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Waldo

Mortgage in Brisbane

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PIO,

What is like getting a mortgage in Brisbane my wife and son are Australian citizens and i am a permanent resident on arrival.

what do we need to get a mortgage?

Do we need to be in employment a length of time? Do you need a large deposit?

I have heard that we are entitled to a first time buyers lump some or my wife is for being a citizen.

Loads of people have said rent for the first 12 months to see if we settle, think you get more for your money if you buy when you look at what is available

TIA

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7 hours ago, Waldo said:

Loads of people have said rent for the first 12 months to see if we settle, think you get more for your money if you buy when you look at what is available

Good advice not to rush into buying.   

You're coming to a foreign country.  You'll find that your lifestyle changes, a lot, once you're here.   So if you choose a Brisbane suburb based on the kind of life you live now, it may turn out to be totally wrong for the life you want to live in Australia.   Or maybe one of you will get a job that's on the other side of the city from where you buy.  Or maybe, once you've explored a bit more, you'll find you'd much prefer life on the Sunshine Coast or the Gold Coast than Brisbane (I'm guessing your wife's folks are in Brisbane, but both are within very easy reach for visits).  

If you buy a house and need to sell it within a year or two, you're going to have legal fees etc when you buy, then legal fees, conveyancing fees, estate agent's commission etc when you sell - and legal fees etc when you buy again, only you've already used your first home buyer's concession so your fees will be even higher.  All those costs can end up more than you would've spent renting for six months, plus you have all the hassle of selling. 

You don't have to wait a whole 12 months, either.   It is possible to break a lease.  Some real estate agents take advantage of tenants' ignorance to fleece them, but there's no reason why it should cost you more than a few weeks' rent to break your lease if you find a place early.   Just make sure you understand your rights before you start.

Edited by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Sound advise above. Besides you would be buying at the top of the market as well. All is very uncertain with regards interest rates and financial institutions are already pushing up rates, meaning obviously the cost of borrowing money is more. 

It would indeed be a bad purchase to get something not meeting needs due to any number of factors. @Marisawright , explains the cost involved there. You also need to learn the areas suitability. Some are not what they may at first sight appear. 

Besides every chance there will be a readjustment in the over inflated prices over coming years. Although Brisbane with the Summer Games a few years away may continue for longer the craziness. 

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2 hours ago, Blue Flu said:

Sound advise above. Besides you would be buying at the top of the market as well. All is very uncertain with regards interest rates and financial institutions are already pushing up rates, meaning obviously the cost of borrowing money is more. 

It would indeed be a bad purchase to get something not meeting needs due to any number of factors. @Marisawright , explains the cost involved there. You also need to learn the areas suitability. Some are not what they may at first sight appear. 

Besides every chance there will be a readjustment in the over inflated prices over coming years. Although Brisbane with the Summer Games a few years away may continue for longer the craziness. 

No one knows if it is the top of the market. People have been saying that for the last 10 years and been wrong each time.


Buy a man eat fish. The Day, Teach Man, to lifetime.      - Joe Biden.

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2 hours ago, Parley said:

No one knows if it is the top of the market. People have been saying that for the last 10 years and been wrong each time.

Various factors were the reason for that as discussed in another post some time ago. But house prices dis come down in Perth anyway. Some 10% on reckoning. It's barely a market in the true sense anymore. More a commodity to be hedged in hope of even greater returns for a few. The rest of the country suffer obviously with falling living standards an cost's rise in borrowing and wages not rising. 

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