RollOnSunshine

Hi all

Was just wondering if one could get a mortgage while working away in the UK to buy in OZ.
i.e A UK bank lends us money to buy in Oz or an Oz bank lends us money while we are still in the working UK to buy a house down under.

Has anyone had experience with this?
If so which banks are willing to help / which are not worth the paperwork.

Can't make the cash fast enough in the UK to keep up with the old housing price rise spike in Perth.
Will probably only get to Perth in about 18 months and by then we'll probably have to pay to walk on the beach if current property trends are anything to go by !!!!

Thanks for the help

Scotty1

I looked at this and found the mortgage below from the Commonwealth. It seems to be mainly aimed at Ozzie expats but I spoke to them and they would lend to uk PR holders. We just wanted to buy land but they would do a house or land / construct. Key issue is how much they would lend given existing commitments. You would need to have a reasonable deposit - min 20% I think and be able to make repayments from uk salary.

We did not proceed as our house has now risen in value enough to enable us to fund it from an increase to our mortgage in the uk. This is cheaper if you can do it because mortgages in Oz are about 3% above uk rates. However we want land in regional Oz, and I would imagine a house in Perth is more expensive.

Hope the link works - not made one in this forum before

http://www.migrantbanking.co.uk/livi...ng_a_property/

Scotty

Fardell

The banks will lend to you while you are still in the UK - using products largely designed for Australian expatriates, as the previous reponse mentioned. I am not sure I would advise dealing with the Commonwealth Bank- see other comments in this forum - but it depends a lot on teh person you deal with. I think going through brokers in Australia is a better bet - it doesn't cost more (the banks pay them, not you) and it can cost a lot less (if they rebate some of the commission). Have a look at this site - www.exfin.com - it's largely focussed on Aussie expats but does cover migrants. At the very least you could ask about getting an "approval in principle" before you arrive.

Cheers

movetoperth

Yes it is possible, depending on your individual circumstances, the mortgage advisor that we recommend has recently done this for seceral people not yet in WA, not just those in the UK. I'll PM you his details and you can contact hom direct to pick his brains, he can also advis you on any restrictions you may have dependingon your visa status.

Lynn