Hello all
Just wondering if any of you already out in Oz can tell me how long it took to be able to apply for a mortgage. We aim to rent at first but don't want to spend too long in rental accommodation before hopefully getting accepted for a mortgage. Any comments would be helpful
Thanks
Mandy x
Hi
Thanks for that. I'm encouraged to see that you don't have to be there for a lot of months before you can apply. I do suppose though that it depends very much on your personal circumstances.
Mandy x
Interesting and very pleasing that they let you apply for a loan so quickly in Australia.
We returned to the UK early this year after a couple of decades in Australia.
The hardest administration type thing about moving back has been dealing with the UK banks.
We have a more than respectable amount in the bank but still find that we aren't eligible for even a credit card. As “you have no credit rating in this country”.
Also in contrast to Australian banks they will not let you open an account without fronting up at a branch. That was a problem before we left Australia as where do you send that little bit of money to survive on before you arrive in the country and can move the rest. In the end we had to send it to my mother in law.
They say the rules are to do with terrorism, but that’s just rubbish as any terrorist worth his salt would be able to move money anywhere in the world and very probably easier than we legit people can.
Section 457 home loan in Australia, migrant home loan, mortgage, immigrant
Quote:
Originally Posted by mandy1
Hello all
Just wondering if any of you already out in Oz can tell me how long it took to be able to apply for a mortgage. We aim to rent at first but don't want to spend too long in rental accommodation before hopefully getting accepted for a mortgage. Any comments would be helpful
Thanks
Mandy x
To answer your question about how long it took to be able to apply for a mortgage in Australia after arriving on a Section 457 visa or as another type of temporary resident immigration visa, provided you do not have any compulsory probation period in your new employment here in Australia and meet other criteria, you can apply immediately (following initial qualification by Mortgage Consultant) to have your home loan application approved by a number of Australian banks.
Don't forget as a non permanent resident, you will need FIRB approval, which is simple process that can applied for on line. If you unexpectedly become a spouse (including de facto) of an Australian citizen, that requirement would not apply.
Interesting and very pleasing that they let you apply for a loan so quickly in Australia.
We returned to the UK early this year after a couple of decades in Australia.
The hardest administration type thing about moving back has been dealing with the UK banks.
We have a more than respectable amount in the bank but still find that we aren't eligible for even a credit card. As “you have no credit rating in this country”.
Also in contrast to Australian banks they will not let you open an account without fronting up at a branch. That was a problem before we left Australia as where do you send that little bit of money to survive on before you arrive in the country and can move the rest. In the end we had to send it to my mother in law.
They say the rules are to do with terrorism, but that’s just rubbish as any terrorist worth his salt would be able to move money anywhere in the world and very probably easier than we legit people can.
End of moan
Cheers
Dave
We found HSBC very good for that sort of thing when we first came back. They wanted to see passports, my partner's visa, etc, but opened the account straight away and helped us to transfer our funds by TT from our Austrlaian bank. We transferred the money to them after coming back here and it was very quick. They did say, though, that we should have set up the UK account through HSBC in Melbourne while we were still in Australia, and that this would have saved a lot of hassle.
In all the time we have been back, the branch we are with have been brilliant.
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Quote:
Originally Posted by davo453
Interesting and very pleasing that they let you apply for a loan so quickly in Australia....We returned to the UK early this year after a couple of decades in Australia...The hardest administration type thing about moving back has been dealing with the UK banks....We have a more than respectable amount in the bank but still find that we aren't eligible for even a credit card. As “you have no credit rating in this country”....
Also in contrast to Australian banks they will not let you open an account without fronting up at a branch. That was a problem before we left Australia as where do you send that little bit of money to survive on before you arrive in the country and can move the rest. In the end we had to send it to my mother in law....
They say the rules are to do with terrorism, but that’s just rubbish as any terrorist worth his salt would be able to move money anywhere in the world and very probably easier than we legit people can....Cheers ....Dave
Yes, Dave, Welcome to 1984 Britain! I'm sorry you're going to have to get used to the 'Terrorism' Excuse for all sorts of rubbish, & this was one of the MAJOR issues in us leaving for OZ - this erosion of our (hard fought & won) Freedoms, as law-abiding citizens is subversive and sinister - When I was in London during the IRA years, yes we were all vigilant & suffered terrible losses @ times, but the authorities took precautions alongside surveillance, counter-intelligence & infiltration., etc., we all took personal precautions - PERSONAL Responsibility - it wasn't up to The State to arbitrarily dictate to it's People what was Good for Them - the British population as a whole weren't held to ransom by the threats from despots & Extremists... There's little worse than Fear to keep the Masses under control... This was & continues to be a step by Big Brother too far...
The Banks in the UK used to be decent & honorable institutions, but now in some banks you need 3 forms of ID just to carry out a basic transaction, while, for eg., my brother-in-law had his cards unknowingly stolen from his wallet & a complete stranger was able to relieve his account of over £20K, even thu' Bro-in-Law was a KNOWN & familiar customer & this fraudster was not him; in another instance my Aunt, mistakenly used my Uncle's checks & no one at the bank noticed the wrong signatures, or stopped payment on the check's - in fact when she confessed her error she was told 'We don't look at the signatures any more...' What?? So why all the ID's??
Anyway - We've also had to come all the way to OZ in order to buy our 1st home, which we've been in just over a fortnight! Yipee! In spite of it costing around $30K to get the 2 of us out here we managed to beg, save & borrow enough for a +20% down-payment on an UNDER the threshold for 1st Time Buyers Grant & Stamp Duty relief (-$350K) property.
Initially we used Hi Fx to transfer $$ over here & when we came on our Reccie Feb/March we set up bank accounts & mobile phone, so the foundations of our new Life were in place... We arrived in Tas May 31, 08 & ensured we bought some items on terms to establish local credit history... We'd found a 7th-month rental, as OH wanted to take a break & become familiar with our new area before committing to a job & looking for a home location. Moved in end of June, furniture arrived June 30... OH started new job Aug 25: as it transpired a difficult commute... Rural homes within an easy commute were limited - esp UNDER the $350/top end of our budget... Therefore he had only been employed 2 weeks when the mortgage co agreed our initial mortgage ap... That 1st house deal feel thru' as we wanted a 90-day closing - didn't want to pay rent + mortgage past Xmas... As soon as we saw this place had reduced Asking, we jumped on it & here we are! OH has been with company now, about 15-wks.
TIMELINE: Saw the house on internet in UK last Christmastime... Has it on List, but too Xpensive...
First house fell through - following weekend saw this house... Tuesday put in offer, (Wed night offer accepted, Vendors moved out!) subject to Survey & Finance-Approval 30-day acceptance period... Survey Passed, 2-WKs later view empty house from outside (Vendor's No Show to let us in!)... Week later Mortgage Survey Successful, Mortgage Approved... 60-day to settlement... Could have been less, but it does take time for the Conveyancer's/Solicitors/BANKS to get organized & we didn't want dble payments... As it was, Vendor's Bank not organized so we closed 27 hrs later than we should, but had dispensation to enter house as arranged, to clean, & we settled just as furniture was arriving...!
But we are on a Permanent Visa (136 skilled) & apparently Colonial are about the only Mortgage Co that will offer mortgage will so little work history!
Hope this Helps & Good Luck All with the House Hunting & Moving - Also to advise - Moving again from rental to HOME can be expensive $1-$2K + insurance & beware the Usual 2-Man Team; how much of your stuff only takes 1 person to lift???!
__________________ HERBSTER X in Tasmania where the Wild Things are..
Last edited by Herbster; 08-12-2008 at 01:39 AM.
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Quote:
Originally Posted by treesea
We found HSBC very good for that sort of thing when we first came back. They wanted to see passports, my partner's visa, etc, but opened the account straight away and helped us to transfer our funds by TT from our Austrlaian bank. We transferred the money to them after coming back here and it was very quick. They did say, though, that we should have set up the UK account through HSBC in Melbourne while we were still in Australia, and that this would have saved a lot of hassle....In all the time we have been back, the branch we are with have been brilliant.
Good Point: there is much you can do remotely! Also with the internet, I'm sure you an establish credit history by buying in UK - Amazon, etc...? Some of the LOCAL banks & their staff are great - I had HSBC & my local branches were fine - it seems to be the SYSTEM & the fact many of these banks are so massive & cumbersome these days that as a little guy you don't count for much...
:emoticon-signxmas:
__________________ HERBSTER X in Tasmania where the Wild Things are..
Aussie home loans-how long?
Local is Good
