Re: Mortgages in OZ
 

The fees for our mortgage insurance are around the $3000 mark too (will get an official figure IF they will insure us). That's on $237k.

Re: Mortgages in OZ
 

Thanks for the responses folks. I actually spoke to customer services at the Commonwealth Bank, who spent a day trying to find out if PRs are indeed entitled to apply for a mortgage. She confirmed that they are today. I made the point that if they give out duff information as part of their telephone banking service, they stand to loose thousands and thousands of dollars in interest from potential customers. She said that it needed to be addressed as a training issue! Too right!

Re: Mortgages in OZ
 

Will follow up on the other leads too, so thanks very much to all you helpful people!

Re: Mortgages in OZ
 

I can confirm that the Commonwealth Bank will lend money to you because



THEY SAID YES!!!! :D

I'm moving into my new house on the 13th April :thumbsup:

Re: Mortgages in OZ
 

Congrats Wendy, glad its working out for you,
Lisa.x

Re: Mortgages in OZ
 

Thanks. :D

Re: Mortgages in OZ
 

we have contracts signed on ours moving date is set to be 11 may but we too are hoping to get in over the Easter break so will be contacting the seller when he gets back from his hols. Cant wait!

Re: Mortgages in OZ
 

Good for you!

Congratulations Wendy and may you all have much happiness in your new home.
http://img490.imageshack.us/img490/9620/housefy7.gif

Re: Mortgages in OZ
 

Congratulations Wendy, that's fantastic news! :eek: :thumbup:

Re: Mortgages in OZ
 

It's exciting isn't it. :D


Thankyou. :)


Looks like you're off the hook renting me yours now ;) :D

Re: Mortgages in OZ
 

Does anyone know how much you can borrow for a mortgage?
Is it the same as the UK-- (approx.three and a half times your salary)

Re: Mortgages in OZ
 

Every bank has different criteria. For instance we could borrow $245k from ANZ, $238k from the Commonwealth and $214k from Adelaide bank :confused:

That's on one basic salary of $56k per annum, with two dependants and me as a joint applicant (would have been more if he'd got it just in his name).

Re: Mortgages in OZ
 

No, it's based on your ability to meet the repayments. We were offered 6 times our joint salary. This would have left us with just enough money to survive on a diet of bread (not toasted, as electricity would have been too expensive). Banks are far too keen to lend large amounts of money (when you meet their criteria of course).

Well done Wendy btw!

Re: Mortgages in OZ
 

The poster who said she got a mortgage not long after starting work has got me thinking (it has a lot to answer for this forum :lol: ).

I have now decided (at last) what area I want to go to, depending on whether I get a place for my son at the school I want.

Once he starts school I know that I wont return here for some time. Therefore, I would like to buy a house sooner rather than later. Not least because I know I will have a problem renting with the hounds on top of the hassle of moving twice. I would happily stay in a campsite or something for a few weeks until I could find a house, if I thought it was possible.

Do you think I will have a chance of getting a mortgage soon after starting work? I will have about 50% deposit and would be looking to borrow around 3 1/2 times my salary. I have a full time permanent contract to go to and am a single parent with 2 dependents.

Am I being realistic in dreaming about getting a mortgage soon after I arrive as I wont be starting work for a month. Also, if it is possible, how long can you realistically expect to move in after applying for a mortgage, if all ran smooothly?

I know its not all going to be as easy as that but theoretically what are my chances?

Tracey.

Re: Mortgages in OZ
 

Hi Tracey,

I think if you apply to one of the main banks (Commonwealth, ANZ, Westpac etc) you should be OK. My current broker (not the useless one :frown: ) said that if we had either more than 20% deposit or a permanent full time job (not on probation or casual) then there was no problem at all with these banks.

My bad experience wasn't because we couldn't get a mortgage, but because we had bad advice and applied to the wrong banks.


My friend got a mortgage within 2 weeks of being here, her hubby said he was going self employed.

It's normal to be in a house within about 6 weeks (depending on the contract etc). Ours will now be taking 8 weeks from start to finish as we have had to get an extra two added. (Although it feels like forever :D )