldnt stand a chance today.
Talk to me nearer the time (my email is on my sig below) and I can give you a better idea specific to your own circumstances. Good luck with your move.
again many thanks us five.
Apr 24th 2008 | 8:28 am
#25
BE Enthusiast
Joined: Dec 2005
Posts: 423
Re: Mortgages
Hi
This may sound like asking 'how long is a bit of string' but wanted to pick your brain.
We are heading to Adelaide as soon as our house is sold in the UK.
We will have a deposit of about £50k ($107K ish) and are looking to buy somewhere for about $300k is this do able with this Deposit? as we will be taking a big in deep in wages when we get to Oz think we will be getting about $700-$800 per week.
Also for anyone in the know can we get a morg in UK for a house in OZ?
Thanks in advance
Tina x
This may sound like asking 'how long is a bit of string' but wanted to pick your brain.
We are heading to Adelaide as soon as our house is sold in the UK.
We will have a deposit of about £50k ($107K ish) and are looking to buy somewhere for about $300k is this do able with this Deposit? as we will be taking a big in deep in wages when we get to Oz think we will be getting about $700-$800 per week.
Also for anyone in the know can we get a morg in UK for a house in OZ?
Thanks in advance
Tina x
Again it depends entirely on the other variables (which I dont expect you to discuss on here!
) like other loans, kids, interest rates at the time, government benefits etc etc. Email me closer to the time and I will give you as much info as possible.Regarding purchasing a house in Australia with a UK homeloan.
It is possible although it is a very small niche market, it's generally just for holiday homes. Practically speaking its a no-no. When a Lender gives a loan they want to be able legally to be in a position to repossess the property if the deal goes belly up at some stage. The problem with lending money for a foreign property is that the lender loses a lot of that control when the property is outside their jurisdiction and they're not comfortable with it.
(On your side of the decision is the currency risk. By securing funds for a loan in a foreign demoninated currency, like the above, you run the risk of currency fluctuations which may not be in your favour. Example. The US dollar has plummeted against the Euro over the past few years. Anyone on the wrong side of that deal could see their mortgage payments almost double. So offshore lending is not adviseable
)Hope this helps.
Good luck.
Apr 24th 2008 | 9:41 pm
#27
BE Forum Addict
Joined: Aug 2007
Posts: 1,789
Re: Mortgages
Hi Tina
Again it depends entirely on the other variables (which I dont expect you to discuss on here!) like other loans, kids, interest rates at the time, government benefits etc etc. Email me closer to the time and I will give you as much info as possible.
Regarding purchasing a house in Australia with a UK homeloan.
It is possible although it is a very small niche market, it's generally just for holiday homes. Practically speaking its a no-no. When a Lender gives a loan they want to be able legally to be in a position to repossess the property if the deal goes belly up at some stage. The problem with lending money for a foreign property is that the lender loses a lot of that control when the property is outside their jurisdiction and they're not comfortable with it.
(On your side of the decision is the currency risk. By securing funds for a loan in a foreign demoninated currency, like the above, you run the risk of currency fluctuations which may not be in your favour. Example. The US dollar has plummeted against the Euro over the past few years. Anyone on the wrong side of that deal could see their mortgage payments almost double. So offshore lending is not adviseable)
Hope this helps.
Again it depends entirely on the other variables (which I dont expect you to discuss on here!
) like other loans, kids, interest rates at the time, government benefits etc etc. Email me closer to the time and I will give you as much info as possible.Regarding purchasing a house in Australia with a UK homeloan.
It is possible although it is a very small niche market, it's generally just for holiday homes. Practically speaking its a no-no. When a Lender gives a loan they want to be able legally to be in a position to repossess the property if the deal goes belly up at some stage. The problem with lending money for a foreign property is that the lender loses a lot of that control when the property is outside their jurisdiction and they're not comfortable with it.
(On your side of the decision is the currency risk. By securing funds for a loan in a foreign demoninated currency, like the above, you run the risk of currency fluctuations which may not be in your favour. Example. The US dollar has plummeted against the Euro over the past few years. Anyone on the wrong side of that deal could see their mortgage payments almost double. So offshore lending is not adviseable
)Hope this helps.
We will be debt free and only have 1 child with us. I know I will have to work as OH is a hairdresser and I'm told the wages aren't very good. But quite like the idea of becoming a ageing beach bum
Thanks again
Tina
Apr 24th 2008 | 10:24 pm
#28
BE Enthusiast
Joined: Dec 2005
Posts: 423
Re: Mortgages
Thank you Stephen I will email you when we are ready if that is OK?
We will be debt free and only have 1 child with us. I know I will have to work as OH is a hairdresser and I'm told the wages aren't very good. But quite like the idea of becoming a ageing beach bum
Thanks again
Tina
We will be debt free and only have 1 child with us. I know I will have to work as OH is a hairdresser and I'm told the wages aren't very good. But quite like the idea of becoming a ageing beach bum
Thanks again
Tina
