Are we Crazy?

EmmaC · 16-02-2008, 02:08 PM

As usual I have stuck my head in the sand until we are right at the final hurdle.
We are waiting for that all important phone call then six weeks after that we will be on our way to Perth.(if they say yes that is)

I am hoping for some advice on our situation.
Unlike most I see on PIO we have no house to sell and will be entering OZ with about £8000.00, both of us have jobs lined up although through a friend with little info on wages at this stage. My fella is intent on buying a house as soon as possible instead of renting.

We are both 27 and I am also keen to get a foot into the housing market whether it be in the UK or Oz but I just don't know how realistic our plan is. I have seen plenty of houses or apartments we love and have a good network of local friends in Perth who know the areas. We really don't want to waste our money on renting and are fairly certain we will be in Oz for at least a few years if not forever.

We are lucky enough to be able to stay with friends on our arrival and I'm sure we would be able to borrow money if we needed to up the anti on a deposit but how do we stand on getting a mortgage, time scale and credit history etc.

Any advice or thoughts would be greatly appreciated.

Emma

Sexy Welsh Aussie Bird · 16-02-2008, 03:40 PM

Hi Emma,
Someone here will have the info, at the mo house prices have just started to drop in my area of Perth, but you will need a deposit for the mortgage, some banks ask for 20%, renting is a short term cheaper alternative until you work out ur wages, spending etc also if you are on a trial period at work or if the work is agency/casual you will struggle to get a mortgage or if you do the repayments will be horrendous! My advice is take things slowly, walk before you run ( this was something I was told when I first got here and believe me its so true! ), thigs will work out, dont worry!!
Sian xxx

joksand · 16-02-2008, 04:32 PM

Hi Emma

We only arrived on the 3rd of Jan, so we're pretty new to it all and only now getting sort of settled. We didn't have jobs on arrival, but fortunately made a bit on our house sale in the UK, which has helped us get by to begin with. My husband now has a job, but I'm a 'stay at home Mum' as we've two young children.

It's good that you have friends to help you out when you arrive - there's so much to think about and consider that you need all the support you can get!

I'll be totally honest - £8000 isn't going to get you very far unless you're really careful, but at least you'll be straight in and earning when you arrive so you don't have to worry about eating into your savings too much.

Good rental properties can be hard to come by so take your time and find the right one in the right area for you. I'd advise that you get a reference from your previous landlord and employers to show the letting agent otherwise they may ask for the first 6 months rent upfront, although with you working straightaway this might not be a problem.

When you are ready to buy there's a first homeowners grant which I think is $7000 to help towards your deposit - the banks/real estate agent should be able to tell you more about this. Also I've read a little in the newspapers recently about a 'part own' scheme where you buy only a percentage of the property - might be worth investigating - however I've no idea what the properties or areas are like - might not be the sort of thing you're looking for. Properties aren't cheap here, but you can definitely get more for your money than in the UK. We're on the look out for a house at the moment and are watching the prices - in The West Australian today they've reported that prices have stabilised, but there's a lot of talk about them dropping over the coming months.

I'm sure everything will work out fine, and if things don't you're young enough to pick up and start again. Just think how you'll feel if you don't take this opportunity whilst you can - I know I'd regret it even though things are pretty tough at times right now.

All the best to you

Jo

EmmaC · 16-02-2008, 04:57 PM

Many thanks for the replys.

I think we are just so keen for our own space after living with our parents to save, we are probably getting ahead of ourselves.
I intend to take as much evidence as possible of our UK credit rating including references from anyone who's prepared to write one for us.
The sure way is to wait I suppose and stop speculating ......it's a good job some of the Real Estate websites don't take credit cards because i'd already have a house and a car by now.

I hope all is going well with your new lives in OZ.

E x

Biscuit · 16-02-2008, 05:43 PM

Hi Emma,

I am not writing to help I am afraid but just to say hello!! I'm also 27 and OH and I are going to be moving out to Perth this year (we already have our Visa's but no jobs lined up yet). Sounds like you are doing what we have, we have been living with my parents for the past few months to try and save as much money as possible...it is very hard, especially as I haven't lived at home for nearly 10 years!!! I cant wait to move over to Oz and have our own place again! We are hoping to rent for the first few months and then get onto the property ladder, we have been lucky enough to have done that over here although we sold our house last year in anticipation for the move.

Best of luck with everything and if you have any advise on the rental side of things when you move over it would be really appreciated!

Sam xx

Whitey · 16-02-2008, 11:14 PM

Hiya, just thought I would reply to your thread, have you ever caught 'wanted down under' on a morning on BBC? I would recomend you try to watch them, if you go to 'iplayer' on a google search it brings a link up for the BBC website and you can watch the whole series with.

I watched a few last night and there is one about a young couple moving from Yorkshire to Oz and they have a mortgage appointment on the episode and it talks about different mortgage rates with different visa's.

Might be usefull.........

Cheers Carol

EmmaC · 17-02-2008, 12:01 PM

Hi Sam,

Your situation certainely sounds familliar even more frustrating as we don't have the all clear on the visa's yet. My fella's parents are great but I just can't help but think we've outstayed our welcome.
When are you guys heading overto Perth? I'm sure my OH would be at the airport the day we get the all clear but I' hoping for April at the latest.

Wil no doubt be posting throughout our adventure. Good luck x

EmmaC · 17-02-2008, 12:03 PM

Quote:

Originally Posted by Whitey

Hiya, just thought I would reply to your thread, have you ever caught 'wanted down under' on a morning on BBC? I would recomend you try to watch them, if you go to 'iplayer' on a google search it brings a link up for the BBC website and you can watch the whole series with.

I watched a few last night and there is one about a young couple moving from Yorkshire to Oz and they have a mortgage appointment on the episode and it talks about different mortgage rates with different visa's.

Might be usefull.........

Cheers Carol

Thanks Carol,

Have seen a few of the "wanted down under" but not the one you mention.
Will definatelty track it down.

E x