How soon can you get a mortgage?
Sep 14th 2003, 12:14 pm
#1
Thread Starter
Joined: Jun 2003
Posts: 965
How soon can you get a mortgage?
Just out of interest does anyone know how quickly you can get a mortgage in Aus?
ie. if you had the cash to buy some land outright would that be enough for a lender to put some cash towards building a house or would you need to have been in employment over there for a certain period of time.
We are watching Perth prices rise and are getting concerned about being 'out of the market' for a while before we get settled.
Looking at the land prices they don't seem that bad - we were thinking of maybye finding an area we like buying some land and holding onto it until we can get a mortgage to finish it - anyone out there with experience of this would be great to talk to you.
Cheers
Max
ie. if you had the cash to buy some land outright would that be enough for a lender to put some cash towards building a house or would you need to have been in employment over there for a certain period of time.
We are watching Perth prices rise and are getting concerned about being 'out of the market' for a while before we get settled.
Looking at the land prices they don't seem that bad - we were thinking of maybye finding an area we like buying some land and holding onto it until we can get a mortgage to finish it - anyone out there with experience of this would be great to talk to you.
Cheers
Max
Sep 18th 2003, 8:22 pm
#2
Guest
Posts: n/a
Re: How soon can you get a mortgage?
I would be cautious before buying land in Australia in the way you
suggest. As you can't live on just land, you will need the resources
to actually build the property and you will be paying rent up to that
point.
Needless to say, a good due diligence has to be done on land to make
sure it's properly serviced and ok to build on. You may find yourself
having to sell the land later if it turns out to be in the wrong part
of the city for where you end up working, or if you ultimately decide
to move interstate.
I'd suggest you make sure you know what you are doing before purchase
and have a clear plan, together with some good professional advice.
Jeremy
>On Sun, 14 Sep 2003 12:14:00 +0000, maxpaxx <[email protected]> wrote:
>Just out of interest does anyone know how quickly you can get a
>mortgage in Aus?
>ie. if you had the cash to buy some land outright would that be enough
>for a lender to put some cash towards building a house or would you need
>to have been in employment over there for a certain period of time.
>We are watching Perth prices rise and are getting concerned about being
>'out of the market' for a while before we get settled.
>Looking at the land prices they don't seem that bad - we were thinking
>of maybye finding an area we like buying some land and holding onto it
>until we can get a mortgage to finish it - anyone out there with
>experience of this would be great to talk to you.
>Cheers
>Max
>--
>The Parfitts
>Posted via http://britishexpats.com
This is not intended to be legal advice in any jurisdiction
suggest. As you can't live on just land, you will need the resources
to actually build the property and you will be paying rent up to that
point.
Needless to say, a good due diligence has to be done on land to make
sure it's properly serviced and ok to build on. You may find yourself
having to sell the land later if it turns out to be in the wrong part
of the city for where you end up working, or if you ultimately decide
to move interstate.
I'd suggest you make sure you know what you are doing before purchase
and have a clear plan, together with some good professional advice.
Jeremy
>On Sun, 14 Sep 2003 12:14:00 +0000, maxpaxx <[email protected]> wrote:
>Just out of interest does anyone know how quickly you can get a
>mortgage in Aus?
>ie. if you had the cash to buy some land outright would that be enough
>for a lender to put some cash towards building a house or would you need
>to have been in employment over there for a certain period of time.
>We are watching Perth prices rise and are getting concerned about being
>'out of the market' for a while before we get settled.
>Looking at the land prices they don't seem that bad - we were thinking
>of maybye finding an area we like buying some land and holding onto it
>until we can get a mortgage to finish it - anyone out there with
>experience of this would be great to talk to you.
>Cheers
>Max
>--
>The Parfitts
>Posted via http://britishexpats.com
This is not intended to be legal advice in any jurisdiction
Sep 18th 2003, 10:26 pm
#3
Joined: Aug 2003
Posts: 11,149
Speak to a mortgage broker. Aussie is the first that comes to mind.
Sep 19th 2003, 8:57 am
#4
Thread Starter
Joined: Jun 2003
Posts: 965
Re: How soon can you get a mortgage?
[QUOTE]Originally posted by Jaj
I would be cautious before buying land in Australia in the way you
suggest. As you can't live on just land, you will need the resources
to actually build the property and you will be paying rent up to that
point.
Needless to say, a good due diligence has to be done on land to make
sure it's properly serviced and ok to build on. You may find yourself
having to sell the land later if it turns out to be in the wrong part
of the city for where you end up working, or if you ultimately decide
to move interstate.
I'd suggest you make sure you know what you are doing before purchase
and have a clear plan, together with some good professional advice.
Jeremy
Thanks Jeremy,
Perhaps I have not worded the question very well but think we may have crossed-wires!
We invest in property and land - we have been doing it for a long time. To us getting a mortgage is not because we don't have cash but because money is tied up in other assests. If we need to we can liquidate them. As it is we have enough when we sell our home here to buy land and build on a coastal plot - but you know what it's like when you are looking for property you always push yourselves up to something more expensive (well we do anyway!!).
As for rental costs we have saved up for all our expenses ie flights, rental,car hire, car purchase,cat fees etc so thats not a problem for us.
My husband works from home so the actual area we live in is not pertinant to that. My husband lived in Aus for over a year and I visited once a month for 4 years so we know it quite well!!
Just really wondering if anyone knows about getting mortgages in Aus. Yes I can speak to a broker when we get there - but isn't this forum about sharing info??
I imagine buying land is quite diffrent to the proceedure in this country but one would hope that enlisting the services of a surveyor and a solictor would be the same? Most plots we have been looking at already seem to have planning consent.
Cheers for any help on this
I would be cautious before buying land in Australia in the way you
suggest. As you can't live on just land, you will need the resources
to actually build the property and you will be paying rent up to that
point.
Needless to say, a good due diligence has to be done on land to make
sure it's properly serviced and ok to build on. You may find yourself
having to sell the land later if it turns out to be in the wrong part
of the city for where you end up working, or if you ultimately decide
to move interstate.
I'd suggest you make sure you know what you are doing before purchase
and have a clear plan, together with some good professional advice.
Jeremy
Thanks Jeremy,
Perhaps I have not worded the question very well but think we may have crossed-wires!
We invest in property and land - we have been doing it for a long time. To us getting a mortgage is not because we don't have cash but because money is tied up in other assests. If we need to we can liquidate them. As it is we have enough when we sell our home here to buy land and build on a coastal plot - but you know what it's like when you are looking for property you always push yourselves up to something more expensive (well we do anyway!!).
As for rental costs we have saved up for all our expenses ie flights, rental,car hire, car purchase,cat fees etc so thats not a problem for us.
My husband works from home so the actual area we live in is not pertinant to that. My husband lived in Aus for over a year and I visited once a month for 4 years so we know it quite well!!
Just really wondering if anyone knows about getting mortgages in Aus. Yes I can speak to a broker when we get there - but isn't this forum about sharing info??
I imagine buying land is quite diffrent to the proceedure in this country but one would hope that enlisting the services of a surveyor and a solictor would be the same? Most plots we have been looking at already seem to have planning consent.
Cheers for any help on this
