How soon can I get a mortgage?

[BullcreekBob]

Originally Posted by alkristensen

Hey bob.

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.

[Bobcat]

Originally Posted by BullcreekBob

G'day

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.

[liddylou]

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.

[property prospects]

Gday

I think its 3 months. then you can apply.

the building trade is booming here so dont worry you wont have any problems

Cheers

[Paul EDGE]

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