Guest kia1 Posted January 14, 2008 Share Posted January 14, 2008 :wubclub:Hi when we hopefully go over in july how long do you have to be in Australia before you can get a mortgage we dont have a house to sell over here but have a little amount of savings do you need to be in employment or could we go over and try to buy instead of paying rent. what would we have to bring with us the bank were with hsbc we have been with for quite a few years and they have a sister group in Australia cant remeber the name sander or something since we have been with them would we qualify better for a mortgage need a bit of advice and dont know where to start both have good credit rating dont owe any money anywhere and i thought since the bank knew us we would stand a bit of a chance help anyone.... Link to comment Share on other sites More sharing options...
Guest kdal Posted January 14, 2008 Share Posted January 14, 2008 Hi Kia The Visa that your are applying on I think that you can get a mortgage pretty much as soon as you get there. I think the amount you borrow depends on how much you have already in cash to put down for a deposit. I think there is someone on here that can help you, you may want to Pm him. I'm sure his log in is Bullbob Creek , or something like that have a search in the members list. He has been very helpful on here in the past but havent seen his name crop up for a while now though! Regards Link to comment Share on other sites More sharing options...
Guest kia1 Posted January 14, 2008 Share Posted January 14, 2008 :wubclub:Hi thanks again for your advice. will look for him so for instance if there is a house for $400.000 dollars i would need forty thousand is that right aaarrgghh i just need answers lol:arghh: i am trying to get things sorted and want to know that i know everythjing when we get there thanks Link to comment Share on other sites More sharing options...
Guest kdal Posted January 14, 2008 Share Posted January 14, 2008 Hi Kia, To be perfectly honest I am not entirely sure, you read so many things on here and sometimes it all gets mixed up in your head. I have been trying to find some threads on it and I found one from Bullbob Creek (keep forgetting that name too) anyway here is a message that he sent to someone QUOTE G'day BTW, if you have a permanent visa, you could apply for a mortgage with a deposit of 0%, nowt, nothing, nada. All you need is the ability to demonstrate you can pay the mortgage. Having a deposit helps but is not strictly required. Having a deposit of less than 20% however does mean that you will have extra costs to pay - Builders Mortgage Insurance which gets higher and higher as your deposit gets lower and lower. __________________ I hope that helps. UNQUOTE Hope that it helped you for now Regards Link to comment Share on other sites More sharing options...
Guest the terry's Posted January 14, 2008 Share Posted January 14, 2008 Hi guys, Paul Edge is on here and he has just given me an idea of how much I can expect to pay, fees and charges etc. He runs a company that can help to get your mortgage pre-approved, look him up on the member list he might be able to help you. Oh and by the way it's BullcreekBob is the person your also thinking of, he's a licenced mortgage broker. Hope this helps, Helen. x Link to comment Share on other sites More sharing options...
Guest the terry's Posted January 14, 2008 Share Posted January 14, 2008 Also look on Real Estate, Property, Land and Homes for Sale, lease and rent - realestate.com.au and look for their calculators it might give you an idea of payments, stamp duty etc. Helen. x Link to comment Share on other sites More sharing options...
Guest kdal Posted January 14, 2008 Share Posted January 14, 2008 Hi guys' date=' Paul Edge is on here and he has just given me an idea of how much I can expect to pay, fees and charges etc. He runs a company that can help to get your mortgage pre-approved, look him up on the member list he might be able to help you. Oh and by the way it's BullcreekBob is the person your also thinking of, he's a licenced mortgage broker. Hope this helps, Helen. x[/quote'] .......... Oh Yes thanks Helen, thats the fellow Bullcreekbob what did I say Bullbobcreek lol:biglaugh: Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted January 15, 2008 Share Posted January 15, 2008 Did anyone say "BullcreekBob" - yes I'm here. All the banks and other lenders have slightly different ways of judging when they would offer you a loan and how much it would be. It can be a real nightmare getting the info from and comparing a dozen or so possible lenders. Using a Mortgage broker will make it easier for you and will probably save you money. Yes, I am a trained and licensed broker, but I'm not working as a broker at the moment, so I can't help other than give some advice and let you know some of the facts. The amount you can apply to borrow will vary according to your visa class - for example 457 visa holders can not, by law, borrow more than 80% of the valuation of a property although some banks will limit it to 70%, some other banks will limit the loan to 40% others will not lend at all to temporary visa holders. Banks make their decision on how much to lend you, based upon your ability to repay. In other words the banks will look at your income, make a provision for your tax, living expenses, other financial obligations (credit cards, loans, guarantees etc) and then based upon what you have "left over" they will see what you could afford to repay if the interest rates up by at least another 1%. All banks and lenders have their own assessment of *your* living expenses and they vary significantly. When you can apply varies too. Some banks want migrants to have been working for a year, some want 6 months and yet others are happy as long as you're not on probation. Some banks make exclusion for certain types of employment so lawyers can often get a loan straightaway from ANZ whereas PNCS may give loans to Nurses before they've even started work. Requirements also change based on loan size. If you want to borrow less than 60% of the property value, most lenders will break their own rules to accept you as a borrower. Between 60% and 80% the banks can be flexible at certain times (if they want the business). Borrowing above 80% becomes harder because the bank is then obliged to take out Lenders Mortgage Insurance and the insurance companies usually have stricter requirements than the banks. This LMI is passed on to the borrower, sometimes by adding it into the loan, sometimes by requiring it to be paid upfront. Borrowing 80% the premium may only be $500 or less but borowing 97% on a $500K house could have an LMI premium of over $20K. I could say more, but I've got to go out. Link to comment Share on other sites More sharing options...
Guest mandy1 Posted January 15, 2008 Share Posted January 15, 2008 Hi Thanks for that, very useful. We are hoping to get to Perth in Feb and like others the prospect of buying a house seems daunting to say the leat. Mandy x Link to comment Share on other sites More sharing options...
Guest kia1 Posted January 15, 2008 Share Posted January 15, 2008 :yes:Hi thanks for the advice most appreciated. Link to comment Share on other sites More sharing options...
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