cch Posted October 27, 2014 Share Posted October 27, 2014 Well, hopefully if my partner visa goes through! I'm curious to know if anyone here has experience of emigrating and becoming a first time buyer reasonably quickly after arriving? We fortunately have family to stay with, so the plan is once we find jobs and have established ourselves to get on the property ladder. I assume that trying to get a mortgage less than on year after arriving is going to be challenging? Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 27, 2014 Share Posted October 27, 2014 Have a word with Andrew at Vista he is a member on here and as got mortgages for a lot,of our members. good luck with the visa Link to comment Share on other sites More sharing options...
tina0101 Posted October 27, 2014 Share Posted October 27, 2014 We're currently looking to buy shortly and have spoken to the bank so far. We need to provide details of employment contracts, our first payslips and then they will consider our application. I think they like you to have been working for 3 months. 20% deposit is also quite important if you do not want to be hit with fees. From our investigations, having only been here less than a year has not even come up. Link to comment Share on other sites More sharing options...
cch Posted October 27, 2014 Author Share Posted October 27, 2014 Have a word with Andrew at Vista he is a member on here and as got mortgages for a lot,of our members.good luck with the visa Thank you, I will indeed do that next year! We're currently looking to buy shortly and have spoken to the bank so far. We need to provide details of employment contracts, our first payslips and then they will consider our application. I think they like you to have been working for 3 months. 20% deposit is also quite important if you do not want to be hit with fees. From our investigations, having only been here less than a year has not even come up. This is really encouraging, thank you - we really, really wanted to avoid spending another year in rented accommodation so music to our ears. While the property prices in Sydney are making my eyes water, we're shooting for a 20% deposit, which should still let us get into a 2 bed flat to start things off. So, I just need to get my Visa, emigrate to Australia, find a job, then buy a flat. What could possibly go wrong!!?? haha Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 28, 2014 Share Posted October 28, 2014 Thank you, I will indeed do that next year! This is really encouraging, thank you - we really, really wanted to avoid spending another year in rented accommodation so music to our ears. While the property prices in Sydney are making my eyes water, we're shooting for a 20% deposit, which should still let us get into a 2 bed flat to start things off. So, I just need to get my Visa, emigrate to Australia, find a job, then buy a flat. What could possibly go wrong!!?? haha Hi In a nutshell there is no specific time limit in place before one is able to purchase in Australia. The case will be considered on its individual merits with factors such as employment past and present, income and expenses, number of people in the household, deposit amount being provided and asset and liability position all being taken into account. Having a higher deposit does allow more flexibility however is not essential and some lenders will lend up to around 95% of the property price (note generally a premium known as lenders mortgage insurance (LMI) is payable if borrowing more than 80%). It is quite normal for employers here to include a probationary period for new employees of 3 to 6 months which may prevent a mortgage being obtained with some lenders however others can be ok with this. To evidence this we have secured mortgages for people in Australia within less than a month of arriving although more often than not people rent for a while initially so as to understand the areas/suburbs that they like and wish to live in (each to their own of course). KR Andy Link to comment Share on other sites More sharing options...
cch Posted October 28, 2014 Author Share Posted October 28, 2014 Brilliant, thank you Andrew. We'll sure to be in touch next year! Link to comment Share on other sites More sharing options...
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