juliaoz01 Posted July 4, 2015 Share Posted July 4, 2015 Hi Just after a bit of advice about buying a house in NSW in particular, if housing is different! We are due to emigrate next year and would rather buy a house than rent. We will be taking quite a lot of money with us, probably about £100k, obviously not enough to buy a house. However, we won't have jobs or I highly suspect we won't until we get there. Is it possible to buy a house on a mortgage without a job if you're an immigrant, or would we have to rent until we found jobs then get a house and mortgage? Just after advice! Link to comment Share on other sites More sharing options...
scuffythetugboat Posted July 4, 2015 Share Posted July 4, 2015 As far as I know, a bank wouldn't lend money to someone to buy a house without either the cash to buy it outright or demonstrate that they could service the repayments of a loan with either income from employment/self employment or other regular income. Once you get a permanent job they will lend you all the money that you want. I think that you would be better off concentrating your energy on the practicalities of the migration process rather than thinking too far ahead. Link to comment Share on other sites More sharing options...
juliaoz01 Posted July 4, 2015 Author Share Posted July 4, 2015 Gee, thanks dad! Link to comment Share on other sites More sharing options...
VERYSTORMY Posted July 4, 2015 Share Posted July 4, 2015 The banks will want to see at least one of you in a permanent job earning enough to pay the mortgage and will need at least 3 months pay slips. It is generally a good idea to rent first anyway to get a feel of the places you would actually like to live. Also, no point buying in an area to find you get a job 2 hours away. Also, 100k is not a huge deposit for Sydney. Average house price is nearly $1 million. Link to comment Share on other sites More sharing options...
Parley Posted July 4, 2015 Share Posted July 4, 2015 Do you think a bank would lend money to someone who has no income and therefore no means of paying back the loan ? Link to comment Share on other sites More sharing options...
srg73 Posted July 4, 2015 Share Posted July 4, 2015 Well said Stormy. Banks and mortgage brokers will need to see previous and current incomes. They will not lend against your deposit or potential earnings. They also classify houses, ours is 1 meaning very low risk and would sell easily if we default. Rural properties are a big issue and greater risk meaning a much higher deposit is requested. Finally you will need 10% deposit plus buy a car, support yourselves etc etc meaning your £100k will not go far. We laid down about $100,000 on deposit fees etc on our house purchase, we now need to sell our UK house to substantially kill the mortgage in Brisbane. I strongly recommend renting for just 6 months, find your feet, jobs etc and then start looking once your settled on areas, schools, jobs transport etc. S Link to comment Share on other sites More sharing options...
scuffythetugboat Posted July 4, 2015 Share Posted July 4, 2015 Gee, thanks dad! You'll go a long way in Australia with your sarcasm. Link to comment Share on other sites More sharing options...
scuffythetugboat Posted July 4, 2015 Share Posted July 4, 2015 And deduct $40,000 (£20,000) in stamp duty on the $1,000,000 home as well. Link to comment Share on other sites More sharing options...
newjez Posted July 5, 2015 Share Posted July 5, 2015 Hi Just after a bit of advice about buying a house in NSW in particular, if housing is different! We are due to emigrate next year and would rather buy a house than rent. We will be taking quite a lot of money with us, probably about £100k, obviously not enough to buy a house. However, we won't have jobs or I highly suspect we won't until we get there. Is it possible to buy a house on a mortgage without a job if you're an immigrant, or would we have to rent until we found jobs then get a house and mortgage? Just after advice! Despite all the negatives, it is possible you could buy an investment property. You would have to show them a business plan that works, and with no history you would pay high interest. But it's not beyond the realms of possibility. Link to comment Share on other sites More sharing options...
juliaoz01 Posted July 13, 2015 Author Share Posted July 13, 2015 You know, I just come on this forum for advice and a bit of chat with people who have been through migration, that's all. I'm a novice in buying a house, and whilst I appreciate feedback, I don't like being patronised. Yeah obviously I kind of knew we'd need jobs, but didn't know if there was any provision for migrants given the intake Australia has each year. And I never mentioned a $1000000 home! I'd like to think that $200000 in a place outside of Sydney would give us a 1/4 toward a home. I'm not getting ahead of myself either!!!! Visa application in and just looking at what life over there will entail if all goes as planned. P.S Sarcasm DOES go down well in Australia (me being a former resident), however patronising the crap out of someone doesn't. Ever. Anywhere. So cheers guys, an uplifting and wholly exhilarating chat to be had there. Positive vibes etc to you all! Link to comment Share on other sites More sharing options...
flag of convenience Posted July 13, 2015 Share Posted July 13, 2015 Gee, thanks dad! Odd comment considering 100,000 GBP is hardly a lot of money in a city like Sydney, one of the most expensive in world. Link to comment Share on other sites More sharing options...
flag of convenience Posted July 13, 2015 Share Posted July 13, 2015 You know, I just come on this forum for advice and a bit of chat with people who have been through migration, that's all. I'm a novice in buying a house, and whilst I appreciate feedback, I don't like being patronised. Yeah obviously I kind of knew we'd need jobs, but didn't know if there was any provision for migrants given the intake Australia has each year. And I never mentioned a $1000000 home! I'd like to think that $200000 in a place outside of Sydney would give us a 1/4 toward a home. I'm not getting ahead of myself either!!!! Visa application in and just looking at what life over there will entail if all goes as planned. P.S Sarcasm DOES go down well in Australia (me being a former resident), however patronising the crap out of someone doesn't. Ever. Anywhere. So cheers guys, an uplifting and wholly exhilarating chat to be had there. Positive vibes etc to you all! So if you already know the answers through being a former resident why ask the question around GBP 100,000 in regards to Sydney housing? Link to comment Share on other sites More sharing options...
Guest Helchops Posted July 13, 2015 Share Posted July 13, 2015 So if you already know the answers through being a former resident why ask the question around GBP 100,000 in regards to Sydney housing? You sir are a tool. Link to comment Share on other sites More sharing options...
flag of convenience Posted July 13, 2015 Share Posted July 13, 2015 You sir are a tool. That being so at least have a use. Your excuse being? Link to comment Share on other sites More sharing options...
Keith and Linda Posted July 13, 2015 Share Posted July 13, 2015 Hi Just after a bit of advice about buying a house in NSW in particular, if housing is different! We are due to emigrate next year and would rather buy a house than rent. We will be taking quite a lot of money with us, probably about £100k, obviously not enough to buy a house. However, we won't have jobs or I highly suspect we won't until we get there. Is it possible to buy a house on a mortgage without a job if you're an immigrant, or would we have to rent until we found jobs then get a house and mortgage? Just after advice! As per the first post by scruffythetugboat, doubtful you would get a loan until you have regular employment, and even then not until you have served your probation period (usually 3 months) if in casual employment then a longer employment history may be required. Your 100k will, depending on where you buy in NSW, go a long way towards a deposit but as others have said there are other costs involved like stamp duty that you will have to take in to consideration. Also like others say I think it may be best to rent until you are more sure of where you end up work wise and preferred area wise, as having to move again too soon the costs in doing so could well be more than any rent. Hopefully you get some work straight away so you do not eat into your 100k paying rent. I wish you well in your venture. Keith Link to comment Share on other sites More sharing options...
juliaoz01 Posted July 13, 2015 Author Share Posted July 13, 2015 Thank you Keith, very much appreciated advice wise and also for being the only person for establishing that there is a hell of a lot more to NSW than Sydney! I did say NSW, never mentioned Sydney and I have never purchased a house in Australia hence the need for advice. We will be going on holiday once the visa is through and touring NSW before we make a final decision. It's more likely quality of life will influence our decision and we don't want to live in a big city. So, thanks Keith for the advice and I also wish you well. I'll just be an occasional browser to PIO from now on. Link to comment Share on other sites More sharing options...
Que Sera Sera Posted July 13, 2015 Share Posted July 13, 2015 Thank you Keith, very much appreciated advice wise and also for being the only person for establishing that there is a hell of a lot more to NSW than Sydney! I did say NSW, never mentioned Sydney and I have never purchased a house in Australia hence the need for advice. We will be going on holiday once the visa is through and touring NSW before we make a final decision. It's more likely quality of life will influence our decision and we don't want to live in a big city. So, thanks Keith for the advice and I also wish you well. I'll just be an occasional browser to PIO from now on. Please dont feel feel the need not to come on and ask advice. Most of us will try and give it where we can. I know nothing about NSW but I'm sure you will be able to buy fairly once you have a job. Please don't let some of the rather negative people put you off. They think they are being realistic rather than negative. I'm sure you'll find you own way. Good luck to you and please don't just browse.:smile: Link to comment Share on other sites More sharing options...
Freckleface Posted July 13, 2015 Share Posted July 13, 2015 Thank you Keith, very much appreciated advice wise and also for being the only person for establishing that there is a hell of a lot more to NSW than Sydney! I did say NSW, never mentioned Sydney and I have never purchased a house in Australia hence the need for advice. We will be going on holiday once the visa is through and touring NSW before we make a final decision. It's more likely quality of life will influence our decision and we don't want to live in a big city. So, thanks Keith for the advice and I also wish you well. I'll just be an occasional browser to PIO from now on. In addition to the info Keith has provided you might find this calculator useful. It will calculate stamp duty and other costs for you based on the info you put into it. It's also worth noting that NSW provides first home buyers with a grant up to approx $15,000 when they purchase a newly built property. The grant is only valid on properties up to a certain value though - I think it is $500,000. However outside Sydney there are lots of places where that amount of money would secure a lovely home. https://www.cua.com.au/personal-banking/home-loans/calculators/government-fees?gclid=CKzs-t2v18YCFYQHvAodN-AE_w&gclsrc=aw.ds Good luck with your plans. There are some truly beautiful places you will have to choose from to live. Link to comment Share on other sites More sharing options...
Keith and Linda Posted July 13, 2015 Share Posted July 13, 2015 Thank you Keith, very much appreciated advice wise and also for being the only person for establishing that there is a hell of a lot more to NSW than Sydney! I did say NSW, never mentioned Sydney and I have never purchased a house in Australia hence the need for advice. We will be going on holiday once the visa is through and touring NSW before we make a final decision. It's more likely quality of life will influence our decision and we don't want to live in a big city. So, thanks Keith for the advice and I also wish you well. I'll just be an occasional browser to PIO from now on. That's ok, some of the posters though giving good advice sometimes add some extra comments which then throws the original question for discussion out of the door, please do not take it too personal just pick out the good bits for you, as well as post an update of how things are going on or of your experiences dealing with things so some others may learn or even, if you dare, ask another question!. Besides its sometimes great fun seeing some of the things that go on here. Link to comment Share on other sites More sharing options...
Guest Helchops Posted July 13, 2015 Share Posted July 13, 2015 That being so at least have a use. Your excuse being? It's just that seemingly lots of your posts are so negative, unhelpful, bony and brindled... I just don't know why you post. I haven't posted in months because of people like you...I read the forums; find something interesting to say and come up with the same conclusion time and again...'why bother' it seems on this forum that all you get is abuse for asking decent questions (like poor Julia) or, at the very least, passive aggressive commentary (which is really unnecessary sniping manifesting because of the fact that the people posting this negative drivel are unhappy). Back on Topic!! Julia - You'll love OZ I'm sure. With $200k deposit, you'll have more than enough to buy your first house comfortably probably without paying LMI. But you'll need an income in reality. Yes the Stamp Duty is a b**** and yes, if you look within 5km of the CBD of COURSE you'll struggle (unaffordable for the most part unless you want a 2bd unit)...but you never mentioned those things and I'm sure thats not what you're interested in. And...if it helps, I too will (remain) an occasional browser of this cesspit of negativity. (I'm sorry to all those helpful folk that put up with this rubbish - this clearly isn't aimed at you). Helchops, Out. Link to comment Share on other sites More sharing options...
Petkula73 Posted July 14, 2015 Share Posted July 14, 2015 Your 100K will not cover the stamp duty and deposit on a modest 3 bed home in Australia. Sad fact of life. Just to get your foot in the door of a $1M house (which is nothing fancy over here) you'll need $250K. Link to comment Share on other sites More sharing options...
Parley Posted July 14, 2015 Share Posted July 14, 2015 To be fair she said 100 K pounds not dollars. Link to comment Share on other sites More sharing options...
Skani Posted July 14, 2015 Share Posted July 14, 2015 Your 100K will not cover the stamp duty and deposit on a modest 3 bed home in Australia. Plenty of places in Australia where that's doable - outside of the large metropolitan centres. And the OP specifically said they were not looking in Sydney. Link to comment Share on other sites More sharing options...
Chortlepuss Posted July 14, 2015 Share Posted July 14, 2015 One model which might work once you're working is renting whilst buying an investment property - Aussies have crazy negative gearing which means you can offset your losses against income. I didn't really understand how it worked till quite recently - every man and his dog seems to have an investment property. If you want to live somewhere expensive it makes financial sense to rent rather than buy but I wish we had bought an investment property - Renting here (like everywhere) is not much fun even if you rent somewhere at the high end of the market - We have rented 5 houses in 8 years and moved because of 50% rent increases, landlords moving back in, dangerous low levels of maintenance etc... so absolutely understand why you want to own a house... On the plus side, after 5 moves we are finally in an area where we would consider buying - it is great to be able to try new places at minimal risk..... Link to comment Share on other sites More sharing options...
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