Mortgages in Oz.

[JPT07]

:oops: This may sound silly and has probably been asked before by here goes. Does anyone know if they will give you a mortgage out in Oz if Paul hasn't secured a job? as when we arrive looking for a house will be one of our first priorities. We have a good deposit but will still need a mortgage, do they base it on your wages in the UK? if so we will obviously need to take paper work with us. I don't want to find my dream home and then find out we can't buy it due to mortgage hicups. Lorna.

[Angela]

Hi Lorna
I do not know the answer to whether you have to have a job or not but I will certainly be taking mortgage statements & bank references over just so I can provide them if necessary :)

Good luck
Angela

[Libby1971]

Hi Lorna

A friend of mine asked this exact question to a Westpa representative at a migration show last Oct.

He said if she had a deposit fine. But a mortgage would be no problem. Ultimately he said the bank would repossess the house if she didn't pay the mortgage but lending to her wouldn't be a problem.

I do think though that he said she had to have some proof of some income before the bank would release the money. If memory serves, they really interested in the UK mortgage as she was having an Aussie one. What they wanted to see was that she could pay the installments.

Libby

[Libby1971]

Sorry

The corpse in the corner has suddenly woken up.

He has announced with authority that he had this conversation with Commonwealth Bank. Apparently once you are earning the mortgage is yours. They don't care how long you have been working just evidence that you are.

I apologise for the fact that it takes him so long to respond but the boy (ha! looooooong time since he was one of those) isn't as quick as he sued to be. Can you tell I am in a mood with him?

Libby

[Jane.Mason]

Hi

I would agree with libbys comments. We spoke to Commonwealth bank last October after we opened account. They said as long as regular payments being made from Aussie company they hadn't got a prob with lending. They also said they were not interested in references from the UK as it all started from scratch.

jane