URGENT ! Aussie Mortgage Advice Needed Please
#1
Forum Regular
Thread Starter
Joined: May 2006
Location: From Cesspit London to Glorious Sydney
Posts: 187
URGENT ! Aussie Mortgage Advice Needed Please
Hey all,
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
#2
Re: URGENT ! Aussie Mortgage Advice Needed Please
Hey all,
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
#3
Re: URGENT ! Aussie Mortgage Advice Needed Please
Hey all,
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
Mate with 60% deposit no problems at all.
#4
Re: URGENT ! Aussie Mortgage Advice Needed Please
We found mortgage choice very good. Dont be afraid to ask lots of questions and make your own mind up, although they are independant and did tell us all the best rates around and showed us on screen the list, I did fell a slight favouritism towards ANZ probably pay the best commision to them. We ended up with Newcastle Perm on fixed rate which has worked out good for us.
Jo
Jo
#5
Banned
Joined: Aug 2006
Location: Aussie
Posts: 491
Re: URGENT ! Aussie Mortgage Advice Needed Please
You have to ask yourself this: Is it the right time to buy in Sydney? The answer to that is NO WAY!
Interest rates are on the rise....house prices are on the the decline. You do the math.
Rent for 1-2 years, see if you like Sydney first (many don't) and then way up your options.
Sydney and all of oz for that matter is full of unhappy, stuck pommies who for some reason had to buy property on arrival.
Interest rates are on the rise....house prices are on the the decline. You do the math.
Rent for 1-2 years, see if you like Sydney first (many don't) and then way up your options.
Sydney and all of oz for that matter is full of unhappy, stuck pommies who for some reason had to buy property on arrival.
Last edited by MD09; Jan 16th 2007 at 10:13 pm.
#6
Forum Regular
Thread Starter
Joined: May 2006
Location: From Cesspit London to Glorious Sydney
Posts: 187
Re: URGENT ! Aussie Mortgage Advice Needed Please
Appreciate that, we are not looking to buy right now, it was to help us decide which job offers to take.
Taking a contract now means we have to blow out permie jobs, which is ok so long as it does not affect getting a mortgage in the mid future. It was all about job decisions.
Our bank, Westpac, would give us the mortgage on the strength of the contracts anyway, so no issue.
I also would not say house prices are on the decline. I think they are stagnant. Our friend is pretty knowledgeable on the property market here, in fact it is his business, and he is advising us to hold fire for at least 6 months. I am not sure property will dip a lot more than what it is now, dont know much about interest rates tho.
Thanks for all the replies.
Taking a contract now means we have to blow out permie jobs, which is ok so long as it does not affect getting a mortgage in the mid future. It was all about job decisions.
Our bank, Westpac, would give us the mortgage on the strength of the contracts anyway, so no issue.
I also would not say house prices are on the decline. I think they are stagnant. Our friend is pretty knowledgeable on the property market here, in fact it is his business, and he is advising us to hold fire for at least 6 months. I am not sure property will dip a lot more than what it is now, dont know much about interest rates tho.
Thanks for all the replies.
#7
Banned
Joined: Aug 2006
Location: Aussie
Posts: 491
Re: URGENT ! Aussie Mortgage Advice Needed Please
Appreciate that, we are not looking to buy right now, it was to help us decide which job offers to take.
Taking a contract now means we have to blow out permie jobs, which is ok so long as it does not affect getting a mortgage in the mid future. It was all about job decisions.
Our bank, Westpac, would give us the mortgage on the strength of the contracts anyway, so no issue.
I also would not say house prices are on the decline. I think they are stagnant. Our friend is pretty knowledgeable on the property market here, in fact it is his business, and he is advising us to hold fire for at least 6 months. I am not sure property will dip a lot more than what it is now, dont know much about interest rates tho.
Thanks for all the replies.
Taking a contract now means we have to blow out permie jobs, which is ok so long as it does not affect getting a mortgage in the mid future. It was all about job decisions.
Our bank, Westpac, would give us the mortgage on the strength of the contracts anyway, so no issue.
I also would not say house prices are on the decline. I think they are stagnant. Our friend is pretty knowledgeable on the property market here, in fact it is his business, and he is advising us to hold fire for at least 6 months. I am not sure property will dip a lot more than what it is now, dont know much about interest rates tho.
Thanks for all the replies.
It's tipped another interest rate rise will occur in Feb.
Investment property owners are selling off or instead of buying property, investing their money in Super (pensions) as the Govt. has made it more financially rewarding to do so.
The only areas slightly rising are those in the higher end of the market. Think Mosman etc, which is out of reach for most people.
I'd agree to sit tight for year or so and see where the market goes. Noone is an expert when it comes to this sort of thing. And whatever you do - never listen to a real estate agent - there isn't a lower life form than these cretins.
#8
Re: URGENT ! Aussie Mortgage Advice Needed Please
Hey all,
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
Wife has been offered a contract over here, which is great news. I have a few things on the go, and could potentially end up taking a contract also, while setting up a few things on my own. Does anyone have any experience on whether a Bank over here would grant a mortgage to new arrivals on contracts ?
We are both on permanent residence, wife's contract is 6 months initially extending to 15 months (They will only guarantee 6 months to any Bank though although we know it will be a rolling contract). Mine will be 3 months initially, again rolling. We will have a at least a 60% deposit.
I also had a company in the UK, and can demonstrate I had a rolling contract for 18 months, earning far in excess of what we need for the mortgage over here if that would help.
Any advice greatly appreciated.
Cheers
The saving factor is that when you put anything over 20% they have no problem.