mortgages, spouse visa,deposit
Oct 29th 2007, 11:23 pm
#1
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mortgages, spouse visa,deposit
Hi just seeing if anyone has gotten a mortgage while on a temp spouse visa with deposit under 20%?
Was looking and gave up now trying again.
Thanks John & Lorri
Was looking and gave up now trying again.
Thanks John & Lorri
Oct 30th 2007, 2:30 am
#2
Home and Happy
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Re: mortgages, spouse visa,deposit
We looked for ages about 4 years ago, finally gave up as they all wanted 20% or more. Now I'm PR we can't afford to buy anyway!
Oct 30th 2007, 4:55 am
#3
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Location: Erskineville, Sydney
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Re: mortgages, spouse visa,deposit
Hi
Not sure whether this will help or not but it could be worth checking out Homeside (Division of NAB) as they lent to me and my partner with me still being a temp perm resident. We did have a slightly larger deposit at 25%, but could be worth a try.
Not sure whether this will help or not but it could be worth checking out Homeside (Division of NAB) as they lent to me and my partner with me still being a temp perm resident. We did have a slightly larger deposit at 25%, but could be worth a try.
Oct 30th 2007, 10:59 am
#4
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Re: mortgages, spouse visa,deposit
I have replied to your PM
Thanks,
Mark
Thanks,
Mark
Oct 30th 2007, 12:30 pm
#5
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Re: mortgages, spouse visa,deposit
Not sure about the visa situation, but I know Members Equity Bank lend more than 80%, but you need to pay mortgage lenders insurance of around $5K if you borrow >80%.
Oct 31st 2007, 5:29 am
#6
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Re: mortgages, spouse visa,deposit
It is illegal for an Australian based lender or bank to lend more than 80% of a property's value to a temporary resident.
If you have substantial assets in the UK or a good UK income stream, you may get a loan from a UK lender.
Cheers
Bob in Bull Creek
Oct 31st 2007, 5:37 am
#7
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Re: mortgages, spouse visa,deposit
Is there any way around things if one of the applicants is an Australian Citizen?
Oct 31st 2007, 5:42 am
#8
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Re: mortgages, spouse visa,deposit
We got a mortgage on temp visa but provided considerably more deposit than 20% so not much help I'm afraid.
Remember on top of the cost of the house the stamp duty in Oz (well victoria at least) is very material.
Oct 31st 2007, 5:47 am
#9
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Oct 31st 2007, 6:45 am
#10
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Re: mortgages, spouse visa,deposit
The only way around it is to leave the temporary resident off the application.
Oct 31st 2007, 6:52 am
#11
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Re: mortgages, spouse visa,deposit
WHich isn't usually easy - it may be possible, but we had a lot of problems when we suggestedm it as they said if The Bloke (Aussie citizen) applied on his own, then nthey couldn't take my salary into account. Logical I guess, but it was yet another way round it that was closed to us.
Oct 31st 2007, 8:09 am
#12
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Re: mortgages, spouse visa,deposit
WHich isn't usually easy - it may be possible, but we had a lot of problems when we suggestedm it as they said if The Bloke (Aussie citizen) applied on his own, then nthey couldn't take my salary into account. Logical I guess, but it was yet another way round it that was closed to us.
Depending on the price of the house and deposit, the applicant would probably need at least a $70,000 a year income.
Oct 31st 2007, 11:38 am
#13
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Re: mortgages, spouse visa,deposit
Might be on to something, will have to wait til tomorrow to find out for sure.
Cheers Lorri
