Mortgage and contract questions

[Guest Kadphises]

Hello,

 

I'm new to the forum and had a few questions regarding buying in Adelaide. My partner and I are moving to Adelaide later this year. She is originally from Adelaide, but has been away for 10 years.

 

We had a few questions relating to our move:

 

1. Do you need to be on a permanent contract to be able to take out a mortgage and how high (in percent) would the minimum deposit need to be? Also, would having a guarantor help?

 

2. We have noticed that most of the jobs advertised aren't permanent, with contract lengths ranging from 1-5 years. Is this normal, or are there permanent roles out there we are just not seeing?

 

The second point makes the first so important, i.e. if there are no permanent jobs, but you need a permanent role for a mortgage, how can one take out a mortgage?

 

We'd appreciate any advice or help!

 

Thanks in advance!

[The Monaghans]

We arrived back in 2007 and my husband had only been working for three days when we got our mortgage. We'd only been in the country two weeks! Having said that, we arrived on a permanent visa and we brought a substantial amount of cash with us (those were the heady days of $2.50 to the British pound) so we only needed a small mortgage. There's no such thing here as a 100% mortgage I don't think, most banks ask for mortgage insurance if you're borrowing more than about 80% of the value of the property but I'm a wee bit vague on that. Trying sending a PM to Andrew Williams, he's a financial advisor and has been a big help to many PIA members.

[Guest Kadphises]

We arrived back in 2007 and my husband had only been working for three days when we got our mortgage. We'd only been in the country two weeks! Having said that, we arrived on a permanent visa and we brought a substantial amount of cash with us (those were the heady days of $2.50 to the British pound) so we only needed a small mortgage. There's no such thing here as a 100% mortgage I don't think, most banks ask for mortgage insurance if you're borrowing more than about 80% of the value of the property but I'm a wee bit vague on that. Trying sending a PM to Andrew Williams, he's a financial advisor and has been a big help to many PIA members.

 

Thanks for your reply. That is interesting. We will both (hopefully) be holding Australian passports when we arrive. Did you have permanent contracts when you arrived? Or were you employed in a fixed term contract? We currently have very little savings, but hopefully we can quickly build up some savings in the next year and have family who might help.

 

I will get in touch with Andrew Williams, thank you for that bit advice in particular.

[Andrew from Vista Financial]

Thanks for your reply. That is interesting. We will both (hopefully) be holding Australian passports when we arrive. Did you have permanent contracts when you arrived? Or were you employed in a fixed term contract? We currently have very little savings, but hopefully we can quickly build up some savings in the next year and have family who might help.

 

I will get in touch with Andrew Williams, thank you for that bit advice in particular.

 

 

Have replied to your PM

[Guest Kadphises]

Have replied to your PM

 

Thanks Andy!

[The Monaghans]

Thanks for your reply. That is interesting. We will both (hopefully) be holding Australian passports when we arrive. Did you have permanent contracts when you arrived? Or were you employed in a fixed term contract? We currently have very little savings, but hopefully we can quickly build up some savings in the next year and have family who might help.

 

I will get in touch with Andrew Williams, thank you for that bit advice in particular.

 

You're welcome! Richard didn't have any kind of a contract to be honest. We drove around for a morning stopping off at local crash repair shops and asking if there was any work - he was offered casual employment at the first three I think! Those were the good old days though!

[Guest Kadphises]

Ah, I'm sure we'll be ok one way or another. For me it will be finding a new career and my partner will find something soonish. Again, thank you for your help, it is much appreciated!