oxford_lad

What is it like ot get a mortgage in Oz, and how much could you borrow?

Say a couple earning $150k a year with a $10k deposite?

Just to get ideas really of what you can borrow

pproehann

A couple of bank sites gave mortgage calculators on them think ingdirect do.

rinkerdink

C'mon, the OP wants someone to do the sums for him

oxford_lad

LOL, Sorry didn't really mean what I put. How easy or hard is it to get a mortgage in Oz?

NOt too easy here at the mo!!

pproehann

Think that's why they call it a mortgage calculator.

spottydog

These days you will more than likely need at least a 5% deposit in genuine savings so at this point it will be your savings that will limit your borrowing power not your salary. If you have no history in Oz you may find the banks wanting a 10% minimum deposit.

With regard to timing getting a mortgage, once you have a permanent job (past probation) then you should be able to qualify for a mortgage

seanpears99

Firstly, it depends on your visa. If you are on a temporary one, you will need aminimum of 10% deposit and then the LMI comes into play which is extortionate, on our house build which is 680k in all the LMI was 24k which has to be paid upfront in most places (on top of your deposit and fees).

Suncorp do capitalise it and if you have PR will lend 95-97%.

For example, our land was 300k, build is 380k and we have to stump up at the start $38k, deposit and fees and then succumb to the millstone of a 4k per month a mortgage for 30 years....I will be dead in 25 (more likely 8) if I keep drinking with the aussies so our plan is to overpay each month

It is a lot more difficult to borrow over here these days after the slouch, if on temporary visa, Westpac for example, for the house we are now building they wanted 80k up front which is a bitter pill to swallow. We earn decent coin yet can still only save 4k per month which would have taken ages to get together so shop around.

Any questions let me know.

Sean

oxford_lad

Sean cheers for that.

Here's out situation, I'll be coming over on a spouse visa, my girlfriend is an Oz citizen so makes things alot easier I believe she is entitled so some form of help in buying a first property.
We both should be on good money so joint earnings should be around the $160k mark (god knows what take home would be!!).

No 15

Why on earth would you buy a property in Australia just now? You will save lots of money by renting and live in a far superior home. The bubble is going to burst...it's slowly deflating here in Brisbane at the moment.

oxford_lad

Not saying I wanted to buy jst getting ideas etc on what would be available to us.
Looking at the prices (Manly NSW) we will probably be renting for quite a while

seanpears99

Dont really agree with that statement, our rent is 2500 a month and our mortgage is 4000 but feeding into our own pockets. The problem at the moment is that the rental market is inflated because properties are expensive so they are levelling out.

seanpears99

No worries mate, we earn about 250 a year between us, one permie one contractor (me) and bring in around 14k per month but bills are expensive and with the mortgage to be and general bills will come in at about 8k per month so 6k spare.

Depends on if you are permie tho as you cant track back as much cash and the salaries are always lower for permies.

Where are you wanting to buy? What do you do? PM me if you like?

Cheers

Sean

louH

Jeez wish it was slowly deflating in my part of Brissie - I am out bid and beaten to the sale every time I try to buy (okay playing it up a bit as have only offered on 2 places - but there is not a lot out there).

Why I am buying right now? I need a home not an investment and am sick of living in a crappy rental with a leaking roof, leaking loo and lights which give off a huge blue spark and a bit of a sizzle when you switch them on! Oh and I'm also selling so might as well stay in the market rather than taking a gamble on the housing market falling/rising or whatever.

Back to the original post - my hubba is a citizen, back in 2004 we had no probs getting a mortgage while I was on a temp visa. Good luck.

No 15

I'm living in a $1.3m place. Well my landlord tried to sell it for 1.3 before I moved in. I am paying 2.7% of that to live in it. He couldn't sell and the price came down but he still couldn't sell. I'm moving out and he's going to try and sell again....the price is now down to 1.1 and that's all within one year. I doubt it will sell for that.

Just think if you had bought and lost 200k in a year. That's a lot of renting.

PS No maintenance issues renting either.

seanpears99

I agree No 15, but the high end houses where I live have also struggled to sell. The 600s to 800s seem to be going quite quickly which is why we have pitched in that space but for me and where I live Coomera Waters, location plays a big part.

Rent is coming down slowly but its still astronimcally high in some circumstances, we pay 600 per week and I can now get a place on the water for 635 a week. Its better for us to buy then line someone elses pockets but then only if you are in that position is it better.

I think if you can build there is still money to be made which is why we are having a go at it...I am hoping after spending 680 on the build it will be worth 750-780 once its build after comparisons to other houses where we live.

If I could build and promise myself that each year, I could get a saturday job