Bladder Posted June 24, 2006 Share Posted June 24, 2006 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 Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted June 25, 2006 Share Posted June 25, 2006 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. Link to comment Share on other sites More sharing options...
Guest familyfriendlyhomes.com.a Posted August 4, 2006 Share Posted August 4, 2006 I am a rental property investor and landlord, happy for people to ring/email me for ideas. Karen Fuller http://www.familyfriendlyhomes.com.au karenfuller@familyfriendlyhomes.com.au +61 (0) 438631042 0438631042 :idea: Link to comment Share on other sites More sharing options...
Guest Nelson Posted August 4, 2006 Share Posted August 4, 2006 I am a rental property investor and landlord, happy for people to ring/email me for ideas. Where are you based? Link to comment Share on other sites More sharing options...
Guest Paula&Andy Posted June 18, 2007 Share Posted June 18, 2007 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? Link to comment Share on other sites More sharing options...
Guest NIGEL Posted June 19, 2007 Share Posted June 19, 2007 Hi 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. karen Link to comment Share on other sites More sharing options...
Guest Paula&Andy Posted June 19, 2007 Share Posted June 19, 2007 Thanks for your replies - thats really positive, we cant wait now to get job and house hunting when we get there this August!!!! Link to comment Share on other sites More sharing options...
Guest mandy1 Posted June 29, 2007 Share Posted June 29, 2007 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 Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 8, 2007 Share Posted July 8, 2007 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. Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 8, 2007 Share Posted July 8, 2007 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. Link to comment Share on other sites More sharing options...
IAN NINA & GEORGE Posted July 8, 2007 Share Posted July 8, 2007 how do you quallify for first owners grant and discounted stamp duty ? we are moving to perth on a STNI 137 visa and are bringing $ 237000 aud with us Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 10, 2007 Share Posted July 10, 2007 how do you quallify for first owners grant and discounted stamp duty ? Become a permanent resident. It is the only way to qualify. Link to comment Share on other sites More sharing options...
Guest The Mackie's Posted July 16, 2007 Share Posted July 16, 2007 Hi, we are hoping to move to Brisbane later this year, to enable us to get a mortgage do we need to bring anything from the UK, ie to prove we have had a mortgage previously, bank stmts etc,? We will have a perm visa and deposit, Thanks Zeta xx Link to comment Share on other sites More sharing options...
Guest Laura G Posted July 17, 2007 Share Posted July 17, 2007 Hi Guys I used an Australian broker and arranged my mortgage from the UK before even setting foot in Oz, I also was then able to use my english salary to get the funds required. By doing this I was able to purchase land that I had spotted whilst on holiday, I secured the land at a good price as by the time I made the move to Oz the land that I had purchased had gone up $50,000.00 The company was ADA Lending they are based on the Sunshine Coast, QLD Link to comment Share on other sites More sharing options...
Guest alkristensen Posted July 17, 2007 Share Posted July 17, 2007 Become a permanent resident. It is the only way to qualify. Hey bob. Would i need to be in full time work to get a mortgae in this circumstance please. We are going to give 75% Deposit on a house up to $400,000 , i.e. we have $300,000 cash. The missus has more but hers is the 200 000 and mines the 100 000. Id like a mortgage for 100,000 withonly working part time or setting up my own shop, is this possible? Im permanent resident 136 visa holder and will be first time buyer. Do we qualify for the First home buyers grant and stamp duty discount? Thanks for any answer or advice. Al Link to comment Share on other sites More sharing options...
Guest AndyandJan Posted July 17, 2007 Share Posted July 17, 2007 Hi Jo and Paul We've read in an Australian mag from a financial advisor that one thing to consider is investing your lump sum in a bank account giving off 6.5% - 7% interest and live off what that is making each month (approx 500-700 dollars). We will defo take advice when we get there on this issue. Its also true that you don't pay tax on any money you get in UK if you place it in an aussie account, you'll only pay tax on the interest it makes. Something else for you to think about. Jan. Link to comment Share on other sites More sharing options...
Guest traybears Posted July 17, 2007 Share Posted July 17, 2007 hi bob,my oh is a painter and decorator,we are planning to emigrate next year on a 495 temporary visa.we will bring about $100,000 with us.we want to rent for 6 months then buy.i will also work around 15 hours a week. (currently in supermarket).we would ideally like to buy a 4 beds,2 bathroom home as have 4 kids.around $350,000.not sure how much oh would be earning,could be from$650-$1200 per week.would we be able to get a morgage for around $250,000?had a look on real estate loan calculators but don't seem to give much on a lower wage.oh is a fantastic painter!please help,a worried tracy. Link to comment Share on other sites More sharing options...
Bobcat Posted July 17, 2007 Share Posted July 17, 2007 G'day I would advise to treat all advice from a real estate agent with a great deal of caution. Why do you say that? Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 20, 2007 Share Posted July 20, 2007 Why do you say that? G'day I've been quoted out of context Guv and I'm sure I'd trust you but I would only trust Real Estate agents advice on matters about Real Estate - and some agents I'd trust more than others. I would NEVER trust a Real Estate agent to give mortgage advice - and the advice given to Jo n Paul by a Real Estate agent was just plain wrong. Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 20, 2007 Share Posted July 20, 2007 hi bob,my oh is a painter and decorator,we are planning to emigrate next year on a 495 temporary visa.we will bring about $100,000 with us.we want to rent for 6 months then buy.i will also work around 15 hours a week. (currently in supermarket).we would ideally like to buy a 4 beds,2 bathroom home as have 4 kids.around $350,000.not sure how much oh would be earning,could be from$650-$1200 per week.would we be able to get a morgage for around $250,000?had a look on real estate loan calculators but don't seem to give much on a lower wage.oh is a fantastic painter!please help,a worried tracy. G'day Tracy Every bank has slightly different rules for lending, so what I say here should be taken as an indication only, certainly not a promise of a loan. These figures are what I've got from the RAMS home loan calculator, If you are working 15 hours a week earning $15/hr giving you $225/week and your hubby is earning $650/week assuming you have no other debts, no credit cards or loans and no other sources of income the most RAMS might consider lending to you is $125K. If his income was $1,200/week then the amount that they might lend would go up to $330K. If his income was $900/week then the max loan size would be $215K. To get $250K he would need $990/week on top of your $225. If you spend any of your $100K deposit on cars, furniture etc then you'll need to borrow more. If you buy anything on terms or get a credit card, that will reduce the amount of a loan that you may be eligible for. Don't forget to allow for the fees on a house. If the house is in Qld, fees will be around $8,000. In WA around $15,000 and in Tassie around $13,500 Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted July 20, 2007 Share Posted July 20, 2007 Hey bob. Would i need to be in full time work to get a mortgae in this circumstance please. We are going to give 75% Deposit on a house up to $400,000 , i.e. we have $300,000 cash. The missus has more but hers is the 200 000 and mines the 100 000. Id like a mortgage for 100,000 withonly working part time or setting up my own shop, is this possible? Im permanent resident 136 visa holder and will be first time buyer. Do we qualify for the First home buyers grant and stamp duty discount? Thanks for any answer or advice. Al G'day Al Are you and the misses buying together or seperately? Your post is confusing me - I'm not too bright I'll assume you're buying jointly. i.e. both names on the property, both names on the mortgage. Being a PR on a 136 visa means you'll get FHOG and be eligible for the reduced rate of stamp duty (except possibly in Qld). To get a loan of $100K from RAMS you'd need to be earning over $550/week. That is assuming 2 adults, 0 children, no debts, credit cards, loans, other liabilities etc etc. I'm not suggesting or recommending RAMS, other banks and lenders will have different (but similar) guidelines, it just the RAMS calculator is open on my other screen at the moment. Link to comment Share on other sites More sharing options...
Bobcat Posted July 20, 2007 Share Posted July 20, 2007 G'day I've been quoted out of context Guv and I'm sure I'd trust you but I would only trust Real Estate agents advice on matters about Real Estate - and some agents I'd trust more than others. I would NEVER trust a Real Estate agent to give mortgage advice - and the advice given to Jo n Paul by a Real Estate agent was just plain wrong. Point taken......... as I've said many times before there are Agents .......... and Agents; some not as good or as honest as others. I didn't even know where the REBA office was until I had to pay them a visit to apply for my Triennial License. Shonky operators visit their premises on a regular basis. Agree with you 100% re unqualified persons offering advice. It can come back to bite us; especially so since the financial Services Reform Act came into being. Same applys to GST; I refrain from giving out advice re GST........... I tell my clients to clarify their concern with a qualified accountant or tax specialist. As well as houses I sell businesses too so the dreaded GST (similar to VAT for you UK folks) has always been a grey area. Link to comment Share on other sites More sharing options...
Guest liddylou Posted July 21, 2007 Share Posted July 21, 2007 We have been in Oz for three months and managed to get a mortgage on a months pay slips but like others are saying you will need 20% and if self employed, depending on who you use it might take longer, pretty much like the uk really. A bit of good news thought, you will qualify for the 'First Time Home Owners Grant' which is $7,000 and if you buy land and build you will be exempt from stamp duty because it will be your 'First Principle Residence' Regarding the build or buy established, if you are prepared to wait up to 12 months to build then that is definately the way to go but that is how long a build is taking here at the moment. Link to comment Share on other sites More sharing options...
Guest property prospects Posted November 2, 2007 Share Posted November 2, 2007 Gday I think its 3 months. then you can apply. the building trade is booming here so dont worry you wont have any problems Cheers Link to comment Share on other sites More sharing options...
Guest Paul EDGE Posted November 3, 2007 Share Posted November 3, 2007 Hi Bladder Maybe I Can Help We Moved Here Last Year And Saw The Need For A Service Such As This By All Means Contact Me Link to comment Share on other sites More sharing options...
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