molesey

Hi all,
Does anyone know how long you have to of been living in australia before you can apply for a mortgage,
I hope some one can answer my question,
Thanks,
Molesey

AnitaB

Hi

I believe you have to be in permanent employment and have minimum 20% deposit.
I'm sure someone will come along and confirm though.

Cheers

AnitaB

lynnbrooks

I think it's 12 wage slips plus deposit
Lynn

Vash the Stampede

Minimum deposit can be as low as 5% if you find the right lender.

That's all I had for my first mortgage - and it came straight from the $7,000 government grant, so I hardly needed any cash of my own.


But you will need a minimum deposit of 20% if you wish to avoid paying mortage insurance.

Bhoywonder

Similar to the UK, you will need 5% deposit ( some banks will give you 100% mortgage ) you will also need 4% roughly for stamp duty and about $600 to cover conveyancing.
The above post is correct, if you go above 80% loan you will have to pay a one off mortgage insurance.
I am currently going through the process at the moment. You will need at least 2 payslips and most probably a letter from your employer stating you employment status.

Hope this helps

andrew63

I came over as a temporary resident.
3 weeks it took for a large mortgage with 20% deposit and a letter from my new boss.

Andrew

Vash the Stampede

BTW, stamp duty will be abolished in South Australia as of next year.

Other states are expected to follow suit.