Hi all,
I am moving over to Brisbane in September, I work in the building trade, and I was wondering how long do I need to be in work in order to get a mortgage?
Obviously we'll be renting for a few months, but then we want to get our own place.
Does it work out much better to buy land, then build, or go for established? I know a couple of people in Perth who built, but it was loads of hassle, turned out to be a good investment though.
Thanks
Some people have got mortgages within a few weeks. It all depends on income, and how the lender reacts to your situation. A mortgage broker can really help in this, and they don't charge you, the lender pays them a %.
What part of Brisbane are you aiming for ?
Houses? I agree, Build your own = loads of hassle, but good investment.
We are moving to Adelaide from the UK. We have only ever rented here in the UK so dont have a lump sum of money to purchase a house with. However we are at the point where we are ready to start a family and would like the security of owning a property rather than paying rent money and seeing no benefit from that. We are on temporary residence visas 3years with a view to applying for permenant residency but understand you cant get a mortgage unless you are a permenant resident? is this true? That would mean a minimum of 2 years renting before getting on the property ladder?
We arrived on 4th may this year and have just had the go ahead for our mortgage, its just over 7weeks since we arrived but we have to put a 20% deposit down, if we couldn't do this we may of had to wait 3months oh is in full time work, we are in brisbane.
Thanks for that info!! We are hoping to be in Perth area by mid-november & I have been wondering about mortgages etc..so to know you can apply for one fairly quickly is good to know
Mandyx
Thanks for your replies - thats really positive, we cant wait now to get job and house hunting when we get there this August!!!!
Hi Folks
Just a reminder - because you're on a temporary visa, you will need a deposit of at least 20% of the house purchase price plus have enought left over to cover the full amount of stamp duty and all the other fees. You will not be eligble for the First Home Owners Grant or the discounted stamp duty rates.
You will also need approval from the Foreign Investment Review Board.
I have been in touch with an estate agent and have been told that as long as Paul is working full time, in the trade he applied under for residency, we can have a mortgage straight away with a 10% deposit...We are chuffed to bits as we have seen a couple of houses that have really impressed us..
G'day
I would advise to treat all advice from a real estate agent with a great deal of caution.
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.
