hi all does anyone know about australian mortgages for instance how much can you borrow and is there a minimum deposit you have to put down does it work the same as in the uk any helpful links or advice would be most helpful
We are in the process of getting pur first mortgage out here - the rules are a bit different. For example you do not multiply your income by three to get your borrowing power.
www.rams.com.au this is a website for one of the major non-bank lenders in Australia. There are various sections in here including borrowing calculators.
The deposit system is pretty much the same as the UK. You can get 100% loans but not from all institutions. Also if your loan is over 80% LTV you will have to pay an indemnity premium (as you would in the UK).
Posts: 677 | Location: Sydney | Registered: 18 November 2005
We have not finally settled on RAMS, but we did have one of there financial advisors come to seeus and he was very helpful in explaining everything to us. They also have an excellent range of different mortgage products to offer to suit people with different financial situations.
I have also looked at what my bank (ANZ) has to offer. Their advisor has been a little pushy for my liking so I am tending away from them.
Posts: 677 | Location: Sydney | Registered: 18 November 2005
If you are then you are entitled to a lot of first time buyer advantages.
I dont know of any requirement to be resident for a prescribed period of time. Your only problem might be that you do not have any credit history in Oz. You may be able to use statements/references from banks in the UK tp prove your previous credit worthiness.
Alternatively rent for 6 months, get some credit history and then apply.
Posts: 677 | Location: Sydney | Registered: 18 November 2005
We are still in the UK but are having a house built in Perth and we needed a wee mortgage to afford the final payments. We've got an mortgage through Westpac with whom we have a bank account (opened in Jan when OH was in Perth but less than $100 balance!)We've had no probs setting it up etc. I suppose it helped that we had paid for the land so the mortgage is offset against this. The affordability of it was calculated against our current UK incomes! A bit strange as we have no job offers once we arrive in Oz. I know it's a gamble but one we are prepared to take! Like any bank or financial institution around the world, if they think you can afford it then there's no probs.
Posts: 183 | Location: Baldivis WA | Registered: 26 July 2005
Originally posted by Colin Hanna: Your only problem might be that you do not have any credit history in Oz.
In Oz you don't need a credit history to get a loan.
Over here only negative things are recorded not positive things so if a potential does a credit check on you and gets something back, you probably won't get the loan.
Posts: 116 | Location: Perth | Registered: 13 August 2006
how quickly can you get a mortgage after you get to oz with your visa and can you rent somewhere from over here in the uk so you got somewhere to live when you first get there
Hi I am fairly new to this, but was told on another forum you could not buy for six months. Having read this thread maybe thats to do with credit history. Anyway I am led to believe you can rent something before you go, but I have been told it is best to wait until you get there as estate agents photos are ambiguous. We are going in a hotel for a week and arranging for estate agent to show us some properties a couple of days after arrival. The rental can be sorted out within a week I am led to believe. This is only info I have gained, but hope it helps. Regards Nicki
Originally posted by andywilson19: how quickly can you get a mortgage after you get to oz with your visa and can you rent somewhere from over here in the uk so you got somewhere to live when you first get there
Andy
G'day Andy
Many banks like to see 6 months of working before they will consider you however a good mortgage broker (like me ) should be able to find a few lenders that will overlook the 6 months requirement as long as you have a good income or a decent deposit.
Posts: 116 | Location: Perth | Registered: 13 August 2006
ty bob i will have a deposit about £30000 and will be employed when i get there was going to try self employed when i got to oz but if it better to be directly employed for the mortgage i will do that
If you are self employed and have an ABN, there are a number of lenders that will offer you a "No Doc" mortgage. The name refers to the fact that you provide no documentary proof that you earn enough to pay the mortgage, you just make a declaration that you can afford it and the banks will take you at your word. No Doc loans are usually limited to around 60% or 70% of the property's value and the bank will usually add about a quarter of a percent onto the interest rate.
However, as an employee you can borrow a far higher percentage of the purchase price, in fact up to 100% as long as you've been working for at least 6 months and can afford the repayments. If you need to borrow 80% or less of the property price, you'll be able to pick and choose among many lenders or banks even if you've only been employed for 1 day (as long as you are not on probation).
Hope this helps Bob in Bull Creek Mortgage Broker
Posts: 116 | Location: Perth | Registered: 13 August 2006
) should be able to find a few lenders that will overlook the 6 months requirement as long as you have a good income or a decent deposit.
