jamesandsarah Posted October 15, 2011 Share Posted October 15, 2011 Hi we are looking at emigrating but will need a mortgage to purchase our home, I am an electrician and Sarah is a Mental Health Nurse, We have been told that jobs should not be hard to find we are flexible and willing to work. We ideally would like a 4 bed property and looking at the prices a new build is approx 400K, does anyone know how the mortgages are assessed? i.e income multiples or affordability? we probably wont have a large deposit, due to the declining prices in the uk any help would be much appreciatied:cool: Link to comment Share on other sites More sharing options...
Petals Posted October 15, 2011 Share Posted October 15, 2011 Mortgagees look at earnings and ability to pay. Ten percent is the usual deposit paid. Of course the more you can pay as a deposit the less the likelyhood of having to have mortgagee insurance. This is the insurance that protects the lender against any default and can be pricey. Have a look at realestate.com.au it has a mortgage calculator on the first page which may give you some assistance. Link to comment Share on other sites More sharing options...
boganbear Posted October 16, 2011 Share Posted October 16, 2011 Unless you have PR you may not be able to get a mortgage and may need FIRB permission to buy property. You will need a deposit of more than 10% so you don't have to pay for the lenders insurance. I had a lot of trouble getting a credit card before I got PR so a mortgage was definitely out of the question. Link to comment Share on other sites More sharing options...
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