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richselina

Mortgage Guidance

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Hello,

I'm looking for some general guidance on typically what hoops and period of time you have to wait in Australia after moving before you can apply/secure a mortgage once you're in full time employment.

Any advice would be most welcome.

Thanks

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Hi @richselinathere are various scenarios so it’s hard to say. For example, how much deposit you have to put down, which lender, if your new job is in the same occupation as you did before you made the move.

When we first came out people were getting mortgages after being here 3 months, others could apply for an Australian Business Number and as long as they had 20% deposit they could get a house. Unfortunately these times have changed.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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16 hours ago, The Pom Queen said:

Hi @richselinathere are various scenarios so it’s hard to say. For example, how much deposit you have to put down, which lender, if your new job is in the same occupation as you did before you made the move.

When we first came out people were getting mortgages after being here 3 months, others could apply for an Australian Business Number and as long as they had 20% deposit they could get a house. Unfortunately these times have changed.

Yes, these days if you have an ABN you need to wait at least 2 years before having any chance of a mortgage. Weirdly employees (who are obviously at far greater risk of losing their jobs than the self-employed unless the self-employed person only has one customer) need far less history.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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On 11/11/2019 at 17:31, Ken said:

Yes, these days if you have an ABN you need to wait at least 2 years before having any chance of a mortgage. Weirdly employees (who are obviously at far greater risk of losing their jobs than the self-employed unless the self-employed person only has one customer) need far less history.

Very similar to how folks with their own companies are treated in the UK.

Luckily when we got contract/temp roles it was through a recruitment agency who treated us as their own full time employee, so we did not need an ABN and were paid as a normal PAYE. This really helped us because even though we were contracting we managed to get a mortgage with 3 months payslips 


Karen & Ken | PRs done : Jun 16 | Moved to Aus : Dec 16 | Break from Life : Dec 16 to Feb 17 | Mel Rental, Jobs and City Life : Feb 17 | Mel Land Purchase : May 17 | Home Construction : Sept 17 | (Bye bye city and hello suburbia) Moved in : Aug 18 | and on to the next............

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