Buying first house

[Nicky]

Is there a timescale you have to be in Oz before you can buy? We're planning to rent initially, poss for a few months until we find the area we like and a property to buy.

 

 

 

Nicky

[The Monaghans]

I don't think there's a timescale. We bought our house after two weeks and some people have bought before they got here!

[Nicky]

I thought that was the case. It's just that someone said something to me this morning that put a seed of doubt in my mind so I thought I'd better ask the question.

We're hoping to find somewhere pretty quick too as we don't want to be caught up in and therefore tied by renting leases. Am I right in thinking that it usually takes about 6 weeks for a sale of a property to go through? I know it's quicker than in the UK. In fact I wondering how that is all going to fall into place. We don't want to put our house on the market until we get our visas through (hopefully by late summer) and fingers crossed that it will sell in time for us to move next Feb.

[Guest JPT07]

Hi, We arrived beginning of January and rented a holiday let for two months, in that time we searched and searched and put an offer in on a house and moved in on the 4th March. So the time scale was about 4-6 weeks. It took us 5 months from offer to exchange in the UK!!!!

 

Lorna.

[Guest lippy]

Hi

 

Having been here now for a couple of months and wanting to buy we have found out that you have to have 3 months (or beyond probation period) employment before you will get a mortgage from a bank.

[Andrew from Vista Financial]

Hi

 

It does depend on which Bank you use, It also depends on the loan to value ratio, being the percentage amount you wish to borrow against the purchase price. Every Bank has a different lending criteria, what one Bank may not consider another may consider it.

 

Your best bet would be to see a mortgage Broker as they can search the market for you.

[Guest BAZnDAF]

The Monaghans, did you get a mortgage in those 2 weeks?

[Guest sprayer]

How do they work out how much you can borrow?. Eg: England is 3 or 31/2 times one salary or 2 times joint I think.

Is this how Australian banks work?

[Guest AdelBroker]

It is possible to get a mortgage from certain lenders without waiting for completion of probation. Depends on your circumstances, how much deposit you have etc.

Lenders usually determine how much they will lend you based on the following calculations:

 

Eligible proven income (adjusted for tax)

less provision for living expenses (varies depending on your circumstances, i.e. 1 adult, 2 adults, 2 + 1 child etc).

Less deduction for any other commitments (loans/credit cards etc)

 

From the balance they check to see if you can afford the repayments on the proposed loan (allowing for a buffer between 0.% to 1.5% on top of the interest rate you will actually be paying).

 

Each lender has their own rules, but this is a (brief) summary of how it normally works.

[Guest sprayer]

It is possible to get a mortgage from certain lenders without waiting for completion of probation. Depends on your circumstances, how much deposit you have etc.

Lenders usually determine how much they will lend you based on the following calculations:

 

Eligible proven income (adjusted for tax)

less provision for living expenses (varies depending on your circumstances, i.e. 1 adult, 2 adults, 2 + 1 child etc).

Less deduction for any other commitments (loans/credit cards etc)

 

From the balance they check to see if you can afford the repayments on the proposed loan (allowing for a buffer between 0.% to 1.5% on top of the interest rate you will actually be paying).

 

Each lender has their own rules, but this is a (brief) summary of how it normally works.

 

Thanks for the info Adelbroker.