Guest adam krajnyk Posted October 19, 2008 Share Posted October 19, 2008 hi we are permenant residends returning to melbourne in 2009. does anyone know how long we have to wait to get a mortgage or can we get one as soon as we want. we will have 10% to put down. we only rented when we were in oz peviously. any info would help. thanks Link to comment Share on other sites More sharing options...
THE DUNSCOMBE FAMILY Posted October 19, 2008 Share Posted October 19, 2008 hi there, I rang one of the banks in Oz the other week and i was told you had to have 20% of the purchase price as deposit.It doesnt take as long as the uk only roughly 3 weeks and they only want to know if you have a job and need to show the CONTRACT OF EMPLOYMENT, and weather you can afford to repay the mortgage.It is the bank who decides how much they will lend you, as long as you have 20% of the purchase price to put down Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 19, 2008 Share Posted October 19, 2008 You can go for a no docs loan as most banks won't entertain you unless you have a huge deposit to put down AND permanent employment. Even with a no doc loan you will still need a large deposit. We used E Choice and had no qualms at all with them and would highly recommend them. ANZ would not entertain us because we hadn't been here long enough and had no work history yet we only wanted to borrow until we had moved the money over which was 2 weeks away and we had 95% deposit to put down but they wouldn't take the risk for 5%, we were so angry. I think since then they have changed their guidelines. Link to comment Share on other sites More sharing options...
thewebweazel Posted October 19, 2008 Share Posted October 19, 2008 You can go for a no docs loan as most banks won't entertain you unless you have a huge deposit to put down AND permanent employment. Even with a no doc loan you will still need a large deposit. We used E Choice and had no qualms at all with them and would highly recommend them. ANZ would not entertain us because we hadn't been here long enough and had no work history yet we only wanted to borrow until we had moved the money over which was 2 weeks away and we had 95% deposit to put down but they wouldn't take the risk for 5%, we were so angry. I think since then they have changed their guidelines. Wait Wait you need to speak slowly and explain to us on the other side of the equator!:biglaugh: What is a no docs loan? How long do you need to be in Oz before applying for a loan? I would hate to have to wait 3 years in OZ, like we did when arriving in th UK and wanted to buy a house! Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted October 20, 2008 Share Posted October 20, 2008 hi we are permenant residends returning to melbourne in 2009. does anyone know how long we have to wait to get a mortgage or can we get one as soon as we want. we will have 10% to put down. we only rented when we were in oz peviously. any info would help. thanks G'day With only a 10% deposit you are unlikely to get a so called 'no doc' loan. Even with a 30%-50% deposit low doc loans are VERY hard to come by in this financial climate. Low doc loans btw, are loans that some lenders would give to people who can not show the necessary paperwork of stable employment, months of wage slips, tax returns if self employed etc. In America these no doc loans are called sub-prime lending and as you may know all this carry on in the world's financial markets and stock exchanges are caused by the American sub-prime loans which have recently collapsed. Don't forget that the First Home Buyers Grant is now $14K-$21K and that can be used to increase your deposit. Loans for 80% or less don't usually require Lenders Mortgage Insurance and and so they are much easier to come by. As long as your income is sufficient, you would be in a position to apply for a loan as soon as you've got secure non probationary employment and you've got a few payslips to show. The higher the loan percentage is above 80% the more hoops you will have to jump through and paperwork will be needed. When you do apply for a loan, don't just go to one bank - go see a licensed mortgage broker who will be able to advise you about loans from a wider variety of banks and other lenders. Link to comment Share on other sites More sharing options...
thewebweazel Posted October 20, 2008 Share Posted October 20, 2008 G'day With only a 10% deposit you are unlikely to get a so called 'no doc' loan. Even with a 30%-50% deposit low doc loans are VERY hard to come by in this financial climate. Low doc loans btw, are loans that some lenders would give to people who can not show the necessary paperwork of stable employment, months of wage slips, tax returns if self employed etc. In America these no doc loans are called sub-prime lending and as you may know all this carry on in the world's financial markets and stock exchanges are caused by the American sub-prime loans which have recently collapsed. Don't forget that the First Home Buyers Grant is now $14K-$21K and that can be used to increase your deposit. Loans for 80% or less don't usually require Lenders Mortgage Insurance and and so they are much easier to come by. As long as your income is sufficient, you would be in a position to apply for a loan as soon as you've got secure non probationary employment and you've got a few payslips to show. The higher the loan percentage is above 80% the more hoops you will have to jump through and paperwork will be needed. When you do apply for a loan, don't just go to one bank - go see a licensed mortgage broker who will be able to advise you about loans from a wider variety of banks and other lenders. What is the length of time ,working in OZ that is needed to show stable Employment? and does your work history in the UK count ? Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted October 20, 2008 Share Posted October 20, 2008 What is the length of time ,working in OZ that is needed to show stable Employment? and does your work history in the UK count ? G'day As always in Mortgage Broking, what I'm going to say applies to some banks and lenders, indeed most, but not all. If you've been working in a trained field in the UK and are working here in the same field, then your work history in the UK does count. All you will need to show s that your working here for a stable company, have a couple of payslips and possibly a copy of your employment contract to confirm the wages amount and you'll be able to apply. If you are changing career, you might need 3 months of stable work (ie same employer, same conditions, same-ish wages) but some banks might want six months and some could even want a year. Link to comment Share on other sites More sharing options...
Guest Paul EDGE Posted October 21, 2008 Share Posted October 21, 2008 Hi Adam Have PM'd you Link to comment Share on other sites More sharing options...
Guest Richard J Posted November 7, 2008 Share Posted November 7, 2008 Hi, if you are still having problems we can look at options for you. We offer a comparison with all qualifying banks with a breakdown of feeds, charges, deposit, etc Link to comment Share on other sites More sharing options...
Guest thlo Posted January 18, 2009 Share Posted January 18, 2009 Guys, forget about No Docs & Low Docs; they belong to history books. Credit policy is now tighter across all the lenders and lenders need to see evidence (can you blame them?). Employment history in the old country can be used to show stability, however you can apply for your home loan as soon as you have a permanent job (within limits, probation may be acceptable). Link to comment Share on other sites More sharing options...
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