Advice on getting a mortgage

[Guest mitzymo]

Hi, We have our permanent state sponsored visas for SA granted and are looking to make the move to Adelaide Spring 2014. We are wondering about obtaining a mortgage in Oz as soon as we arrive but want to touch base on it when we fly over this May to validate our visas. We are self employed currently but are looking at employed status for working in Oz. We are 40 and 49 in age which leads on to our questions .... Can anyone let us know what is the minimum term and maximum age you can borrow up to. Also what is the calculation for lending (eg 3 x salary) for us as a married couple. Thanks. Angie & Keith

[Tamara (Homes Down Under)]

Hi there Angie and Keith,

Welcome!

I think that there are many variables at play here. We have just remortgaged our homes and we obtained the assistance of a mortgage broker called Vincent who sometimes posts on this site. If we had taken the bank rules as being gospel then we wouldn't have qualified for our loans but people in the know have far better information.

Vincents details on here...I think that his user name in newinoz.

 

regards.

 

Tamara

[Guest The Bells]

Hi A&K and Tamara !!!

 

Great post as we clearly all think alike !! I've had a look but cant find Vincent !!!! Although I am useless on here! So Vincent if your out there pls get in Touch as we have lots of questions re mortgages !

 

cheers Ema x

[NicF]

We used Andrew Williams (who also posts on here) to get our mortgage on a block of land shortly after we moved. However I wouldn't recommend buying immediately unless you know Adelaide and know where you want to settle. My OH grew up in Adelaide and we've been over here on holiday 7 times before moving so we were confident about the area we wanted to settle in. If you are not familisr with the area then I would suggest renting for twleve months first to make sure you are happy with the area, plus it gives you chance to find the right house rather than feeling rushed into buying something.

[Guest Benoli]

mind if I stalk here too? we're going to be in a siimilar position in a few months when we go over and are similar ages so would be good to see some answers from those in the know

[Diane]

http://www.pomsinadelaide.com/forum/member.php?u=7864

 

and

 

http://www.pomsinadelaide.com/forum/member.php?u=2163

 

click on those links and then you will see the option to "Send a Private Message" to the members.

 

Hope that helps

[Guest AngPhil]

We looked to buy with a couple of months of arriving, we were told we needed 3 months payslips before we could proceed. However, that is with one mortgage agent (but decent interest rates), so we decided to wait until we could meet the requirements.

[PetenLainy]

We got a mortgage from the NAB bank on just my salary and I was 46. We were originaly going with a broker but went in and had a chat with the bank who then gave us a better deal than the broker. Both had the requirement that I was in permanent employment, that is I had passed any trial period the work had imposed. Hope this helps.

 

Peter

[Andrew from Vista Financial]

Hi, We have our permanent state sponsored visas for SA granted and are looking to make the move to Adelaide Spring 2014. We are wondering about obtaining a mortgage in Oz as soon as we arrive but want to touch base on it when we fly over this May to validate our visas. We are self employed currently but are looking at employed status for working in Oz. We are 40 and 49 in age which leads on to our questions .... Can anyone let us know what is the minimum term and maximum age you can borrow up to. Also what is the calculation for lending (eg 3 x salary) for us as a married couple. Thanks. Angie & Keith

 

 

Hi Angie and Keith

 

The way that servicing capacity is calculated is based on a number of factors and not a salary multiple like in the UK.

 

Broadly the net income is taken i.e after tax and any other liabilities deducted for example loans etc.

 

A cost of living sum for expenses is factored in and this moves higher the more people in the household so for example 2 adults with 3 children will have a higher sum applied than 2 adults with 2 children.

 

Once the final figure is obtained the current rates of interest plus a buffer are used to understand the amount of loan that can be serviced.

 

As far as the term of a mortgage goes then 30 years is the default term here but of course can be less or with some Banks more. Your age is considered but is not really going to be an issue at age 40 and 49, it's possible for Pensioners to get mortgages so long as they can service them and have set income and exit strategies if required.

 

It is possible in cases to obtain a mortgage pretty much as soon as employment is secured with some lenders, probation is usually part of someones' employment contract (generally 3 months) and this may be an issue with some lenders but with others is ok.

 

 

Hope this helps,

 

 

Andy

[Andrew from Vista Financial]

Hi A&K and Tamara !!!

 

Great post as we clearly all think alike !! I've had a look but cant find Vincent !!!! Although I am useless on here! So Vincent if your out there pls get in Touch as we have lots of questions re mortgages !

 

cheers Ema x

 

 

Hi Ema

 

Feel free to post your questions on this sub-forum http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/ this is specifically dedicated to PIA members with questions on mortgages and UK Pensions.

 

Please also have a read of this post that I wrote http://www.pomsinadelaide.com/forum/money-finance/32547-mortgages-grants-buying-property-update.html to try and give an overview of the mortgage/grant situation in Adelaide/SA

 

 

Regards

 

 

Andy