General mortgage info please..

[The Hallidays]

Hi guys

 

As my family and i have only been here a month it's probably going to be a while before we can apply for a mortgage but so as we have a rough idea, can anyone tell us -

How long do you need to be in employment before you can apply for a mortgage?

 

How much deposit do you need (minimum)?

 

And How much times your annual income can you borrow?

 

We've seen some beautiful houses and would be very interested to know when we could possibly start viewing in a hope to buy....

 

Many thanks in advance

Helen:notworthy:

[mydearboy]

Hi guys

 

As my family and i have only been here a month it's probably going to be a while before we can apply for a mortgage but so as we have a rough idea, can anyone tell us -

How long do you need to be in employment before you can apply for a mortgage?

 

How much deposit do you need (minimum)?

 

And How much times your annual income can you borrow?

 

We've seen some beautiful houses and would be very interested to know when we could possibly start viewing in a hope to buy....

 

Many thanks in advance

Helen:notworthy:

 

Hi i have been here nearly 2 months and i have been told i can borrow now i have been working 4 weeks i work in health so this may be a factor, secure job etc?

 

Go to any bank website and use mortgage calcualtors will give you a rough idea of how much you can borrow and will tell you your monthly payments too.

 

I have been viewing since day 5.

 

Good Luck

D

[jim and adel]

I'd suggest a quick chat with Andrew Williams from this site - knowledgeable and friendly and I'm sure he'd answer any mortgage-related questions you might have.

 

Jim

[Guest cornish Busdriver]

When we brought our house last year we were already here about 6 months.

Went to lots and lots and lots of viewings and finally found our dream house but had to up our budget to 450K to get the house we wanted.

Put 10K down as a holding bond (standard) This is to stop people from pulling out after the price has been agreed.

We compleated in 30days and had to pay the standard 10% of the total asking price plus the inspection and coveyensor fee's which ate up the 10K holding bond on top of the 10% of the total agreed price.

we pay on average an extra $1800 a month off on top of our mortgage and got it down to 17 years and you also pay less interest by paying weekly.

[Andrew from Vista Financial]

Hi guys

 

As my family and i have only been here a month it's probably going to be a while before we can apply for a mortgage but so as we have a rough idea, can anyone tell us -

How long do you need to be in employment before you can apply for a mortgage?

 

How much deposit do you need (minimum)?

 

And How much times your annual income can you borrow?

 

We've seen some beautiful houses and would be very interested to know when we could possibly start viewing in a hope to buy....

 

Many thanks in advance

Helen:notworthy:

 

 

Hi Helen

 

Some answers to your questions:

 

How long do you need to be in employment before you can apply for a mortgage?

 

This will depend on previous employment/occupation, what you are currently doing and what deposit you have.

 

How much deposit do you need (minimum)?

 

Generally 10% plus costs, if you borrow more than 80% you will be up for Lenders Mortgage Insurance (LMI) a one off payment to protect the Bank not you. However some Banks will go to 95% so you would need only 5% deposit, costs and LMI and there are a couple of Banks that will go to 97%.

Also you haven't stated what visa type you are on, this will make a difference, if you are temporary generally you can only borrow 80%, however it may be possible with one lender to go to 90%.

 

And How much times your annual income can you borrow?

 

Again this depends on a number of factors, all Banks use different ways to calculate so the difference between say the Commonwealth and another Bank can be $100,000's, I use the Commonwealth as an example as they have really cut back on what they will go up to.

Borrowing power takes into account current interest rates, how many in the household, net disposable income etc, so as said this can really vary between lenders.

I hope this helps a little feel free to contact me if you have any further questions.

 

 

Regards

 

 

Andy

 

[The Hallidays]

Thanks for the info. We are on a 176 visa so we're permanent. Will definately be in touch when we're nearer the time to buy

 

Thanks again

Helen