Kevin shuck Posted May 8, 2019 Share Posted May 8, 2019 Hi all were a family of 4 from the uk with visas in place and looking to move to oz later in the year! Is it possible to set up a mortgage to buy before we arrive in oz! We will probably have a 10% deposit to put down? If not how quickly can one be arranged?also we’re both self employed but have pretty solid books for the last 3 years! Any help would be great! Thanks Kev Quote Link to comment Share on other sites More sharing options...
Marisawright Posted May 8, 2019 Share Posted May 8, 2019 Unless you have friends in Australia whose opinion you trust 100%, I wouldn’t even consider it. You need time to find out which suburb suits you best, where you’ll be working, where the best schools are. Buying too quickly can be a very expensive mistake Quote Link to comment Share on other sites More sharing options...
ali Posted May 8, 2019 Share Posted May 8, 2019 I agree with Marisa - wait until you get her to view and buy. It is a relatively quick process once it's started. We put an offer in on a house after 2 weeks being here, and moved in 10 weeks later. Quote Link to comment Share on other sites More sharing options...
LouDYorkie Posted May 8, 2019 Share Posted May 8, 2019 Also something to bear in mind...I think with smaller deposits (less than 20%) you need to pay for Lenders Mortgage Insurance which is a fairly hefty chunk of money! If you can save (I know it’s not always easy) and reach 20% it is well worth doing. Quote Link to comment Share on other sites More sharing options...
Kevin shuck Posted May 8, 2019 Author Share Posted May 8, 2019 Thanks everyone for your reply’s! It really does help! We do have an area in mind as we’ve already spent time over in oz. we’re looking at south Perth! South freemantle, Coogee beach but are open to other areas.is it possible to get short term accommodation as we really don’t want to sign a 6-12 moth rental agreement . I presume most people use a mortgage advisor as we have in the uk! If so any recommendations of advisors in the Perth area would be great! And also any other areas for us to think about We’re just looking for somewhere nice to bring our babies up! Thanks again kev Quote Link to comment Share on other sites More sharing options...
ali Posted May 8, 2019 Share Posted May 8, 2019 I know that when we bought our property we had to do a final inspection with the real estate agent before the sale went though. She was excellent - turned on every tap in the house to make sure they were working. Do you know where you'll be working? WA is vast and you might not want a long commute. If you're looking at 1 million + areas as with South Freo - you'll have a lot of areas to choose from. Quote Link to comment Share on other sites More sharing options...
Beffers Posted May 9, 2019 Share Posted May 9, 2019 Very doubtful but might be worth putting the feelers out and contacting BankWest as one of the more flexible lenders. A 10% deposit will also mean you will pay LMI, and also you'll need to work out if you're eligble for stamp duty exemption as a first time buyer. Are you coming over on PR or Temp Visas? If Temp, then you'll need to get FRIB approval prior to purchase anyway. You can sometimes get short term rentals but you'll pay more for those as they are generally within the executive/corporate short term city centre apartment complexes rather than family homes in desirable suburbs. We've just bought our first home and put down a 20% deposit, and also needed Australian employment references and payslips for six months, showing that we were well out of our probation periods. The fact that we had both been with our respective UK organisations for over a decade each made no difference at all, nor did our Halifax mortgage statements showing that we had paid on time every month for 12 years. All UK paperwork was deemed useless and they went solely on Australian evidence. Are you planning on setting up your own businesses in Australia as you'll need proof of that income and/or payslips from a permanent ongoing position before most lenders would even consider you, especially with only a 10% deposit. If you want them to be less stringent with their conditions, you need to be offering a much higher deposit. Good luck! 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted May 9, 2019 Share Posted May 9, 2019 That's a good question from Beffers. If you're coming on a temp visa then I would strongly advise against buying as you'll lose money overall - you'll be much better off renting. 1 Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted July 17, 2019 Share Posted July 17, 2019 (edited) Are able / planning to continue your current self employment in Perth i.e. with your existing client base but remotely? If not then you would be asking a mortgage company to lend to you without any work... Sounds to me like this wouldn't work even if it was a good idea. I love South Perth, but we are looking at Applecross High School catchment as it seems a much better school than the high school in Como (which SP is catchment for). Edited July 17, 2019 by Jon the Hat Quote Link to comment Share on other sites More sharing options...
can1983 Posted July 19, 2019 Share Posted July 19, 2019 Brought our house here around a year after moving Minimum 6 months payslips in Australia 10% deposit is very small, 20% is normal and avoids LMI If you are not PR you pay double stamp duty which, with LMI makes buying fairly unattractive financially. As others have said a big mistake buying too early you need time to work out what you want. 1 Quote Link to comment Share on other sites More sharing options...
AliQ Posted July 19, 2019 Share Posted July 19, 2019 On 08/05/2019 at 14:24, Kevin shuck said: Thanks everyone for your reply’s! It really does help! We do have an area in mind as we’ve already spent time over in oz. we’re looking at south Perth! South freemantle, Coogee beach but are open to other areas.is it possible to get short term accommodation as we really don’t want to sign a 6-12 moth rental agreement . I presume most people use a mortgage advisor as we have in the uk! If so any recommendations of advisors in the Perth area would be great! And also any other areas for us to think about We’re just looking for somewhere nice to bring our babies up! Thanks again kev Hi Kevin, Having “emigrated” twice very recently, I’d strongly advise you to rent first, as others have said. Long story, but we were recently tempted to buy a house on the Sunshine Coast based on what we could see on the internet, we did’nt buy it, but when will we arrived we did go to see it, and thank goodness we did not buy ! House was great but immediate surroundings were not nice at all, and obviously edited out of the photo’s. And, don’t rent sight unseen either, we’ve been stung doing that. Six months will fly by anyway, you will need that time to assess areas and view property that is for sale. We know the areas you mention very well, we rented and lived in that area for 28 years. No idea of your budget, but a house in South Perth or Fremantle will be very expensive, and a unit in either area will also be quite expensive. Lovely area’s though. 1 Quote Link to comment Share on other sites More sharing options...
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