We've read in an Australian mag from a financial advisor that one thing to consider is investing your lump sum in a bank account giving off 6.5% - 7% interest and live off what that is making each month (approx 500-700 dollars). We will defo take advice when we get there on this issue. Its also true that you don't pay tax on any money you get in UK if you place it in an aussie account, you'll only pay tax on the interest it makes. Something else for you to think about.
Jan.
Thanks guys :)..I know when Paul first went to the bank in Australia they advised him to move our money to a high interest account and he did, so maybe it was one like this...We now have 2 bank accounts there, but not being there its hard to really understand everything...I personally would not want to use all of our money on a house, I am thinking of starting my own business once there but its all in the air at the moment, so will need some cash for that...It wont be straight away though as i want paul settled in his job and happy first..
See, I have been here for 2 years and still need your advice...Thanks so much
Jo x
I've been quoted out of context Guv and I'm sure I'd trust you :) but I would only trust Real Estate agents advice on matters about Real Estate - and some agents I'd trust more than others.
I would NEVER trust a Real Estate agent to give mortgage advice - and the advice given to Jo n Paul by a Real Estate agent was just plain wrong.
hi bob,my oh is a painter and decorator,we are planning to emigrate next year on a 495 temporary visa.we will bring about $100,000 with us.we want to rent for 6 months then buy.i will also work around 15 hours a week. (currently in supermarket).we would ideally like to buy a 4 beds,2 bathroom home as have 4 kids.around $350,000.not sure how much oh would be earning,could be from$650-$1200 per week.would we be able to get a morgage for around $250,000?had a look on real estate loan calculators but don't seem to give much on a lower wage.oh is a fantastic painter!please help,a worried tracy.
G'day Tracy
Every bank has slightly different rules for lending, so what I say here should be taken as an indication only, certainly not a promise of a loan.
These figures are what I've got from the RAMS home loan calculator, If you are working 15 hours a week earning $15/hr giving you $225/week and your hubby is earning $650/week assuming you have no other debts, no credit cards or loans and no other sources of income the most RAMS might consider lending to you is $125K. If his income was $1,200/week then the amount that they might lend would go up to $330K. If his income was $900/week then the max loan size would be $215K. To get $250K he would need $990/week on top of your $225. If you spend any of your $100K deposit on cars, furniture etc then you'll need to borrow more. If you buy anything on terms or get a credit card, that will reduce the amount of a loan that you may be eligible for.
Don't forget to allow for the fees on a house. If the house is in Qld, fees will be around $8,000. In WA around $15,000 and in Tassie around $13,500
Would i need to be in full time work to get a mortgae in this circumstance please.
We are going to give 75% Deposit on a house up to $400,000 , i.e. we have $300,000 cash. The missus has more but hers is the 200 000 and mines the 100 000. Id like a mortgage for 100,000 withonly working part time or setting up my own shop, is this possible?
Im permanent resident 136 visa holder and will be first time buyer. Do we qualify for the First home buyers grant and stamp duty discount?
Thanks for any answer or advice.
Al
G'day Al
Are you and the misses buying together or seperately? Your post is confusing me - I'm not too bright :( I'll assume you're buying jointly. i.e. both names on the property, both names on the mortgage.
Being a PR on a 136 visa means you'll get FHOG and be eligible for the reduced rate of stamp duty (except possibly in Qld).
To get a loan of $100K from RAMS you'd need to be earning over $550/week. That is assuming 2 adults, 0 children, no debts, credit cards, loans, other liabilities etc etc. I'm not suggesting or recommending RAMS, other banks and lenders will have different (but similar) guidelines, it just the RAMS calculator is open on my other screen at the moment.
I've been quoted out of context Guv and I'm sure I'd trust you :) but I would only trust Real Estate agents advice on matters about Real Estate - and some agents I'd trust more than others.
I would NEVER trust a Real Estate agent to give mortgage advice - and the advice given to Jo n Paul by a Real Estate agent was just plain wrong.
Point taken......... as I've said many times before there are Agents .......... and Agents; some not as good or as honest as others. I didn't even know where the REBA office was until I had to pay them a visit to apply for my Triennial License. Shonky operators visit their premises on a regular basis.
Agree with you 100% re unqualified persons offering advice. It can come back to bite us; especially so since the financial Services Reform Act came into being.
Same applys to GST; I refrain from giving out advice re GST........... I tell my clients to clarify their concern with a qualified accountant or tax specialist. As well as houses I sell businesses too so the dreaded GST (similar to VAT for you UK folks) has always been a grey area.
__________________
If today was not an endless highway,
If tonight was not a crooked trail..............
I've been quoted out of context Guv and I'm sure I'd trust you :) but I would only trust Real Estate agents advice on matters about Real Estate - and some agents I'd trust more than others.
I would NEVER trust a Real Estate agent to give mortgage advice - and the advice given to Jo n Paul by a Real Estate agent was just plain wrong.
Was just saying what I had been told, but i will be looking into it further.....Of course I am not going to rush into buying a house with that estate agent, he was just one I emailed and this was his response
Hi Joanne, thanks for your e-mail, I have spoken to my lender & she has
told
me that as long as your husband has permanent full time employment with
no
probation period in the same field as he was working in England you
would be
able to borrow up to 90% of the amount of the property so that means
you
only need 10% deposit ie $400,000 house you will need $40,000 deposit.
That
can happen as soon as your husband has that full time employment.
Please let
me know if you need any further information. Regards Ross
We have been in Oz for three months and managed to get a mortgage on a months pay slips but like others are saying you will need 20% and if self employed, depending on who you use it might take longer, pretty much like the uk really.
A bit of good news thought, you will qualify for the 'First Time Home Owners Grant' which is $7,000 and if you buy land and build you will be exempt from stamp duty because it will be your 'First Principle Residence'
Regarding the build or buy established, if you are prepared to wait up to 12 months to build then that is definately the way to go but that is how long a build is taking here at the moment.
