jambo_g

I'm planning to emigrate to Australia next year and I have a query about mortgages.

In the UK you've got to be in a job for 12 months I think it is before lenders stump up the cash. Does anyone know if this same sort of timescale applies in Oz??

It's not really a problem I'm just curious.

If there is a timescale, does the size of your deposit make any kind of difference?

Cheers,
Graham

Robert Edwards

You do not have to have been in employment but you would normally need to
demonstrate your ability to repay and in some cases your savings history,
each lender has their own set of rules they apply, there is a lot of
competition in the market here so things such as amount of deposit and
continuing ability to repay a mortgage will take a priority.

"jambo_g" wrote in message
news:[email protected]...
    > I'm planning to emigrate to Australia next year and I have a query about
    > mortgages.
    > In the UK you've got to be in a job for 12 months I think it is before
    > lenders stump up the cash. Does anyone know if this same sort of
    > timescale applies in Oz??
    > It's not really a problem I'm just curious.
    > If there is a timescale, does the size of your deposit make any kind of
    > difference?
    > Cheers,
    > Graham
    > --
    > Posted via http://britishexpats.com

Rolf Schaefer

Hi Graham,

There are a few major lending criteria:

a.. Serviceability (DSR), or uncommitted monthly income (UMI)
b.. employment history
c.. deposit (which influences your loan-to-value ratio LVR)
With a good deposit (more than 20%) and a decent salary to show capacity to
repay virtually everything is possible. Do not forget the on-costs in AUS
are about 6% in VIC, 4.5% in all other states.

Yours sincerely

Rolf Schaefer
RJA Financial Services Pty Ltd
Independent and Accredited Mortgage Broker
03 9753 9044 (Tel)
03 9753 9055 (Fax)
0422 907 022 (Mob)
mailto: [email protected]

"jambo_g" wrote in message
news:[email protected]...
    > I'm planning to emigrate to Australia next year and I have a query about
    > mortgages.
    > In the UK you've got to be in a job for 12 months I think it is before
    > lenders stump up the cash. Does anyone know if this same sort of
    > timescale applies in Oz??
    > It's not really a problem I'm just curious.
    > If there is a timescale, does the size of your deposit make any kind of
    > difference?
    > Cheers,
    > Graham
    > --
    > Posted via http://britishexpats.com

jambo_g

many thanks

Graham

jambo_g

I have noticed that some people have been posting preferences of car insurers, does anyone have any opinions on mortgage lenders?

Any experience/pleasant dealings with???

Graham

Rolf Schaefer

Hi Graham,
it all depends on what you want from your mortgage.

There are so many features, fees and conditions too numerous to mention
here.

Basically there are 3 categories of loans:

1. No frills, very low interest rates, hardly any features
2. Premier packages for professionals, great features, discounted interest
rates
3. Run of the mill stuff for your normal mum and dad, some features, normal
interest rates (except for honeymoon or similar offers)

--
Yours sincerely

Rolf Schaefer
RJA Financial Services Pty Ltd
03 9753 9044 (Tel)
03 9753 9055 (Fax)
0422 907 022 (Mob)
mailto: [email protected]
"jambo_g" wrote in message
news:[email protected]...
    > I have noticed that some people have been posting preferences of car
    > insurers, does anyone have any opinions on mortgage lenders?
    > Any experience/pleasant dealings with???
    > Graham
    > --
    > Posted via http://britishexpats.com

beadleda

Just been through buying a house - on a temporary visa with less than 12 months left. All extremely easy. We expected major problems but had none.

Mortgage (20% down, avoiding mortgage indemnity, which were told WOULD have complicated matters), took 1 day for approval subject to FIRB approval. FIRB approval took 1 week.

Compared to England the whole process was incredibly simply.

Hope this helps
Dawn

jambo_g

Thanks

Graham