Unit(Apartment) / Villa / House Buying Guide
Oct 29th 2011, 8:16 pm
#1
BE Enthusiast
Thread Starter
Joined: Jul 2009
Posts: 390
Unit(Apartment) / Villa / House Buying Guide
Hi,
I'm thinking of buying a unit / villa. I would like to know what things should i need to look when buying a unit.
Is it good to go with a mortagage agent or do my self with the bank ?
What benefits we get through an agent ?
Is there any leagal thing that we need to look ?
What else i should look at ?
I'm thinking of buying a unit / villa. I would like to know what things should i need to look when buying a unit.
Is it good to go with a mortagage agent or do my self with the bank ?
What benefits we get through an agent ?
Is there any leagal thing that we need to look ?
What else i should look at ?
Oct 30th 2011, 7:28 am
#2
Forum Regular
Joined: Jan 2011
Location: Brisbane, Australia
Posts: 92
Re: Unit(Apartment) / Villa / House Buying Guide
Hi,
I'm thinking of buying a unit / villa. I would like to know what things should i need to look when buying a unit.
Is it good to go with a mortagage agent or do my self with the bank ?
What benefits we get through an agent ?
Is there any leagal thing that we need to look ?
What else i should look at ?
I'm thinking of buying a unit / villa. I would like to know what things should i need to look when buying a unit.
Is it good to go with a mortagage agent or do my self with the bank ?
What benefits we get through an agent ?
Is there any leagal thing that we need to look ?
What else i should look at ?
You can go to a bank or a mortgage broker. There are a number of advantages to going to a broker rather than a bank, some being;
1) They do a lot of the running around looking after the paperwork,
2) They can find you the best deal amongst all the banks, rather than just the bank you bank with,
3) Generally they are a free service
You will also find there are mortgage broking firms that specialise in non resident home loans<snip> as the criteria for lending will differ greatly amongst the banks based on a certain visa type etc. Ie, if you are on a 457 visa, some banks wont lend at all. Most of the major banks will lend though up to 80% LVR (ie, 20% deposit required). If you are on any other type of Visa then each bank has their own policy but many will only accept citizens/permanent residents and those on 457 visas.
Legal requirements: If you are on a temporary resident visa of any sort then you will require FIRB approval. You will find more details about FIRB at www.firb.gov.au but I note its a pretty straight forward process.
Hope this is of assistance. Good luck with your purchase.
Last edited by moneypenny20; Aug 15th 2012 at 10:10 am. Reason: advertising
Oct 30th 2011, 10:23 am
#3
BE Enthusiast
Thread Starter
Joined: Jul 2009
Posts: 390
Re: Unit(Apartment) / Villa / House Buying Guide
Thank you Craig. I'm on 175 PR visa.
Hi Muditha,
You can go to a bank or a mortgage broker. There are a number of advantages to going to a broker rather than a bank, some being;
1) They do a lot of the running around looking after the paperwork,
2) They can find you the best deal amongst all the banks, rather than just the bank you bank with,
3) Generally they are a free service
You will also find there are mortgage broking firms that specialise in non resident home loans as the criteria for lending will differ greatly amongst the banks based on a certain visa type etc. Ie, if you are on a 457 visa, some banks wont lend at all. Most of the major banks will lend though up to 80% LVR (ie, 20% deposit required). If you are on any other type of Visa then each bank has their own policy but many will only accept citizens/permanent residents and those on 457 visas.
Legal requirements: If you are on a temporary resident visa of any sort then you will require FIRB approval. You will find more details about FIRB at www.firb.gov.au but I note its a pretty straight forward process.
Hope this is of assistance. Good luck with your purchase.
You can go to a bank or a mortgage broker. There are a number of advantages to going to a broker rather than a bank, some being;
1) They do a lot of the running around looking after the paperwork,
2) They can find you the best deal amongst all the banks, rather than just the bank you bank with,
3) Generally they are a free service
You will also find there are mortgage broking firms that specialise in non resident home loans as the criteria for lending will differ greatly amongst the banks based on a certain visa type etc. Ie, if you are on a 457 visa, some banks wont lend at all. Most of the major banks will lend though up to 80% LVR (ie, 20% deposit required). If you are on any other type of Visa then each bank has their own policy but many will only accept citizens/permanent residents and those on 457 visas.
Legal requirements: If you are on a temporary resident visa of any sort then you will require FIRB approval. You will find more details about FIRB at www.firb.gov.au but I note its a pretty straight forward process.
Hope this is of assistance. Good luck with your purchase.
Last edited by moneypenny20; Aug 15th 2012 at 10:10 am.
Oct 30th 2011, 10:46 am
#4
Forum Regular
Joined: Jan 2011
Location: Brisbane, Australia
Posts: 92
Re: Unit(Apartment) / Villa / House Buying Guide
Hi Muditha,
As you are on a PR visa, then you are treated like an Australian citizen and no FIRB approval required (providing you are living in Australia).
You will also find there are no banks that restrict home loan lending to those on PR so really you are free to find the best deal out there amongst all the banks subject of course to sufficient deposit, income, clean credit file and stability in employment.
One quick tip: Always use a conveyancer that has been referred to you either by a friend, colleague, agent, broker etc and do not base your decision solely on price. Typically the cheaper the conveyancer the more clients they have and therefore the less available they are to you.
All the best!
As you are on a PR visa, then you are treated like an Australian citizen and no FIRB approval required (providing you are living in Australia).
You will also find there are no banks that restrict home loan lending to those on PR so really you are free to find the best deal out there amongst all the banks subject of course to sufficient deposit, income, clean credit file and stability in employment.
One quick tip: Always use a conveyancer that has been referred to you either by a friend, colleague, agent, broker etc and do not base your decision solely on price. Typically the cheaper the conveyancer the more clients they have and therefore the less available they are to you.
All the best!
Last edited by moneypenny20; Aug 15th 2012 at 10:11 am.
