Guest Nelson Posted May 25, 2006 Share Posted May 25, 2006 You know how, typically, in Britain, mortgage companies will lend up 3 1/2 times a joint income over 25 years, does anyone know if such formulas are used in Australia and, if so, what are they please? Link to comment Share on other sites More sharing options...
Guest stuckinblighty Posted May 25, 2006 Share Posted May 25, 2006 Not sure but be careful cos the interest rates in Aus are up at about 6.5%,thats alot higher than here in blighty :cry: regards,Lee Link to comment Share on other sites More sharing options...
Guest Nelson Posted May 25, 2006 Share Posted May 25, 2006 Hmmmmm.. we only pat 4.25 at the moment! Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 26, 2006 Share Posted May 26, 2006 Mortgage Calculators St George Bank : https://homeloan.stgeorge.com.au/bpc_appdtls.asp Virgin Home Loans: http://www.virginhomeloans.com.au/otherCalculators.cfm?ocId=1 Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 26, 2006 Share Posted May 26, 2006 Something else to be aware of: Mortgage lenders will take any Credit Card "LIMITS" into account when you apply for a Mortgage. So, if you can, pay off any balances, before applying, and have your card limit reduced to a few hundred $ only. In my experience, if you pay off the balance at the end of each month, and therefore pay NO interest, the lender can often be convinced to ignore that cards credit limit, but you need to be able to prove it. Most Bank Lenders will also offer you a credit card, effective after the mortgage is done, and that limit is ignored in the calculation Link to comment Share on other sites More sharing options...
Guest Missiemo Posted May 26, 2006 Share Posted May 26, 2006 Hi ABC Diamond Any idea how difficult it can be to get a mortgage in Oz with no credit history? Thanks Mo Link to comment Share on other sites More sharing options...
Guest Nelson Posted May 26, 2006 Share Posted May 26, 2006 Hi Missiemo.. My bank manager suggested getting your full credit reference file from Equifax or Experian and taking it with you. My manager has also written a letter of introduction for me. Unbelievably, he didn't even charge!!! Bet you're getting excited now.. All the best and hurry up and get internet up and running - we'll miss you! Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 26, 2006 Share Posted May 26, 2006 Hi ABC Diamond Any idea how difficult it can be to get a mortgage in Oz with no credit history? Thanks Mo Credit history here seems to be done differently. If you don't have a BAD credit history you are assumed to be OK. Many people do get mortgages here pretty quickly without problems, and often as their first Australian credit transaction. Link to comment Share on other sites More sharing options...
Guest Missiemo Posted May 26, 2006 Share Posted May 26, 2006 Hi ABC Diamond Any idea how difficult it can be to get a mortgage in Oz with no credit history? Thanks Mo Credit history here seems to be done differently. If you don't have a BAD credit history you are assumed to be OK. Many people do get mortgages here pretty quickly without problems, and often as their first Australian credit transaction. Sorry, but can you advice if there is any documents that you know of that will help me get a mortgage. ie my bank references here in the uk. Thanks Mo Link to comment Share on other sites More sharing options...
Guest glennandkate Posted May 26, 2006 Share Posted May 26, 2006 And a little pointer - how many children you have can have an affect on how much you can borrow. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 27, 2006 Share Posted May 27, 2006 And a little pointer - how many children you have can have an affect on how much you can borrow.You can also claim Family Tax Benefits for each child, and declare that as income to increase your total assessable income for the mortgage. Link to comment Share on other sites More sharing options...
Guest Missiemo Posted May 27, 2006 Share Posted May 27, 2006 And a little pointer - how many children you have can have an affect on how much you can borrow. Oh dear must speak to my three daughters tonight, looks like they are staying here. :lol: Link to comment Share on other sites More sharing options...
Guest Missiemo Posted May 27, 2006 Share Posted May 27, 2006 Hi Missiemo.. My bank manager suggested getting your full credit reference file from Equifax or Experian and taking it with you. My manager has also written a letter of introduction for me. Unbelievably, he didn't even charge!!! Bet you're getting excited now.. All the best and hurry up and get internet up and running - we'll miss you! Hi Krista I will miss talking to you guys as well Will be back on line hopefully after about a week. :? Take Care Mo Link to comment Share on other sites More sharing options...
Guest stephanielouise981 Posted May 28, 2006 Share Posted May 28, 2006 hi mo, where are you going for a week? Steph x Link to comment Share on other sites More sharing options...
Guest pez Posted May 29, 2006 Share Posted May 29, 2006 And a little pointer - how many children you have can have an affect on how much you can borrow.You can also claim Family Tax Benefits for each child, and declare that as income to increase your total assessable income for the mortgage. ABC, Can you claim Family Tax benefits if you are not a resident? Anita Link to comment Share on other sites More sharing options...
Guest glennandkate Posted May 29, 2006 Share Posted May 29, 2006 And a little pointer - how many children you have can have an affect on how much you can borrow.You can also claim Family Tax Benefits for each child, and declare that as income to increase your total assessable income for the mortgage. ABC, Can you claim Family Tax benefits if you are not a resident? Anita Only PR's get to claim family tax benefits. You also get to claim help paying your rent when you are out of work !!! I have spoken to a couple of nearly arrived brits who have claimed of the Aussies as soon as they got to Aus..At the end of the day its what you are entitled to, but pot and kettle springs to mind with the illegals in this country;) Link to comment Share on other sites More sharing options...
Guest glennandkate Posted May 29, 2006 Share Posted May 29, 2006 Oooh sorry Anita - saw you aimed that at ABC - well you got me instead.....ABC is probably down some billabong wrestling crocs as we speak;) Link to comment Share on other sites More sharing options...
Guest Missiemo Posted May 29, 2006 Share Posted May 29, 2006 hi mo, where are you going for a week? Steph x Hi Steph Just trying to confuse you, I meant when we arrive in Oz should be back on line after about a week or two. Take Care Mo x Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 29, 2006 Share Posted May 29, 2006 ABC, Can you claim Family Tax benefits if you are not a resident? Anita To claim and qualify for Family Tax Benefit, you must be: an Australian resident - this means you have been living in Australia on a permanent basis and you are either: an Australian citizen, or the holder of a permanent resident visa, or the holder of Special Category Visa - someone who arrived on a NZ passport, or the holder of a particular temporary visa - these are known as "spouse provisional" or "interdependency" or "temporary protection" visas. http://www.centrelink.gov.au/internet/internet.nsf/payments/qual_res_ftba.htm Link to comment Share on other sites More sharing options...
Guest pez Posted May 30, 2006 Share Posted May 30, 2006 Thanks glenandkate and ABC Anita Link to comment Share on other sites More sharing options...
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