AlburyAhoy Posted February 28, 2012 Author Share Posted February 28, 2012 We are applying for an 857 RSMS. You don't need to be 2 years. We are only 6 months. You have to be based outside of the main cities. We went through jigs and reels with the 10% deposit mortgage with Westpac and they kept changing the requirements so I think they were looking for any excuse not to do it. Brokers don't have access to that mortgage either in case one tells you you need 20% with Westpac. Link to comment Share on other sites More sharing options...
docboat Posted March 5, 2012 Share Posted March 5, 2012 If you do want to buy, but find that the banks will not play with you, then try our solution. No bank loan needed, no bank qualifying. Buy on terms ... this will get you into your property, let you live in your own home until you do qualify for a bank loan, and then you are "home and dry" ... has worked for over a century in Australia, and gives you the freedom of choice. Link to comment Share on other sites More sharing options...
Guest guest36187 Posted March 5, 2012 Share Posted March 5, 2012 Bank west leant to us on a 457. Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted March 5, 2012 Share Posted March 5, 2012 If you do want to buy, but find that the banks will not play with you, then try our solution. No bank loan needed, no bank qualifying. Buy on terms ... this will get you into your property, let you live in your own home until you do qualify for a bank loan, and then you are "home and dry" ... has worked for over a century in Australia, and gives you the freedom of choice. Didn't know this existed? Link to comment Share on other sites More sharing options...
AlburyAhoy Posted March 6, 2012 Author Share Posted March 6, 2012 We have moved into the house we are buying under contract. So we are renting it until we can buy it. As long as the landlord will hold out for permanent visa. Where there is a will there is a way!! Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted March 6, 2012 Share Posted March 6, 2012 We have moved into the house we are buying under contract. So we are renting it until we can buy it. As long as the landlord will hold out for permanent visa. Where there is a will there is a way!! How does this work? Is this under the offer and acceptance deal? For example, if you see a house you like that you want to buy from another party, who becomes the landlord? Is it the bank or the other party? Link to comment Share on other sites More sharing options...
docboat Posted March 6, 2012 Share Posted March 6, 2012 Didn't know this existed? Yes it does - it was the way property was sold before the banks and real estate agents got into it. My father was a RE agent in Perth in the late 60s, when banks were really strict. Not very well known these days, but getting more popular. Many people here do not qualify for a loan - no deposit, been through divorce, work as contractors, have accountants minimise tax so appear to have no income .... all such people, and that includes immigrants who are stymied by banks, can enter the property market like this and after a few years they are able to qualify for loans. Link to comment Share on other sites More sharing options...
docboat Posted March 6, 2012 Share Posted March 6, 2012 How does this work? Is this under the offer and acceptance deal? For example, if you see a house you like that you want to buy from another party, who becomes the landlord? Is it the bank or the other party? You need to find a seller first - or someone who can find the seller for you, and then negotiate. I could get you a property, for example, finance you into it, I would retain the title until you were able to qualify for your bank loan, one - three years down the track. Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted March 6, 2012 Share Posted March 6, 2012 You need to find a seller first - or someone who can find the seller for you, and then negotiate. I could get you a property, for example, finance you into it, I would retain the title until you were able to qualify for your bank loan, one - three years down the track. Thanks for the info. So that's how it works? I'm wondering here if the company I would like to work for would do deals like this for new migrants? They do deals on buying new cars (payback out of your gross before tax) so this has got me thinking. I will find out more on the 17th but thanks for this. Didn't even know this way of buying went on. Link to comment Share on other sites More sharing options...
docboat Posted March 6, 2012 Share Posted March 6, 2012 Thanks for the info. So that's how it works? I'm wondering here if the company I would like to work for would do deals like this for new migrants? They do deals on buying new cars (payback out of your gross before tax) so this has got me thinking. I will find out more on the 17th but thanks for this. Didn't even know this way of buying went on. Probably (almost certainly) not - it is a specialised area. Worth an ask though. Drop me a line if they cannot help. If they say "not possible" - just smile and get back to me. Link to comment Share on other sites More sharing options...
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