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Found 164 results

  1. Guest

    To be mortgage free or not

    Hi to everyone , have recently found this very helpfull site and have been reading a lot on the moving back to the uk forum. This is our situation , we have been here just under 5 years and have had our ups and downs and have probably never felt 100% settled , always feels as though something is missing. We are both in our late 30s and have decided that we would like to buy our own place and start a family. To buy in the area we currently rent in (which we both like) or close by in Perth would mean taking on a mortgage of $250000 to $300000. To go back to the Uk were both our families are we could buy a nice detatched house and be mortgage free with a little left over , admittedly no were near as nice as Perth . Would really appreciate others opinons and views , as we seem to be going around in circles at the moment
  2. Interest Rates Rise You will have seen on the news last week that the federal bank has increased the base rate by 0.25% to 3.25%. The base rate was at a 49 year low and along with the stimulus packaged the government introduced; economists feel that Australia has officially avoided a recession! The view is that we will see further rate increases in the future months to combat inflationary pressures of price rises in the retail sector. The 0.25% rate increase will add an extra $15.00 per month per $100,000 borrowed. Fixed Rate Mortgages Over the last few months, we have seen that the interest rates on fixed rate mortgage products, has been steadily increasing. Current 3 year fixed rates stand at approx 6.9% - 7.4% with 5 year fixed even higher. With variable products rates currently at approx 5.25% - 5.6% many clients have indicated that they do not find the fixed rates competitive enough to look at taking them at the moment. First Home Owners Grant (FHOG) As from the 1st October 2009 the WA First Home Owners Grant has been reduced: Established Properties: $10,500 New Constructions: $14,000 These will both reduce down to $7,000 as from the 31st December 2009. Keystart Home Loans Keystart Home Loans is funded by the WA government to help people get onto the housing ladder with low deposit options. They have recently abolished the option of having no deposit from the applicant and to just use the First Home Buyers Grant funds as a 2% deposit. Keystart now offer a maximum of 96% mortgage and require that applicants provide a 4% deposit (2% of their own money as "Genuine Savings" along with a further 2% that can be from the grant) Genuine Savings Criteria "Genuine Savings Criteria" is a rule that many lenders have recently introduced to help them assess cases and provide, what they would describe, Lower Risk Lending. Most lenders require that applicants now provide bank statements showing a 5% deposit has been sat in their account for the previous 3-6 months in order that they will accept the application. There is Keystart at 2% requirement and a couple of lenders that will allow 3% Genuine Savings. Applicants may need to provide a total of 5% - 10% deposit with the remainder coming from the FHOG or sale of assets like motor vehicles (these proceeds cannot be taken into account as Genuine Savings, but just as additional deposit).
  3. kellyjay

    mortgage help

    hi all can anyone tell me how long you need to be in oz before you can apply for a mortgage. my hubbie is unsure if he will work for himself or for someone else. will this make a difference thanks kelly
  4. Hi, We have now thought of a new way of making some money in Oz, my husband is now talking about selling up in Uk, and buying somewhere in Melbourne with the money we make from the house, then getting a smaller mortgage in Oz and buying an apartment and then renting it out as a holiday home. Anyone done this? Any thoughts of if its a good idea? Does anyone know much about getting a Mortgage in Oz, is it easy or harder than uk? Any thoughts welcome.:realmad:
  5. You have touched on a very interesting topic. I often have existing customers of Australian banks call me to see if I can assist with a low deposit home loan as their bank call centre staff told them they couldn't. Often we establish that bank staff gave the wrong information and mis-interpreted their own bank's lending policy. We can establish this as a fact as accredited mortgage brokers we are trained by the banks to provide the same home loan products the bank staff can provide. This is a free service to borrowers. Currently 3% deposit can provide access to a home loan from Australian banks but there are certain qualifiers and a qualified mortgage consultant can provide guidance.
  6. Guest

    Mortgage Grant

    Hi everyone We have recently recieved our visa's, We were hoping someone will be able to tell us how much of a mortgage we need to take out to recieve the grant from the govenrment? I will be working in Cairns, so any suggestions on areas to live would be good. We have two boy's aged 9 and 7. Thanks :spinny:
  7. PIPMOSS

    mortgage on abn

    Hi has anyone got a mortgage while working on a abn and how hard is it to get .. How much depost do they want with you been on abn.. Going to start to have a look next week , so was just wondering how others have got on.. Many Thanks
  8. Guest

    Mortgage brokers in Melbourne

    Hi there Anyone any experience with or can recommend a good mortgage broker in Melbourne - eastern suburbs (Camberwell) are would help but I'm looking for one of these brokers, as we had in the UK, who comes to your home, runs through everything with you and has it all on their laptop and then brings up the best option at the time. And of course, they get their money from the mortgage company, so we do not pay. Anyone recommend anyone who knows their stuff and has access to a good number of providers? Thanks Andy
  9. Guest

    Mortgage deposits

    Hi, I am moving to Sydney with my husband and two young kids at the beginning of next year. What is the deposit situation, do lenders accept a 5% deposit only (I think 15 is the lowest in the UK now). Anyone knows where I could find out more on this and discuss online questions and the process? Thanks!
  10. The Pom Queen

    Check Your Mortgage Statements

    I am sure some of you would have watched the Today Tonight Program on Ch7 the other night, if not it may be worth watching this video. http://www.mortgagewatchdog.com.au/hg/main.html it will demonstrate how the banks make mistakes in calculating your repayments and how thousands of people have used it successfully to save money. They recommend purchasing a software package which will calculate if you have been over charged. We didn't use the one they recommend as didn't want to folk out the $200 but we did find a free trial one which was Mortgage Audit Software - Home Loan Interest Manager Although after keying in all the data they required we found out we had only been overcharged $30 so wasn't worth it for us and I was hoping we would have been able to claim millions:biglaugh:
  11. mr luvpants

    House and a UK mortgage

    We are looking to go next year and we have to change our mortgage this September. I have just telephoned our mortgage company and they were most helpful (not!). If you are having to leave your house and rent it out as we are thinking of doing, what did you do regarding mortgage products etc. We were thinking of changing to an interest only mortgage but the mortgage company is saying that they want proof that you have investments in place to repay the loan if needed in the future when the term finishes. JOHN
  12. Guest

    can we get mortgage??

    Hi, can you help us out please?? we have been told that you cant get a mortgage until you have lived in oz for 2 years, we are coming over on a 457 visa and were wondering when we would be able to buy a property?? suggestions please thanks :cool::wink:
  13. Hi We are living in Mandurah and wanting to get advice on our mortgage options. We have spoken to one broker who didnt give us a great deal of help, to be honest, so wonder if anyone knows of a good broker who would be able to go through all our options with us. Many thanks. Jill
  14. Hiya, Was just wondering if anyone could shed any light on mortgage lenders insurance. We are looking at getting a mortgage but dont have enough dosh for a 20% deposit. Thing is we are on a 475 (not to be confused with 457) which is the provisional visa (Sponsored by Tassie) for 2-3 years prior to PR being granted. Does anyone know if it is possible to geet the LMI when not PR? Would love to hear from lots of people who have managed to get this :wink: cheeeeeeeeeeeeers CC x
  15. mcauleycm

    mortgage help

    Hi all does anyone know how easy/difficult it is to set up a bank account and organise a mortgage in Oz. Also what is the average deposit for a house? Thanks in advance Claire
  16. Hi, Any opinions about whether it's best to go with a mortgage broker or direct with a bank, when fixing up a mortgage? Thanks, the jp's
  17. mr luvpants

    Mortgage rate

    Can anyone give me a ball park figure as to what the Aussie mortgage rate is please? JOHN
  18. hi we are permenant residends returning to melbourne in 2009. does anyone know how long we have to wait to get a mortgage or can we get one as soon as we want. we will have 10% to put down. we only rented when we were in oz peviously. any info would help. thanks
  19. Guest

    mortgage calculator?

    hi, is this a trusted source for calculating amount of mortgage we can borrow according to salary? Suncorp Loans - Estimate how much you can borrow thanks!
  20. joetrac

    Getting a mortgage on your return

    Just wanted to put some peoples mind at rest about getting a mortgage.We had no problems and had our choice of lenders.We did put down a large deposit right enough and only being away for 2 years ment that it was easy to check our credit rating. I have to say I was really worried after listening to all the doom and gloom about lending but if you have a decent deposit and good credit rating you should ok. Moving into new pad end of Jan...cant wait...and its snowing today...it doesn't get any better than that :spinny:
  21. hello all, im just wondering if anyone can advise on credit references , work history etc needed for people like myself to obtain a mortgage asap after landing in adelaide?as we will be brand new in australia im dubious as to how keen the banks will be to lend?ive asked northern rock for references re our mortgage but they simply said our mortgage statement is our reference?im planning on taking over tax returns ( self employed since 89 )for proof of earnings,and an introductory letter from my accountant(its the least he can do after all the money ive saved him by not going to all his pineapple and cheese on a stick and wine partys down the years)so if anyone can advise on this it will be helpfull to ourselves and maybe to others in advance of arriving in australia,thanks paul. btw a happy christmas and a fruitfull new year to all who are there, all who are going there, all who are trying to get there,and to those who have decided australia isnt for them and came "home":emoticon-signxmas:
  22. Hi Just wondered if anyone has any recommendations for good mortgage and property sites. At the moment im using a site called propertyabroad.com as im looking to buy a property in Cyprus. They are very helpful but i am also looking to shop around. Can anyone recommend to me good sites? Thanks Sally
  23. IS it possible for you to get a mortgage straight away when you emigrate or is there a minimum period that you have to rent for?:nah:
  24. G'day all. Just had an interesting conversation with one of our neighbours, who is renting a 4 bed house for himself, wife and 5 kids. He works in construction and brings home $1,100 pw and yet cannot get a mortgage. He's been on these online mortgage lender websites and uses the calculator on there to work out how much they'd lend him and... it's a tad unfair, methinks. First of all, it says he could borrow $350,000 judged by his income, which sounds good. Then as he scrolls down the page, it asks how many kids he has and for each kid he enters on the form, the amount drops. After entering he has 5 kids, the total amount that he can actually borrow, has dropped to a measly $210,000. They cannot afford to buy. Isn't that so absurd???
  25. To cut a long story short... Mortgage outstanding - 105k Loans - 30k house value (normally) - 150k house value now (if we are lucky) - 120k we have bad credit due to a dodgy builder. :embarrassed: Can we claim bankrupcy/IVA and still get a visa? Do australia look unfavourably on bad credit? Has antone used the 'sell your house and rent it back scheme?' We do not intend to leave the uk with debt but we just want to clear it as quickly as possible.
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