kt_and_kris

hopefully heading to queensland in the next yr or so, how do u go about getting a mortgage on Oz? do u need a big deposit or is it variable depending on lender like it is in the UK?
thanks!

Wendy

How much you can get varies from bank to bank, and also depends on your income. If you borrow more than 80% of the purchase price you need to get mortgage insurance. Mortgage Insurance covers the bank if you default on your loan and they can't get the full amount for your property if they have to sell it, it doesn't cover you however if you sell and don't make your money back.

The cost of mortgage insurance varies, ours was just over $3k for $225k mortgage and was added to the loan.

Ian & Sharon

Try this lady, she's bloody good!

http://britishexpats.com/forum/showt...06#post4409506

She'll do the sums for you while your still in the UK

Tass

Check out ANZ website.They have now set up services for UK people moving to Oz and vice versa, including mortgages. we now bank with them and they have best rates around. They appear to have made things easier now with opening bank accounts etc.

www.anz.com.au

All the best,
Tass. x

Tass

Oh and another reason for coming here PR , You will get a first time owners grant form the government. was $7000 but I believe has gone up again !

Wendy

Haven't they just increased their rates?

Although, this is good news (if it ever comes off that is!): http://www.news.com.au/perthnow/stor...rom=public_rss

Tass

....just like all the banks in Oz.Although, granted , they might not have best rates anymore ,I don't read the daily financal news to be able to say but they certainly appear to be able to offer a better service in the UK for soon to be ex-pats and most definately worth a look at the web site.
All the best to you !
Tass.

Wendy

Sorry, I wasn't saying they were bad. I bank with ANZ too and they have been fantastic, especially as you say the migrant service they have.

Funny though, as I looked at my mortgage account a bit since and noticed that the Commonwealth have upped theirs too - doesn't take them long to follow out here does it (unless it's going down that is )

Swerv-o

I don't believe that Citibank or HSBC have put their rates up yet...


S

longreach

Hi,

There are basically 3 criteria that the banks look at...

Income
Deposit
Credit History

As you will be a new arrival then credit history is a given so it really boils down to the first 2. The greater the deposit then the less dependance on income and visa versa.

Depending on your employment status you can either go full doc or low doc loan. A low doc loan is useful when you can't prove your income. You would typically need between 20-40% deposit. If you go full doc then the typical deposit required is 5%. If you go the full doc route then you obviously have to meet the banks requirements for employment.

And as other people have said, depending on your visa and history, you may be eligable for the First Home Owners Grant and Stamp Duty concessions.

Each bank has many different products depending on your individual situation.

Let me know if you need any further info.

Regards,
Mark.

Davey n Di

Can you get a mortgage on a student visa???

kt_and_kris

so this first time owners grant... it says u r only entitiled to it if uve never owned a house before - take it this means in Oz? (i have my own house in Scotland which ill sell before coming out!)

jce

correct - only applies to an Australian house, so not having owned a house here you will be a first time buyer