Any mortgage/financial experts in Oz?? - Questions!!

[sadsmile23]

Hi
Hoping someone will read this and be able to give some solid advice:
Few questions I have about the interest rates/house buying situation in Oz:

We are hoping to come over with about £50-60k to use as a deposit for a house. As interest rates are so high at the moment, would we be better renting for maybe a couple of years and putting the money in a savings account?
If we did that, how much money could we expect to make on our investment in, say 2 years, at current rates for example.
How much of it would we lose in taxes?
What sort of mortgage rates are on offer for first time buyers in WA?
What sort of repayments would we be looking at (think max we would be looking at total spend is $400-$450k).
Is there anything else I haven't covered here that you can advise me on?

Many thanks for you help - hoping for some good responses & advice!!!!

[sadsmile23]

Just bumping myself back up - hoping for some answers!

[Pinhead]

If you put your cash in a deposit account you should get at least 6.5% gross on your money.
You will be taxed at your marginal rate once you are in Australia, as a non resident you would be taxed at 10% at source.

Check out the CBA website it has some very useful tools regarding mortgage / stamp duty calculators.
Commonwealth Bank Group - Personal - Tools and Calculators

[eye_sea]

Hi there
Whether to rent or not really depends on your opinion about interest rates, which obviously impacts on the property market bouyancy. Pundits suggest that the interest rates have nearly peaked..the recent rises having the desired effect of 'cooling' the property market and consumer spending.
Term Deposit rates at the moment are around the 8% mark (gross) and you would of course be tied into the product for your chosen period.
The Standard Variable Rates for the major Banks Westpac, ANZ, NAB and Commonwealth are around the 9.3% but you should expect to receive a discount from this rate (app .7%), especially when you consider the amount you are proposing spending on a property.
In terms of actual repayment amount would depend on the type of Home loan you choose(principal and interest or interest only) and the term you take it over, most banks tend to quote on a 30 year term when quoting for P&I Home Loan. If you visit any of the big 4 websites, they tend to have calculators which will assist you in finding out the costs. Be mindful that buying prop in Aus can be expensive compared to the UK, in the payment of stamp duty, gvt charges, etc..these costs should also be factored into your calculations.
Hope this helps

Originally Posted by sadsmile23

Hi
Hoping someone will read this and be able to give some solid advice:
Few questions I have about the interest rates/house buying situation in Oz:

We are hoping to come over with about £50-60k to use as a deposit for a house. As interest rates are so high at the moment, would we be better renting for maybe a couple of years and putting the money in a savings account?
If we did that, how much money could we expect to make on our investment in, say 2 years, at current rates for example.
How much of it would we lose in taxes?
What sort of mortgage rates are on offer for first time buyers in WA?
What sort of repayments would we be looking at (think max we would be looking at total spend is $400-$450k).
Is there anything else I haven't covered here that you can advise me on?

Many thanks for you help - hoping for some good responses & advice!!!!