ROSEBABE

hi, does anyone know how long you have to be working in oz on a temp 3 year visa b4 u can get a mortgage, the price range of houses we are looking at we would have half the money. does anyone know which banks are good at borrowing money if you have more than 50 % of the house price to put down.
thanks guys in advance p.s. if anyone out there already who can give us some ideas on the bills you are paying that would be a great help. thanks

windog

To all intent you can get a mortgage immediately even on a 457, with some form of proof of income, especially if you have a 50% deposit, some lenders may want to see perhaps 3 months of pay slips, but if you shop arround you should have no problem.

www.realestate.com.au should have some brokers & calculators etc to start you off

The Bloke

It can all depend on the financial institution though. After contacting Heritage Building Society, they wouldn't give us one because A) the wife was on a temp visa, and, B) according to them, she wouldn't get it even if she was on a permanent one because she wasn't a citizen. Yes, I did check it with them and the consultant's info was confirmed, even though I reckoned it was BS.

ROSEBABE

thank you both for the reply.

cbeeb

On temp visa you need at least 80% of house as cannot get mortgage lenders insurance(no way we have found out yet but if anyone can tell me difference i would be very interested) We had to have jobs and done 3 month trial period but that was it.
Need to also get approval from FIRB but ours took 3 days on internet form.

Another thing that might interest you if you buy a second hand house and do not get permanent you have to sell house. If you buy land and build you can keep house and rent it out if you leave aus

We got mortgage for land off commonwealth surprisingly hassle free. We borrowed 148,000 and paying about 520 dollars every 2 weeks

northernbird

not true. most banks will only let you borrow 80%, that means 20% deposit.

cbeeb

No banks will give you 95% if on permanent as you pay for mortgage lenders insurance( we in SA) We on temp visa and have been told off mortgage brokers, all banks and credit unions after making everyone check on temp visas cannot get mortgage lenders insurance so can only get 80%. I think banks are doing 100% here now

lonndongeek

Not true. Speak to BankSA/St George. If you're both in steady jobs and aren't on probation/in a trial period they should be happy to speak to you.

The chain mortgage brokers are shite if you don't fit in with normal requirements.

Cheers

Steve (Currently on a temp spouse visa)

lonndongeek

BankSA/St George will lend more than 80% to temp visa holders as they self insure whereas most other bank pass the lender's mortgage insurance out to an insurance company.

Cheers

Steve

asprilla

we got our loan from www.homepath.com.au ... we had a deposit >20%. Only needed to show them the last 2 x payslips. homepath are a CBA subsiduary, so I imagine that they would have the same requirements...

cbeeb

THanks for that . I never went to bankSA/St george, CBA gave us 80% for land, ANZ would not give more than 80% neither would credit unions and we spoke to 2 brokers. Will speak to them. THanks Again

cbeeb

went to banksa is on a case by case base apparently. they gave a doctor on a temp visa a mortgage but he was paying it back in 3 years! Otherwise will only give 80%