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Found 26 results

  1. Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom This post has been promoted to an article
  2. Aussiepom

    UK Buy to Let Mortgage Solution

    Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom
  3. Hi everyone, My wife and I are thinking of the possibility of buying a place in Adelaide prior to our arrival. We intend to travel in her native Spain for anywhere up to a year before arrival; we would like to buy now and rent the property until we are ready to move in. Anyone know of a good broker able to arrange mortgages in Australia for UK residents abroad? Cheers, Tyson
  4. Hi - just wondered if anyone had any experience of arranging a buy-to-let mortgage on their UK home before the move to Oz. Our house has been on the market for a few months, but its very sluggish and so we were weighing up the possibility of borrowing against this house to take cash out to Oz with us (and still have security of property back here). The figures are good, but we can't find a lender willing to let us fly off with their money! Thanks.
  5. Hi All, After a little help please. Okay so, my wife and her father have a financial business and I am thinking of trying my hand at Insurance Brokering. What I would like to know is what qualifications should I be aiming to complete? I have seen a diploma of financial planning which looks like it would be the right thing but just not sure? Also my wife has her CeMAP which is currently not being used but if she used it for a few years before trying to get over to Oz would that be enough to get us over & also would her skills (and mine if I trained as a Insurance Broker) be sort after? We are looking at Brisbane. Thanks in advance. Dean
  6. Guest

    Cert CII (Insurance Broker)

    Hello, just wondering if anyone can answer my question. The points test says that the qualification should be: "Australian Diploma or trade qualification or other qualification recognised by a relevant Assessing Authority" Now I have seen that the Australian Diploma is equal to NVQ level 3. NVQ Level 3 is equal to 2 A Levels. So, would 3 A Levels meet the requirement? Would a Cert CII qualification meet the requirement too? I think it's also the equivalent to NVQ Level 3 and it's relevant to the occupation. Thank you :hug:
  7. MikeW

    Loan - Bank or broker?

    Hi, Based in Canberra and looking to buy our first car in Australia. Went to bank yesterday to enquire about a loan, 15.5%. Seems very steep to me. This was one of the major banks too. A couple of people have mentioned brokers give you the best deal. Has anyone used a broker and do they get you better deals? Thanks, Mike.
  8. Guest

    Insurance Broker

    Hi Guys, Just looking a bit of advice, I am planning to move to sydney in February/March of 2012. I am 26, have worked in an insurance brokers for the last two years and am close to completing my Cert CI qualification (an insurance qualification) I have a Bsc honours degree in Business Studies. I have read that Insurance Broker has recently been added to the SOL List for Sydney. Any advice on the chances of me being successful for a skills visa?? Many Thanks Neil
  9. why would i use a broker to exchange my 70k when i can just join an ozzy bank and withdraw when i,m ready to buy a home??? what would a broker gain from this?
  10. Guest

    Mortgage broker in Melbourne?

    Hi, Can anyone pass on email address for a good mortgage broker in Melbourne?
  11. Hi All - We are moving to Perth in Jan 2011 and my wife has a sponsored 457 application in progress as she has secured work. I am a mortgage broker here in the UK and would like to stay in the industry in Aus but find it frustrating employers will not talk to me until either i am in Australia or much closer to our arrival date. I am keen to feel out the market and employment prospects before I sell my house and jump on a plane. Has anyone else found this and can anyone provide provide any advice ?:eek:
  12. Hi - we are moving to Perth in Jan 2011 and my wife has a sponsored 457 application in progress as she has secured work. I am a mortgage broker here in the UK and would like to stay in the industry in Aus but find it frustrating employers will not talk to me until either i am in Australia or much closer to our arrival date. I am keen to feel out the market and employment prospects before I sell my house and jump on a plane. Has anyone else found this and can anyone provide provide any advice ? :eek:
  13. Hi, Could anyone please recommend an independent mortgage broker in Australia/Sydney? We are really keen to liaise with someone prior to moving to get a realistic idea of how much we will be able to borrow. I've done the generic online calculators but would like to discuss. My husband has an AUssie passport so no issues with VISAS etc. Thank you!
  14. Anyone know of or used a good mortgage broker for initial talks about buying property here in Vic?? We have no clue on where to start, costs ect and would like a home visit to talk through this with someone So recommendations would be great
  15. We are emigrating next year and are undecided whether or not to use a currency broker or just go with international banking. I have looked into HiFX and they also offer reduced prices on flights and shipping but are they reliable? Did anyone use any brokers they could recommend or have any bad experiences? Any advice would be much appreciated as I don't want to put our savings at risk. Thanks Francine
  16. Hi All, I'm new here and looking forward to moving to the Sunshine Coast at the end of May this year. My wife is going to do a degree course at the university of the sunshine coast and I'm looking at my options! I have UK property investments that I will manage from Aus. I was going to become a mortgage broker in the UK, but hope that I might now be able to do this is Aus instead. Anyone got any good advice on where/who to train with? I've read that it might be possible to complete the exams while still in the UK, is this true? Any advice appreciated! Also would love to chat to others that live in the nearby areas. Cheers James
  17. Hi I know this has been discussed before but am unable to find the past threads. We are meant to be leaving the Uk in the next month but are getting cold feet due to the recession. I am a nurse and will be earning about 50,000 dollars a year. Due to the recession I am not confident oh will get work, I know we can manage with the help of family assistance but I am concerned about not being able to get back on the housing ladder. We would have roughly 80,000 dollars deposit. How much mortgage would i be able to get earning 50,000, we have 2 children and will not have any credit cards. Thanks Vanessa
  18. 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.
  19. Guest

    Currency exchange broker?

    Should we get a currency exchange broker when it comes to transferring our funds? We have a good sum to transfer over the Oz with us, but can we just do it via the bank or should we get a broker? Any help greatly received!
  20. OK, so we havent got the visa yet but our 70days for giving in extra info is up on Thursday so we are putting all eggs in one basket and praying we will hear good things by end of the week :frown:....but anyway...... ..we have a company shipping for us, my OH used to work for them so getting mates rates!, but they dont do insurance. Can anyone recommend a good insurance broker? I am having a nightmare of a job trying to find a company who will just deal with the insurance. Really appreciate an suggestions.
  21. Hi, I have applied for a family sponsored visa (Insurance Broker) in Nov 08. However with the recent changes my visa kinds would be the last to be processed. So I was wondering if I could change that into a regional sponsored one. I checked the Victorian site, but they do not seem to have a requirement for an Insurance Broker.:swoon: I have a relative who stays in Victoria who would be sponsoring me, but now Iam unsure if I can get a regional sponsored visa from any other state. Could someone guide me as to whether i can approach any other state to get a nomination. Await someones help!! Thanks, Nitsy
  22. 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
  23. 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
  24. We have had 5 removal companies round to quote for the move in anticipation of my C/O ever coming round from his coma or whatever else has had him tied up for the last 3 and a half months. I will post a thread with all the comparisons when they have all come in. Crown v.v. expensive already tho'. Anyway, my question is: can we use an independent firm / broker for the insurance? If so, can anyone recommend someone please? Apparently, there is an excess on the insurance too - how can that apply if I am not sailing the ship?!!! Tracy
  25. Guest

    Mortage Broker

    Hi Living in Caloundra and looking for a mortage adviser.... Anyone out there that can sort it or recommend one Cheers
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