Aussie Mortgages

[Misplaced]

Ok - we thougt we had made the decision to move but that was until we found a thread stating that the banks in Oz only lend 1/2 to 2/3 of property value and that they don't look favouably on part time work

 

Looking at the properties we were looking at that would mean only $17,000 left for renting and car purchase amongst other things

 

Can anyone please clarify the lending policy of the Aussie Banks please?

 

What chance of surving on $17,000 for month or two? I know sooner we got a job the better but it would seem that from friends experiences it usually takes a minimum of 6 weeks to get a job.

 

As usual all opinions welcome.

 

Craig - very disappointed

[minty]

Hi Craig,

 

There is a guy on here (financial adviser) that did a post recently and said you only need 10%.

Will try to find it for you.

[Misplaced]

Cheers Mr Bacon ;-)

[minty]

Right found him.

His name is Andrew Williams on here and if you look in the money and finance section he has quite a few recomendations to. I am going to contact him myself but am just waiting for visa conformation first.

 

Send him a message.

 

Good luck.

[sally1968]

Hi

 

I work for a bank and this is not intended as gospel - I don't work in lending or a branch - but this is as much as I know.

 

Most banks will lend up to 80% of the value of the property if it is what is called a full doc loan. That basically means you can prove your income etc. You can borrow more but would need to take out mortgage insurance. This is an insurance that protects the lender for lending above the norm and will cover the bank - not you - if the bank has to sell the property at a loss. The maximum that most banks will lend with MI is 90% on a full doc loan.

 

If you cannot prove your income then the percentages change. Without mortgage insurance you may find it difficult to borrower more than 60% of the properties value and with they may go to 80%.

 

We found when we first got here that as my husband was only working casual that they advised us he had to have held this role for a certain amount of time before they would take his income into account. Don't ask me how long cos that was 7 years ago and I've had a sleep since then!!!

 

Like I said this is not gospel and will vary from lender to lender but gives you a rough idea.

 

Sally

[ratters2005]

Jim Scott is your man for mortgage advice....

[Rob and Mel]

I would second calling Andrew Williams.

He is very good at all things to do with money.

Rob and Mel

[Dominique]

Hi we borrowed $310,000 and only paid a $20,000 deposit,my husband was the only one with a job on a tempory residence visa and we still qualified!! SOme banks are a bit fussy so its best to look around...good luck with everything

[Jimjustin]

Hi,

 

We just got a mortgage to buy some land here in SA. The ANZ gave us 80% of the purchase amount, with us putting a 20% deposit on- and that was based on my wages which can be a little erratic at times.

That said we do have a good income from my wifes wages which have been going into the ANZ for some time, but as shes been with her company for less than six months they wouldnt take her earnings into account!

$17000 dollars will definitely see you through 2 or 3 months here as long as you cut your cloth to suit! Dont need to buy a flash car when you get here, (people really dont seem to give a hoot about your car here anyway) we got a cheap runabout off this site for $4000 dollars in our first week of landing. It did us proud until we were a bit more sorted.

We both got jobs within a month or two of starting to look.

Good luck.

[Guest guest3462]

we have a 95% mortgage with the CBA and we are on a temp visa you have to pay mortgage insurance which is around $10k but its tagged onto the mortgage so it doesnt cost you anything up front. CBA are doing fee free home loans til aug 1st too which will save some $$$$

[Andrew from Vista Financial]

Hi Misplaced

 

I have replied to your email with answers to your questions.

 

 

 

Thebacons feel free to contact me with any questions you might have.

[Andrew from Vista Financial]

we have a 95% mortgage with the CBA and we are on a temp visa you have to pay mortgage insurance which is around $10k but its tagged onto the mortgage so it doesnt cost you anything up front. CBA are doing fee free home loans til aug 1st too which will save some $$$$

 

 

Hi Julia

 

Can you confirm whether your mortgage has gone through?

 

 

I was extremely suprised to read your post as the situation with temprary residents is very different to permanent residents.

 

Temporary residents are restricted to borrowing 80% of the property purchase by Banks/lenders, there used to be a lender that would go higher than this but that stopped over a year ago.

 

The reason is that the lenders mortgage insurers will not insure temporary residents (classed as non-resident borrowers for lending purposes) unless they are borrowing with a permanent resident or citizen and of course borrowers require lenders mortgage insurance (LMI) over 80%

 

To make things even more confusing, CBA stopped lending to temporary residents (again unless borrowing with a permanent resident or citizen) completely around 7 months ago, apparently it has always been their policy but has just never been policed.

 

I hope you don't mind me asking you these questions?

 

Also was one of your conditions to satisfy the mortgage Foreign Investment Review Board (FIRB) approval?

 

 

Regards

 

Andy

[ShaunWilson]

NAB gave us 80% mortgage when we were on our 457 temp visas. No problem at all. We hadn't even applied for our PR at the time.

[Andrew from Vista Financial]

NAB gave us 80% mortgage when we were on our 457 temp visas. No problem at all. We hadn't even applied for our PR at the time.

 

 

Yep, up to 80% is fine for temps as there is no lenders mortgage insurance involved .

[minty]

Hi Misplaced

 

I have replied to your email with answers to your questions.

 

 

 

Thebacons feel free to contact me with any questions you might have.

 

Hi there, will do as soon as i get conformation of the visa. Not to long now hopefully so will PM you soon.

[Guest niliclan888]

There are many different options, and a lot of them are also based on the current Visa you may have.

Club Financial Services are a niche independent mortgage specialist, so you can look on their site www.clubfs.com.au

They have simplified solutions and also access to many non bank products that can offer preferential terms - and with having fellow Poms working in both their Mortgage side of the business and heading their Financial (Super/Insurances etc etc) Planning side, you will get simple and easy to understand discussions and advice.

Feel free to email admin@clubmoneyman.com.au with your details and with ... reference: Jason, and someone will call you to have a non obligatory chat.

Cheers,