Mortgages

[Rob-oz]

Hi all, 

 

I couldn't find anywhere to introduce myself, so Hi

 

Im Rob, currently living in the UK, hoping to move to Australia with my family one day....

I'm very early on in the stages having completed the PTE test to give me an extra needed 20 points, and my work stuff has been submitted to TRA.

I'm using an agent as my case is not completely straight forward, but appears to be acceptable to achieve our dream.

 

So I've been hovering around the forum for a couple of months now, as well as looking on job sites, (seek) housing sites (realestate) and the Aus gov sites for schools and what not..

I have a cousin living in QLD (citizen) who I will no doubt be badgering lots later on in the process, so I'm trying to spare him the agro right now, and pester you lovely lot  Queensland would be my first choice of location, followed by NSW.

 

My first question to you all is regarding housing, and more specifically, mortgages... (its very early on I know, but I'm spending this waiting time researching everything I possibly can)

My understanding is that as a PR we would be able to get a mortgage, hopefully that parts correct?

How long would I have needed to work before I would be accepted? (we would have a deposit, at a wild guess looking for 50-70% loan to value)

I wouldn't not be looking to buy a house straight away even if I could, that seems like a crazy idea before ensuring were happy where we are with work, schools, amenities etc, but not owning our property is one of my biggest "fears" / concerns... I'm not sure if the rental prices are higher than they are mortgage repayments like the UK, but its still money down the pan, and less security in my mind.

The other part of my question in is regards to mortgage loan amounts compared to income, is it worked out on a similar basis as I am used to, i.e. X x annual income?

 

Thanks for the great info provided on the site, there really is tonnes of useful reading

 

 

 

 

 

 

[kevsan]

HI Rob

 

as with all these things, it will depend on your circumstances. The bank is only looking to make sure that you can meet the repayments. We arrived Aug 2015 and had a mortgage agreement in Feb and settled in May. At the time that was 90% LTV with Bank of Melbourne. When asked he didnt seem to think pushing to 95% would be a problem. Not that you would necessarily need to.

We were keen to get on the ladder sooner rather than later. We bought a 'DIY'ers Dream' so had more scope to add value, whether that made a difference or not, who knows, but given our house has gone up $150k in the year since we bought it, we made the right choice at the time

[leeeekiat]

Hey mate, i obtained my OZ mortgage whilst a PR and still in London, nab used my current UK employment to calculate the mortgage LTV so you might need to find work in OZ first before they would consider lending if you are not applying while you are still in the uk

[Rob-oz]

Thanks for the replies!

I hadn't even considered that it might be possible before moving.. Having a relative in Australia may be helpful if I were to look into that as an option.

We've already discussed the option of buying something that needs a little bit of work too, its something I'm happy doing, or have been, and might consider it if needs must to get the home we want.

Thanks again, much appreciated.

[Mcguinnessp1968]

Out of curiousity what are the mortgage multipliers

[leeeekiat]

Was terrible @ 2.5x gross for us as we were still in the UK while applying.  Only thing to note is that you have to be physically in OZ to apply for the mortgage, unlike here in UK where it could be done 100% via phone.