some info please

[adelaidebound]

hya , i have 2 questions if anyone out there can help , how long do we have to rent for in oz before we can buy ????
and secondly when im looking at property in oz on the website im useing the uk exchange rate to find out what the cost is in english which is 2.36 or do idivide it by the oz exchange rate , if so what is it
thanks
phill and christina

[nj]

As far as I know, if you have a permanent resident status then you can buy immeadiatly.

[adelaidebound]

so if we get in on our skilled workers application does that mean we have permanent residency or is that a seperate application when we have moved to oz ????????
thanks for your reply
phill and christina

[Kt'n'Adz]

Originally Posted by adelaidebound

hya , i have 2 questions if anyone out there can help , how long do we have to rent for in oz before we can buy ????
and secondly when im looking at property in oz on the website im useing the uk exchange rate to find out what the cost is in english which is 2.36 or do idivide it by the oz exchange rate , if so what is it
thanks
phill and christina

In regards to working out the exchange rate I vow by the following website. It is up to date and fast; http://www.xe.com/ucc/

[nj]

Originally Posted by adelaidebound

so if we get in on our skilled workers application does that mean we have permanent residency or is that a seperate application when we have moved to oz ????????
thanks for your reply
phill and christina

If thats Skilled - Independent (136) then you will get permanent residency status

[The Broughtons]

some banks won't give you a mortgage until you have been there for 12 months though!

[BullcreekBob]

Originally Posted by The Broughtons

some banks won't give you a mortgage until you have been there for 12 months though!

G'day

Many banks have that policy, but there are usually ways around it. If the bank you speak to says "No" or does have a 12 months working here policy, I suggest you talk to a Mortgage Broker, they will know how to get you a mortgage within weeks of your arrival.
I have arranged loans for people, where the banks had said no, because they hadn't been working long enough. Often, I've arranged the loan at the same bank that had previously knocked back the application. Sometimes it's just a matter of knowing the system or how to best present an application. A good Mortgage broker will know both those things (and more !!).

Having a larger depost always makes things easier. With a deposit of less than 20%, the lender is required to take out Lenders Mortgage Insurance and the two Australian LMI companies are a lot less flexible than what the banks are (or can be).

Cheers
Bob in Bull Creek