Guest Mrs Nix Posted August 3, 2010 Share Posted August 3, 2010 Hello .. Just wondering, how long do you have to live in Australia until you can get a mortgage to buy? The thought of renting a place - making it home and then having to move yet again when you find a place to buy is not a thought I am enjoying - probably cos we are going through the packing and moving etc now. any ideas? Link to comment Share on other sites More sharing options...
Guest karl10247 Posted August 3, 2010 Share Posted August 3, 2010 good question i need the answer to this also. Anyone? Link to comment Share on other sites More sharing options...
Rudi Posted August 3, 2010 Share Posted August 3, 2010 It really depends on your own situation. If you have a job to come to and have no probationary period then there is no reason that you cannot buy immediately......we did!!! We arrived, found, bought and moved in within 5 weeks of stepping for in Australia. There are some mortgage companies who will accept you on probationary periods with jobs etc so it's just a case of shopping around. Love Rudi x Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted August 3, 2010 Share Posted August 3, 2010 It depends on how much money you have to put down, if you have a 40% deposit or more, you could probably get a low doc mortgage straight away. Then when you have found a house you can move in quite quickly either 30/60 or 90 days (longer if required) Link to comment Share on other sites More sharing options...
LKC Posted August 4, 2010 Share Posted August 4, 2010 We were here for about 5 months before we bought. We went through a broker (Aussie) and the whole process was fairly straightforward and stress-free. Link to comment Share on other sites More sharing options...
kissofthegypsy Posted August 4, 2010 Share Posted August 4, 2010 We bought after we got our residency, 9 months. It maes the difference with the deposit. You can buy on a 457 but need more than a 10% deposit (Westpac do 10% for 457s which is good, 5% after residency opens up your options). Normally best to be in work for at least 6 months, it worked for us. Link to comment Share on other sites More sharing options...
furkew Posted August 4, 2010 Share Posted August 4, 2010 The couple presently in our unit found & bought a house within a week, and will be moving in, in a couple of weeks after settlement. about 5 weeks from start to finish. We rented furnished for 7 weeks, an unfurnished rental for 4 weeks, then moved into our bought property after that. Its all dependant of personal finances & how much deposit you can put down, permanent work, etc. We used a mortgage broker, and that did make things easier. We came on a 457 and required permission from the Foreign invetment review board which took a month as well, but I believe that has since been scrapped for temp visa holders. Link to comment Share on other sites More sharing options...
Guest Bernicem80 Posted August 6, 2010 Share Posted August 6, 2010 Hi It will depend on the visas you are on and how much deposit you have. If you are only on temporary visa's you can buy a property but you have to have at least 20% deposit to put down. If you are on permanent visa's and have your PR then you can borrow up to 95%. Lenders will need to know your employment history and you will need to be out of any probation periods (so generally they like you to have been employed in this country with one employer for at least 3months). I hope this helps! Regards Link to comment Share on other sites More sharing options...
Guest girlwizz99 Posted August 6, 2010 Share Posted August 6, 2010 Hello .. Just wondering, how long do you have to live in Australia until you can get a mortgage to buy? The thought of renting a place - making it home and then having to move yet again when you find a place to buy is not a thought I am enjoying - probably cos we are going through the packing and moving etc now. any ideas? If you buy as a temporary resident you are not able to keep the property should you not progress to permanent. I have heard stories of houses being auctioned off for discounted prices when temporary residents have failed to become permanent. Link to comment Share on other sites More sharing options...
sgperry Posted August 6, 2010 Share Posted August 6, 2010 We bought within 2 weeks of arriving, and had a 30 day settlement agreement. In Queensland, property exchanges and settlements seem to happen at warp speed. We got to the equivalent of UK exchange within 5 days of our offer being accepted (I had to put down a deposit and get surveys done within that 5 day period, madness). As I was putting down a large deposit, I got a low doc mortgage at a very good interest rate with the ANZ and it was approved in 3 days. As for evidence, they accepted details of my previous employers in the UK, a copy of my Queensland drivers licence, and a letter of job offer from an Aussie company. regards sg Link to comment Share on other sites More sharing options...
abz123 Posted August 6, 2010 Share Posted August 6, 2010 Thought I'd posted this but it didn't appear! Most lenders want a 20% deposit as a minimum otherwise you will need mortgage protection insurance which is very expensive - typically around 2.5% of the property value and this is normally a lumpsum payment as opposed to a monthly charge. Also, if you dn't have a long work history they may request it too. Link to comment Share on other sites More sharing options...
Quinkla Posted August 8, 2010 Share Posted August 8, 2010 I have just been accepted for an 80% mortgage with ANZ. I hold a fiance visa but my fiancee is an Australian citizen. I was told that without PR or an Australian citizen it would be no dice. I was also unable to apply for a mortgage whilst doing my 3 month probation at work. Even with all that, St George bank rejected me for an 80% mortgage (after 3.5 weeks of ever more bizarre requests for documentation) because I was on a temporary visa. Link to comment Share on other sites More sharing options...
Guest Mrs Nix Posted August 8, 2010 Share Posted August 8, 2010 We bought after we got our residency, 9 months. It maes the difference with the deposit. You can buy on a 457 but need more than a 10% deposit (Westpac do 10% for 457s which is good, 5% after residency opens up your options). Normally best to be in work for at least 6 months, it worked for us. Good stuff!! we have permanent residency, and are planning to stay with my parents for about 6 months anyway - looking good! Link to comment Share on other sites More sharing options...
Guest nicola1234 Posted August 8, 2010 Share Posted August 8, 2010 Sounding good, we are hoping to buy as soon as possible after moving out in January, but thought it may be difficult until we had been there a while. Just got to get the jobs now! Link to comment Share on other sites More sharing options...
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