Mortgage rates???????????

[Guest markshelley]

Hi all,

 

I was just wondering if anyone has got some info to help me out on the ozzie mortgages.

 

1) Are the type of mortgages more or less the same as the uk ones are?

2) What are the standard mortgage rates?

3) What are the stamp duty levels?

4) Can you get 100% mortgages?

5) How long do you need to be there till you can apply for a mortgage?

6) What is the best bank to go with?

 

It would be great if i got as much feedback as poss...

 

Cheers

Mark + Shelley

[Andrew from Vista Financial]

Hey guys

 

Follow this link http://www.westpac.com.au/internet/publish.nsf/Content/PBHLCT+Calculators+and+tools

 

you can work out stamp duty on different value properties, much higher than UK.

 

You can get 100% mortgages but you will need to show evidence of 3% genuine savings minimum. Also if you borrow more than 80% lenders insurance is applicable.

 

If you will be Temp visa holders you will be very hard pushed to borrow more than 80%.

 

It will depend on various factors as to how long you need to be in Australia before you are able to get a mortgage, deposit being a big one.

 

Lots of choice of lenders around to look at, of course everyone will have their own experience of who is good and who is not so good.

 

Variable rates are currently around the 9.5% mark, and yes the type of loans available are similar to UK ie, Fixed, Flexible, Variable, Introductory rates (discounted).

 

Hope this helps

 

Andy