Buying a house as a PR - up to date info?

[ScottishMatilda]

Hi all,

 

Have had quick browse through relevant threads, but wondering if anyone can give the up to date picture on buying a home for the first time as permanent residents?

 

From what I have read you need:

 

1). To be a resident for 6 months before you can attempt it...

 

2). To check eligibility for banks lending to you...anyone know the criteria?

 

3). Consider the usual hidden costs

 

4). Have at least 5% deposit.....

 

It also seems that you would be eligible for a first home owners grant? How does this work...flat rate payment, percentage?

 

Thanks in advance you helpful bunch :wink:

[Skani]

In which state are you living...or planning to purchase?

[Sarahb1986]

Hi all,

 

Have had quick browse through relevant threads, but wondering if anyone can give the up to date picture on buying a home for the first time as permanent residents?

 

From what I have read you need:

 

1). To be a resident for 6 months before you can attempt it...

 

2). To check eligibility for banks lending to you...anyone know the criteria?

 

3). Consider the usual hidden costs

 

4). Have at least 5% deposit.....

 

It also seems that you would be eligible for a first home owners grant? How does this work...flat rate payment, percentage?

 

Thanks in advance you helpful bunch :wink:

 

 

Hi!

we bought and moved into our house after 8 months of being is Aus. We started the whole mortgage process after about 5/6 months. Didn't come across any issues, had a 10% deposit all went through fine!

 

We we bought an established house so we didn't get any first home owners grant as we didn't want to build so I can't offer any advice on that.

 

Good luck!

Sarah

[ScottishMatilda]

Hi folks,

 

Not sure at the moment which state. We are in the early stages of researching whether this is a viable option for us.

 

So the buyers grant is only for those building?

[Guest The Pom Queen]

Have a chat with Andrew from Vista Financial (forum member) we have just got a mortgage through him which we thought we had no chance of getting, if anyone can Andrew can.

[Joji]

The first home buyers grant is now $20,000 in QLD but It's not for established homes and does have criteria . Banks differ so much and so does each individual's circumstances so my advice would be to speak to a mortgage broker . The online calculators do not give you a true account of what you can borrow so I personally wouldn't rely on these . I personally would speak to a mortgage broker as they can give you free advice on your own personal circumstances and give you a heads up on exactly what you will need to forward plan .

[Adam from Vista Financial]

Hi ScottishMatilda,

 

I have answered your questions below:

 

 

 

1. We have access to a wide range of lenders on our panel and none require a minimum timeframe to be a Permanent Resident when applying for a loan.
   
2. Banks and Lenders all differ with the criteria they require. Some require 6 months in full time employment others may only require one payslip. It does all depend upon your individual circumstances as to which lender would be best suited.
   
3. Generally costs involved would be government fees (stamp duty etc.) we also allow around $3,000 to cover other costs prior to settlement such as water rates, council rates and emergency services levy which are generally charged upfront.
   
4. If purchasing an established property generally allow 5% deposit and 5% to cover fees. If purchasing a new property (never lived in) or building there can be grants that will lower the deposit needed. The grants do vary from State to State.
   

 

 

We also have some useful calculators on our website which can help to calculate costs involved and also indicate applicable grants in each state, please see the link below:

 

http://www.vistafs.com.au/main/page_stamp_duty_calculator.html

 

I hope this helps. If you would like us to take a look at your situation please feel free to send me a p.m. or email me directly, my email address is in my signature.

 

Regards

 

Adam

[DeeTowers]

Hi all,

 

Have had quick browse through relevant threads, but wondering if anyone can give the up to date picture on buying a home for the first time as permanent residents?

 

From what I have read you need:

 

1). To be a resident for 6 months before you can attempt it...

 

2). To check eligibility for banks lending to you...anyone know the criteria?

 

3). Consider the usual hidden costs

 

4). Have at least 5% deposit.....

 

It also seems that you would be eligible for a first home owners grant? How does this work...flat rate payment, percentage?

 

Thanks in advance you helpful bunch :wink:

 

We started the house search while on a 457 waiting for our PR - We had pre- approval from the bank with a 10% deposit and had our FIRB (Foreign Investment Approval) certificate as we were not PR at that time. We went to Auction as 457 temporary visa holders, won and then our PR came through 2 weeks later so we had a better choice of lender, shopped around and settled on the house less than 6 weeks after auction. We are now the proud owners of a piece of Sydney!!!!

[ScottishMatilda]

Thanks for the comprehensive answers guys. Much appreciated. We are still in the research stages of looking into the move...though I have applied for a job on the off-chance I get offered it and get some relocation assistance. Likely I will be knocked back as don't have a visa yet.

 

If I need to I will be back in touch Andrew re. our personal situation to see what we could afford.

 

Thanks