Mortgages

**Nelson** · 07-05-2006, 04:27 PM

Does anyone know how soon after arriving or starting work one qualifies for a mortgage?

**glennandkate** · 07-05-2006, 05:20 PM

Originally Posted by Krista

Does anyone know how soon after arriving or starting work one qualifies for a mortgage?

I think the mortgage firms like 3 months wages.

**scoop** · 07-05-2006, 07:34 PM

Hi Krista

I think from what I have read on another forum that if you can prove your expected salary some company's are prepared to lend almost instantly.

I am sure more info will come.

Good luck with it all.

SCoop
:roll:

**joetrac** · 07-05-2006, 07:49 PM

I had a chat with amortgage arranger...he said that if you have permanent residence and a 20% deposit you can get a mortgage after 3 months.

**Nelson** · 07-05-2006, 07:51 PM

:lol: Great.. I understand that as house prices are soaring again here, they are about to slump in Aus...

**scoop** · 07-05-2006, 08:03 PM

Just goes to show that you need to do your research.

SCoop
x

**Tim** · 07-05-2006, 11:40 PM

Hi,
Although haven't officially applied for a mortgage, the brokers are keen to get your business and as long as you have a deposit of 15% I don't think you'll have a problem.

On a similar subject, I thought I'd have problems getting a credit card here as I have no Aussie credit history,I was wrong and Virgin CC gave me one with a HUGE limit and no questions asked! :!:

**ABCDiamond** · 08-05-2006, 01:43 AM

Originally Posted by scoop

Hi Krista

I think from what I have read on another forum that if you can prove your expected salary some company's are prepared to lend almost instantly.

I am sure more info will come.

Good luck with it all.

SCoop
:roll:

I agree, I have known people get mortgages within 3-4 weeks of arriving in Australia. Some based on the first payslip, others on confirmation of job and income.

It may be best to use a broker who knows which banks do what.

**ABCDiamond** · 08-05-2006, 01:48 AM

Originally Posted by Krista

:lol: Great.. I understand that as house prices are soaring again here, they are about to slump in Aus...

It depends what you read:

February 25, 2006
THE property market has bottomed out with national house prices recording their biggest quarterly increase since the end of the boom.
House prices rose 2.1per cent nationally in the three months to December, the biggest quarterly rise since the December quarter of 2003.

Sydney house prices increased 1per cent, the biggest rise in more than two years, according to Australian Bureau of Statistics figures released yesterday.

AMP Capital Investors chief executive Shane Oliver said while property markets in Australia's eastern capital cities had bottomed out, low affordability and low rental yields would keep a lid on prices.

"We've seen the bottom of the market. What you'll see now is prices fluctuating but pretty much moving to the side for the next few years," Dr Oliver said.

http://www.theaustralian.news.com.au...8-2702,00.html

From my experience I've seen that prices did begin to drop in 2003, but they seem to have stabilised at the moment.

With last weeks interest rate increase, it may hold prices level still, but I have heard that investors are looking at the market again to pick up the bargains that are around.