mortgages - which company is best for expats?
 

hi

wonder if anyone can help me. we are hopefully emigrating next year and am having to go to court to take my children. i have been asked to provide details of mortgage companies who we coul loan from. can anyone give me a list of details of how you got mortgage when you arrived in australia.

thanks mark and lisa

Re: mortgages - which company is best for expats?
 

The best places for mortages when you first arrive are:

Commonwealth Bank - you can set up a bank account in the UK, which could possibly help you to get a mortgage quicker when you get here.

ANZ & Westpac are pretty good too.

It can be difficult to get one at first though, especially if you have less than 20% deposit, or you haven't got a job and done your probationary period. It is possible though, and you are best seeing a broker to help you.

In fact, why not e-mail a few brokers in the area of Australia you are wanting to move to and they may be able to help you by supplying you some leaflets via post or e-mail. Just google 'mortgage brokers' :)

Re: mortgages - which company is best for expats?
 

Hi Guys,

I'm presently training to become a Broker. The problem with trying to get a loan when first arriving in Australia is that you have no lending history here! This means that you can only really go for a low or No Doc Loan.On top of this you really need three months employment to get into the normal conforming loan products. I had to get a No Doc loan two years ago as I had just started a business.

The best way to get a good loan offer is to get a full time job then apply some months later, but do speak to a broker not a tied agent such as a bank. You may find that some brokers aren't too helpful as some only want to bother with customers who are good bets!

Pomdownunder

Re: mortgages - which company is best for expats?
 

Would there be much difficulty getting a mortage for a $400,000 house if we were to pay for half of it (put about $200,000 down)?

My husband has only been working here for a month and makes about $100,000 a year. My big concern is that he hasn't been working here for long, and that at present all of our money is still in Canada.

We're looking at houses and would love to get pre approved for a mortgage, but I'm not sure if they would do it the way we are right now. We could easily show them our internet bank account in Canada but I'm guessing they'd rather have the money here.

Re: mortgages - which company is best for expats?
 

You will not have a problem getting a loan now. By the time you find a property you want to move on then you will probably have another couple of months here under your belt. See a broker, not a tied agent, I'm sure you will get to where you want

Pomdownunder

Re: mortgages - which company is best for expats?
 

we go a home loan after 3 weeks for $210k putting down $120k with no jobs with a rams no doc

Re: mortgages - which company is best for expats?
 

Can you confirm what you mean by a no doc loan please?

I will be arriving in Oz (Townsville) in Sept on a student visa. I will have approx $300000 to buy a home but they all seem to be 50-75000 more than that. I wiil have about another $60000 which I will be using to live on for the three years of my degree. Would I be able to get a loan for about 50-75000 whilst technically without a job through a broker?

I know you are only supposed to spend $300000 on a house whilst on a student visa, but i have approached firb and they have told me this limit is flexible if I can prove there I would struggle to find a property at this value in my area

Thanks

Olias

Re: mortgages - which company is best for expats?
 

Hi Olias, sorry a "No Doc Loan" is a No document loan which means you do not need to supply any proof of income, you just sign to say that you can afford the repayments without causing yourself undue financial difficulties! Not sure why you would want a loan over your $300,000 as you could buy up to that amount, there are even three bedroom houses for under that. Then rent out a room or two to supplement your income?

Pomdownunder

Re: mortgages - which company is best for expats?
 

Homepath.com.au is pretty good too. Low rates and not much paperwork.
As always, it pays to shop around.

Re: mortgages - which company is best for expats?
 

We had to go with RAMS as I had just started a business and needed a "No Doc loan" the rate is not bad, although the down side is that the exit fees are too much to get out within the first 3-4 years!! That's why I would recommend trying to wait until you have a few months employment behind you if possible as it gives alot more choice.

Pomdownunder

Re: mortgages - which company is best for expats?
 

Rams are a rip off. Highest interest rates going.

We were with them first, but changed to Bankwest after a year. But we had to buy our way out of it ($5000)...

Worth it though in the end.

Re: mortgages - which company is best for expats?
 

http://britishexpats.com/forum/showthread.php?t=427054

Try the above :thumbsup:

Re: mortgages - which company is best for expats?
 

same here we had to buy our way out also around $5k but we were aware of this before we even signed I would rather pay the 5k rather than rent for 6 months

martin

Re: mortgages - which company is best for expats?
 

Hiya PDU, thanks for that, thought so, but thought I should check!:)

I hear what your saying but I have dogs so couldn't get a unit or townhouse and all the other houses up to $300000 in Townsville (of which there are very few) seem to be in areas I have been advised to steer clear of as they can be seen as 'undesirable'. I am looking for a good investment as well as a home. I will need to be able to sell easily and quickly when I complete my degree as I will either have to move for work or if I don't get PR then move back to UK and this will be a lot easier if in a 'desirable area.

The size of loan I would be looking at, even with a poor rate, should be easily affordable on the income I have given myself (even more so if myself and the wife get part time jobs:ohmy::lol:)

Oh and I am a mature student so the thought of renting rooms out would not hold water with my wife!

Olias

Re: mortgages - which company is best for expats?
 

Try First Mac - they do NO DOC loans of up to 60% ish - 7.64% interest and although there are repayment penalties for up to 5 years (but nowhere near as high as they would be in the UK), it's an offset mortgage, so you can offset any savings against your loan. We're going with them, and we aren't even buying a house, just the land...