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Guest Mrs Nix

How long until you can buy?

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Guest Mrs Nix

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?

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Guest karl10247

good question i need the answer to this also.

 

Anyone?

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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


 

 

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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)


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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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.

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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.

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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.


 

 

:wink:

 

 

 

 

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Guest Bernicem80

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

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Guest girlwizz99
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.

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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


Living at Alex Headland on the Sunshine Coast with my partner and our cats after 21 years in London, and working in ecommerce in Brisbane - living the dream

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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.


PIO members are like triangles. Most of us are (a)cute but there are also those who are down right obtuse. Treat us all as equilaterals and we won't fall out. :biggrin:

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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.


Feb 2010 Prospective Marriage Visa | Nov 2010 Temporary Partner Visa | Nov 2012 Permanent Partner Visa | Jan 2015 Australian Citizenship

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Guest Mrs Nix
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!

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Guest nicola1234

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!

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