Young people getting mortgages

[Guest EmmaC]

Hi ALL,

 

Does anyone have experience of being a first time buyer in Oz?

Can parents back home in the UK act as guarantor for your mortgage?

 

:wubclub:

[Guest Liam]

Your parents will probably not be able to act as Guarantor from the UK because the property used for the guarnateee must be acceptable by an Aussie Mortgage Lender and they will not accept UK properties.

 

Liam

[Guest EmmaC]

Thanks for the reply.

 

WIth regard to credit rating I have noted on other threds that it is not clear if your credit rating in the UK counts on arrival in Oz or if you have to have considerable proof of earning.

 

Do you have experience of this?

 

Emma:wubclub:

[Guest Liam]

You don't get a credit rating as such here in OZ. What you get is a credit record if you have defaulted etc..otherwise all the provider gets is a list of other providers that have done a rewcent credit check.

 

If you can organise a credit card, store card etc (with not too high a limit) then you will build up a small track record.

 

Lending here tends to concentrate on ability to service the loan so yes they look for proof of earnings such as 6 months statements and payslips for 2 months showing the Year To Date figures. If you have started in ajob recently but finished the probabtion period (i.e. confirmed as full time/ PT employee) then they will often accept a letter from your employer with details of youre salary package and conditons.

 

Hope this helps

 

Liam

[ali]

we put an offer in on a house within 2 weeks of being here, we got a letter from our employers saying we were in full time employment and what our salaries were. It also helped that we put down a 40% deposit.

 

Ali