New Mortgage Broker - Carol Yokowo

[Andrew from Vista Financial]

I would like to take the opportunity to formally introduce our new Mortgage Broker, @Carol from Vista Financial

 

Carol is an open, honest and personable professional who takes the time to listen, understand and explain things to you in simple terms.  Carol is fiercely and passionately dedicated to her clients and believes the only kind of true Customer Service is exceptional Customer Service and she hopes that one day this will become the norm, not the exception. She has come from a private banking background and brings a variety of knowledge with her.

 

Vista Financial Services are delighted to welcome Carol on board and likewise Carol is excited at the opportunity to be able to offer a wider range of solutions as a Finance/Mortgage Broker.

  

If anyone would like refreshingly honest and down to earth advice and assistance with your first/next purchase, please contact Carol today on carol@vistafs.com.au or +61 8 8381 7177.

 

You can also learn more about Carol by adding her on LinkedIn and more information will be available on our website soon.

[Guest Carol from Vista Financial]

Thanks @Andrew from Vista Financial 

Excited to be part of the Vista Financial Services family and ready to dive into the world of forums!

If anyone has any burning questions don't hesitate to ask. I am new to forums so look forward to learning the lingo 

[Guest The Pom Queen]

Hi Carol, welcome on board. 

‘I can say that we are happy customers of Vista Financial and they managed to secure us a mortgage where others failed. 

‘I think the question we get asked the most is how long it takes after moving to Australia can people secure a mortgage. 

[Samson]

I have one question, Are there any banks or lender that still lend on a 457 Visa?

 

Thanks

[Guest Carol from Vista Financial]

18 hours ago, The Pom Queen said:

Hi Carol, welcome on board. 

‘I can say that we are happy customers of Vista Financial and they managed to secure us a mortgage where others failed. 

‘I think the question we get asked the most is how long it takes after moving to Australia can people secure a mortgage. 

Hi TPQ thank you, good to be here I know I have joined a great team!

I have just spent the whole morning trying to condense what I wanted to say on this topic so here we go.

How long does it take after moving to Oz to secure a mortgage? Short answer: it depends.

I can see the rolling of the eyes from here.

Different banks have different criteria, you need to tick the boxes. However long that takes, that is how long you have to wait.

There are no hard fast rules on how long you ‘should wait’ to buy a house but there are some important things to know.

 

The process itself is super quick

The actual purchase process here is a lot quicker than in the UK.

Find out how much the banks will lend you, find a suitable house, put an offer down, exchange contracts, settle and move in. From start to finish in Australia you can be putting down an offer on a house today and potentially be moving in 6 weeks later. It can be that quick.

Are you actually ready to buy?

Why do you want to buy? Are you in a rush to buy? Why? Do you know the exact state and suburb you want to live in? Will the kids be accepted into the school there? Are you happy with that school? Is your commute to work a nightmare? Is it a dodgy area?

If you have just arrived, renting may be a great way to get to know Australia and trial out living in different places so you know exactly where you want to buy. The last thing you want to do is buy in an area soon after arriving only to realise your dream location is on the other side of the country.

Where to start

Ok, let’s assume you are set on buying as soon as possible. The first step is figuring out what it will cost overall and where is the money coming from.

If you have enough to cover the shortfall between what it costs and what the bank will lend, you are good to go.

If you don’t, then you need a plan on how to change that. Do you need to save more? Or do you need to wait for some circumstance to change so the banks are more favourable towards you (e.g. do you need to complete probation? Does the bank require you to have worked for longer than 6 months?).

If you are a PR or Australian Citizen with 20% deposit (plus costs) then happy days, the banking world welcomes you with open arms.

If not, don’t give up! There are so many different banks and policies out there so you don’t know exactly until you have had a professional unequivocally tell you so AND (most importantly) what you need to do to change that. If you are a temporary resident most banks may only lend you 60 – 70% these days. BUT if you purchase with someone who is PR or a Citizen then it can be a whole different ball game. It all drills down to finding the best fit for you.

One last thing.

Credit history -  It’s ok if you don’t have one

So don’t go getting an Aussie credit card just to frantically try build up a rating. Yes, a good credit score can help, but some banks value it more than others, so that is more about knowing which one to go with, and again, what is best for your particular circumstance.

I hope that answers the question. I will be writing more on this topic soon!

[Guest Carol from Vista Financial]

16 hours ago, Samson said:

I have one question, Are there any banks or lender that still lend on a 457 Visa?

 

Thanks

Hi Samson, thanks for the question.

Yes, there are, of course they just restrict how much they will lend you - up to 70% depending on the lender (in this day and age banks have tightened their policies, but can lend more depending on circumstances).

Some lenders that consider temporary resident applications : CBA, Bankwest, NAB... just to name a few. There are others and all have different restrictions in their policies. For example if you are buying with a Citizen or PR some will give you access to 'normal' policies, others will restrict you on the lowest loan to value (LVR) allowable between the two of you. It depends on the lender.

 

Hope that helps

[Guest Carol from Vista Financial]

@Samson Also important to note that temporary residents may also have to apply through the Foreign Investment Review Board (FIRB) and this can be costly ($5,500 non-refundable) http://firb.gov.au/resources/guidance/gn02/ 

In South Australia if you are considered a foreign purchaser as of 1 Jan 2018 there is also a 7% surcharge payable for purchase of residential land (http://www.revenuesa.sa.gov.au/taxes-and-duties/foreign-ownership-surcharge)

Banks may also assess any particular nuances with 457's in the transition period on a case by case basis.

[Samson]

Thanks Carol, I really appreciate the very informative reply. I have been thinking about buying a place but due to the WA market and temporary visa restrictions I will hold off and keep saving, I have a good size deposit >30% however Stamp Duty + FIRB + Temp residents levy @ 4% from Jan(WA) iirc I will just hold off until such time I am PR. 

Again, thanks for the reply much appreciated.