Ozzie Mortgages
Apr 19th 2005, 2:14 pm
#1
Senior Stella Member
Thread Starter
Joined: Oct 2003
Location: Brisbane, QLD
Posts: 394
Ozzie Mortgages
Hi Folks,
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
Apr 19th 2005, 10:44 pm
#2
Go the BNE Roar
Joined: May 2003
Location: Northside
Posts: 1,590
Re: Ozzie Mortgages
Hi Plug
Just got a home loan myself and these were my circumstances.
The bank (commonwealth) would not consider my wage as I was on 3 month probation at work. After those 3 months were up they were happy to consider my wage. They seem to lend you as much as they want we borrowed 4 x my partners wage which they were happy to do as long as we made a minimum 20% deposit. We got the home owners grant of 7k and reduced stamp duty which all helped.
It seemed a lot easy than I thought it would be.
TT
Just got a home loan myself and these were my circumstances.
The bank (commonwealth) would not consider my wage as I was on 3 month probation at work. After those 3 months were up they were happy to consider my wage. They seem to lend you as much as they want we borrowed 4 x my partners wage which they were happy to do as long as we made a minimum 20% deposit. We got the home owners grant of 7k and reduced stamp duty which all helped.
It seemed a lot easy than I thought it would be.
TT
Originally Posted by Plug
Hi Folks,
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
Apr 22nd 2005, 2:27 pm
#3
Senior Stella Member
Thread Starter
Joined: Oct 2003
Location: Brisbane, QLD
Posts: 394
Re: Ozzie Mortgages
[QUOTE=TrickyTree]Hi Plug
Just got a home loan myself and these were my circumstances.
The bank (commonwealth) would not consider my wage as I was on 3 month probation at work. After those 3 months were up they were happy to consider my wage. They seem to lend you as much as they want we borrowed 4 x my partners wage which they were happy to do as long as we made a minimum 20% deposit. We got the home owners grant of 7k and reduced stamp duty which all helped.
It seemed a lot easy than I thought it would be.
Hi TT,
Thanks for the feedback, the 20% deposit sounds a bit heavy, is that standard? I think for the sort of place we want (with 3 kids and all) we will only be bringing enough for a 10% deposit. I guess it depends on circumstances etc....thanks for the response!
I hear the house sales are more like auctions out there - did you have to bid?
Just got a home loan myself and these were my circumstances.
The bank (commonwealth) would not consider my wage as I was on 3 month probation at work. After those 3 months were up they were happy to consider my wage. They seem to lend you as much as they want we borrowed 4 x my partners wage which they were happy to do as long as we made a minimum 20% deposit. We got the home owners grant of 7k and reduced stamp duty which all helped.
It seemed a lot easy than I thought it would be.
Hi TT,
Thanks for the feedback, the 20% deposit sounds a bit heavy, is that standard? I think for the sort of place we want (with 3 kids and all) we will only be bringing enough for a 10% deposit. I guess it depends on circumstances etc....thanks for the response!
I hear the house sales are more like auctions out there - did you have to bid?
Apr 22nd 2005, 3:05 pm
#4
Breast Inspector
Joined: Feb 2005
Location: On the road
Posts: 1,770
Re: Ozzie Mortgages
I think you can pay less of a deposit if you take out morgage insurance. I did this a few years ago with a house i bought 5 years ago in Oz. I Got my loan through Aussis, I had troubles getting a loan with the major banks as they would not take into account my overtime which was regular every week as I worked a 6 day week 99% of the time.
Jim
Jim
Apr 23rd 2005, 12:18 am
#5
Guest
Posts: n/a
Re: Ozzie Mortgages
Originally Posted by Plug
I hear the house sales are more like auctions out there - did you have to bid?
I've never tried an auction myself, and have bought 6 houses in Australia so far.
20% is the normal deposit required, but higher loans are available with the Mortgage Insurance mentioned by Jim.
Apr 23rd 2005, 1:17 am
#6
Keeping it fairly real
Joined: Jun 2004
Location: In the sun
Posts: 32,863
Re: Ozzie Mortgages
Originally Posted by Plug
Hi Folks,
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
I've done a search on mortgages to try to find out what circumstances are required to be able to apply but nothing seems to cover it completely, I have also tried some of the Banks like WestPac, hence this thread.
In the UK there is/was a general rule of thumb that you shouldn't really take on a mortgage more than 4 times your salary (has increased recently). You should also have been in steady employment for a certain period etc, etc
Can those that have purchased in Oz recently please provide some guidance on what sort of situation you need to be in to get a mortgage (are they referred to as home loans there?) ie: length of employment, deposit, gov assistance for FTB, maximum loan value……any feedback would be appreciated.
If you have 35% deposit there is no proof of income required.
