Guest Posted April 26, 2015 Share Posted April 26, 2015 Hi all ,Was just wondering how long you have to be in Australia before you can get a mortgage ,going on the assumption that I would be in full time employment . Link to comment Share on other sites More sharing options...
Bungo Posted April 26, 2015 Share Posted April 26, 2015 I don't believe there is a rule. Link to comment Share on other sites More sharing options...
rattatoile Posted May 1, 2015 Share Posted May 1, 2015 There's no rule - depending on what visa you're on would vary the risk to the provider, and therefore the interest rates [emoji106] Link to comment Share on other sites More sharing options...
tina0101 Posted May 1, 2015 Share Posted May 1, 2015 We used a broker - we'd been here 3 months, my husband had only been employed for 2 months and I had only just started my job and had 6 months probation period. A number of providers would not even look at us. Got a decent home loan (mortgage) still, but probably wouldn't have found it without the broker. Link to comment Share on other sites More sharing options...
Mae m Posted May 15, 2015 Share Posted May 15, 2015 hi tina! if i may ask,what visa do you have? been here for 5 months and enquiring for a loan with NAB but been told we can't as we are not PR. thanks Link to comment Share on other sites More sharing options...
Bungo Posted May 15, 2015 Share Posted May 15, 2015 hi tina! if i may ask,what visa do you have? been here for 5 months and enquiring for a loan with NAB but been told we can't as we are not PR. thanks Just try another bank. You are not legally prohibited from getting a mortgage, I expect NAB just didn't want to lend to you on this occasion because you have not been in the country long and are on a temporary visa. Move on from NAB and try one of the others. Well I mean I say that, but in all honesty, I wouldn't be getting a mortgage on a 457 visa, but that is your risk to take. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 16, 2015 Share Posted May 16, 2015 hi tina! if i may ask,what visa do you have? been here for 5 months and enquiring for a loan with NAB but been told we can't as we are not PR. thanks Hi Where are you based? NAB will lend to temporary residents, it is in their policy, so I guess that either something about your situation doesn't fit there policy or you are looking to borrow more than 80% loan to value ratio (LVR) which is their maximum lend for temporary residents. Most lenders will actually lend to temporary residents (although CBA won't at all for 495 visa holders), however in general 80% is the maximum LVR they will lend. There have been some banks lending up to 90% for certain temporary residents however recently this seems to have ceased. regards Andy Link to comment Share on other sites More sharing options...
Mae m Posted May 16, 2015 Share Posted May 16, 2015 Hi Where are you based? NAB will lend to temporary residents, it is in their policy, so I guess that either something about your situation doesn't fit there policy or you are looking to borrow more than 80% loan to value ratio (LVR) which is their maximum lend for temporary residents. Most lenders will actually lend to temporary residents (although CBA won't at all for 495 visa holders), however in general 80% is the maximum LVR they will lend. There have been some banks lending up to 90% for certain temporary residents however recently this seems to have ceased. regards Andy Hi Andy, we are currently in Townsville. i dont know why i was told that we cant due to the type of visa, if its the amount, the banker should have told md that 20% deposit is required as we can give 20% if needed. how do i find a broker? is it expensive? does anybody here know if hsbc can help as our account in the uk is with hsbc. thank you Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 16, 2015 Share Posted May 16, 2015 Hi Yes not too sure why they told you that either, what visa is it you are on? Generally most Brokers assisting with residential purchases will not charge, they are paid by the lender on completion of the loan/mortgage and do all the research, applications, liaising with agents, conveyancers etc and take the loan through to settlement being on hand at all times. A much better way to go in my view, also you are not disadvantaged by rate either as they are able to source the same rates as the banks direct and sometime better as can price match. HSBC may be able to assist, I am not sure on their stance with temporary residents although I cannot see why they would not go to 80% either as said most lenders will. Regards Andy Link to comment Share on other sites More sharing options...
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