Mortgage Advice....

[JoeandCarrie]

Hi,

 

Myself and OH are hoping to make the big move to Adelaide in October (Visa pending...!) and are hoping to buy once we are settled in our jobs and Oz life. :-) I am a Children's Nurse and have decided to take an agency role to begin with (and may well continue with agency due to flexible hours, better pay etc) My OH is a plasterer and will be looking for full time contracted work. With me being on agency would that affect being able to get a mortgage? There are an ambundance of hours and the salary is great!

 

Also how much is the deposit expectation in Oz percentage wise?

 

Thanks in advance

 

Carrie

Edited March 9, 2015 by JoeandCarrie

[Andrew from Vista Financial]

Hi Carrie

 

It could be with some lenders although would depend on how long you have been doing it at the time of application (there may be a lender that would consider pretty quickly though).

 

Regards deposit generally requires 5% - 10% as well as costs to buy which also range around the 5% mark for established homes.

 

Regards

 

Andy

[JoeandCarrie]

Hi Andy,

 

Thanks for the reply, that's very helpful to know,

 

 

Carrie

[Kai]

Hi Carrie

 

It could be with some lenders although would depend on how long you have been doing it at the time of application (there may be a lender that would consider pretty quickly though).

 

Regards deposit generally requires 5% - 10% as well as costs to buy which also range around the 5% mark for established homes.

 

Regards

 

Andy

Wouldnt there be different expectation in terms of downpayment and stamp duty for temp visa holders? We are moving to Adl next month too and plan to settle in a house if everything goes well.

[JoeandCarrie]

Are you a temp visa holder then Kai? We are applying for PR.

 

Carrie

[Kai]

Yea starting off with visa 457. Great to know that you are going for PR. Not quite sure whether there are diff for loan requirement but I am sure temp holder would have to pay more levy?

[Andrew from Vista Financial]

Wouldnt there be different expectation in terms of downpayment and stamp duty for temp visa holders? We are moving to Adl next month too and plan to settle in a house if everything goes well.

 

Good question Kai and yes there is, generally a 20% deposit is required if temp resident (plus costs), that said that are a few lenders now who will consider going to a 90% lend therefore this would mean a 10% deposit (plus costs).

 

Andy

[Kai]

Thx for the tips Andrew. By any chance you know if there is a window period for 457 to buy a property? Btw, what does 'plus costs' constitute?

[Andrew from Vista Financial]

No problem.

 

There is not a window period I have heard of.

 

Plus costs = stamp duty, government fees etc....allow approx. 5%: http://www.revenuesa.sa.gov.au/taxes-and-duties/stamp-duties/real-property-land.

 

As a temporary resident Foreign Investment Board Approval (FIRB) is required before buying a home however this is usually just a formality and approval happens pretty quickly: http://www.firb.gov.au/content/real_estate/residential.asp.

 

 

Regards

 

Andy

[portnoarlungaaug2015]

Hi Andrew

 

Me and my husband are moving over in August 2015

We already know where we want to live and we are looking to buy a house.

We will need a mortgage of about 80% how long do we have to wait to apply?

We are coming over on a 189 permanent visa.

 

Any advice would be great

Thank you

[Andrew from Vista Financial]

Hi Andrew

 

Me and my husband are moving over in August 2015

We already know where we want to live and we are looking to buy a house.

We will need a mortgage of about 80% how long do we have to wait to apply?

We are coming over on a 189 permanent visa.

 

Any advice would be great

Thank you

 

Hello

 

Would it be Port Noarlunga by any chance...lol

 

Being permanent residents and only looking for 80% can mean that as soon as you have income (within policy) to be able to service the proposed debt there should be one or more lenders to approach.

 

Assuming this income will come from employment then you may be in a position to purchase/borrow pretty much as soon as you have secured employment and are receiving wages.

 

Kind regards

 

Andy

[Selah]

Hi Andrew

 

Me and my husband are moving over in August 2015

We already know where we want to live and we are looking to buy a house.

We will need a mortgage of about 80% how long do we have to wait to apply?

We are coming over on a 189 permanent visa.

 

Any advice would be great

Thank you

 

 

We got our mortgage within 3 months of me starting to work in 2010. It was what Andrew was talking about called a "low doc mortgage" which meant we didn't have all the records people normally need. Interest was marginally higher but we were approved within about 2 weeks. Within 6 months we remortgaged to a better deal.

[JoeandCarrie]

Hi Andrew, so if we both secured employment pretty much straight away do you think on a permenant res visa we could apply for a mortgage after around 6 months? Sorry to be a pain and ask so many questions!

 

Cheers joe

[portnoarlungaaug2015]

Thanks for the advice Andrew

Thanks selah, it's always nice to hear off someone who has been in our situation!!

Xx

[Andrew from Vista Financial]

Hi Andrew, so if we both secured employment pretty much straight away do you think on a permenant res visa we could apply for a mortgage after around 6 months? Sorry to be a pain and ask so many questions!

 

Cheers joe

 

No worries Joe, yes 6 months should be adequate possibly sooner, subject of course to meeting policy, servicing/borrowing capacity etc