Quote:
Originally Posted by dogmaddebbie
Hi,
Firstly I'm not sure which area of Oz we would move to but vacancies are currently in NSW near Williamtown.
Our salaries would be approx $57,000 (I think, is this about right for an aircraft electrician?) and $45,000 (personal assistant). For a joint mortgage what would we be able to afford? Would we be able to buy a house straight away or would we have to rent? How much deposit would be needed for a mortgage?
Lots of questions there - hope you can help
Many Thanks
Debbie & Chris
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G'day
The way the banks will determine how much they will lend you is roughly...
add up all your basic salalry income
add some or part of your overtime and bunuses and commission
add any other regular income you have
take away your tax liability
add any afer tax income like some pensions or family tax benefit
take away any repayments for existing loans and credit card
take away any other regular debts or obligations you have
take away their estimate for your living expenses
Then you will have an amount that COULD be used to service a mortgage, so based on that they work out how big a mortgage you could pay if the interest rates went up a percent or a percent and a half.
The same basic approach is used by all banks but each slightly modify things.
Anyway, assuming no children, no other loans or credit cards, etc one lender (Keystart) may lend you up to $360,000 other lender (AMP) may lend you up to $658,735. Most of the *big* banks are somewhere in the middle of that range.
You will definately need to rent a house first. How quickly you can buy depends on the size of your deposit and your visa sub-class. Assuming permanent residence if your deposit covers the fees and a 50% deposit you could apply as soon as you're getting paid. If you have a deposit of only 20% plus fees, you'll probably need 3 to 6 months work before you can apply. If your deposit is 10% or less, then 6 months working would be considered the minimum time spent working.
All these are just guidelines and there's ways around most requirements, it can just make things harder.
