Guest stuckinblighty Posted May 12, 2006 Share Posted May 12, 2006 Just had a very quick look at some interest rates for mortgages in Aus.It looks like the average rate is around the 7 % mark :shock: :shock: :shock: .Blimey i'm only paying 4 1/2 % at the moment....seems like its a bit dearer to borrow money in Aus.Does this sound about right or am i looking in the wrong places :? Ta , Lee. Link to comment Share on other sites More sharing options...
Guest Tim Posted May 12, 2006 Share Posted May 12, 2006 Your right but remmeber house prices tend to be chaper... Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 12, 2006 Share Posted May 12, 2006 Just had a very quick look at some interest rates for mortgages in Aus.It looks like the average rate is around the 7 % mark :shock: :shock: :shock: .Blimey i'm only paying 4 1/2 % at the moment....seems like its a bit dearer to borrow money in Aus.Does this sound about right or am i looking in the wrong places :? Ta , Lee. It's good if you have money on deposit here though, the banks can pay us about 6%. You can get a good idea of Mortgage rates here: http://www.infochoice.com.au/banking/homeloans/compare/tables/summary/oo/QLD.asp But remember, as with almost everything here, these rates are negotiable. eg: St George is quoted at 7.57%, but they can do 7.07%, and that's after this recent rate rise. 6.32% looks like about the cheapest of the standard variable rates. I compared HSBC recently, and UK is 5.2% to 5.9% with a discoiunted rate of 4.59% whilst the Australian one is 7.52% with a discounted rate of 6.52% Link to comment Share on other sites More sharing options...
Guest spray21 Posted May 13, 2006 Share Posted May 13, 2006 I wonder if it might be possible to take out a mortgage in the UK to buy in Oz - in the same way that people in the UK take out UK mortgages to buy holiday homes. I imagine there would be some negatives - maybe they'd demand a higher deposit, or push the rate up slightly, but it might be something worth looking into. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 14, 2006 Share Posted May 14, 2006 I wonder if it might be possible to take out a mortgage in the UK to buy in Oz - in the same way that people in the UK take out UK mortgages to buy holiday homes. I imagine there would be some negatives - maybe they'd demand a higher deposit, or push the rate up slightly, but it might be something worth looking into.That would expose you to FX rates, which may work for you or against you. eg: Borrow £85,106 to use for a $200,000 payment with a 2.34 FX rate, could become £100,000 that you owe, if the rate becomes 2.0, or £74,074 if the rate moves to 2.7 People have used overseas loans before, and some have been badly burnt, whilst others laughed all the way to the bank. Link to comment Share on other sites More sharing options...
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