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Mortgage deposits


Guest Nim

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Hi,

I am moving to Sydney with my husband and two young kids at the beginning of next year.

 

What is the deposit situation, do lenders accept a 5% deposit only (I think 15 is the lowest in the UK now). Anyone knows where I could find out more on this and discuss online questions and the process?

 

Thanks!

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Hi,

I am moving to Sydney with my husband and two young kids at the beginning of next year.

 

What is the deposit situation, do lenders accept a 5% deposit only (I think 15 is the lowest in the UK now). Anyone knows where I could find out more on this and discuss online questions and the process?

 

Thanks!

 

There are some that so 5% but not many and you would need at least 6 months work history

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Forgot , for low deposits they also sting you with an insurance similar to the one they had in the uk ,you pay the insurance for the bank so if you get in a bit of trouble this insurance bails them out seen a quotefor $16000 for a $400k mortgage

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Hi Paul,

 

Thanks for your response. Perhaps you could help me further?

 

So we are moving in Jan next year. I am a permanent resident and my husband is an Australian citizen. My husband will secure work prior to our arrival, I aim to go back to work after 6 months or so.

 

We expect my husband to earn somewhere between $70 000 - 90 000.

 

What sort of mortgage - if any - would we be able to secure on a single income? We aren't planning on putting down more than $65 000 as a maximum deposit.

 

Thank you!

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