• Short term rental accommodation, furnished rentals in port Noarlunga Adelaide, South Australia
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    1. #21

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      Quote Originally Posted by FranMarie View Post
      Ok, so my PR was granted last week. I'm already in Adelaide as was on a temp visa and I'm renting in warradale.

      I'm keen to buy somewhere. My Qs are...

      Can I gain a home loan so soon after getting my PR? I'm in casual locum work but aim to get a permanent job at the RAH (where I locum).

      Has anyone used the Home Start SA Gov home loans? I can't help but feel there's a catch here! Would you recommend going to a bank as opposed to using Home Start?

      While I plan on living in the house I buy, I also want an investment. What areas in Adelaide are worth investing in. I like it where I am but would be keen to be slightly closer to the city, and I'm more beach than hills but not opposed to it.

      Basically I'm not sure where to start or if this is even possible for me! I do have savings of course. I'm just not sure how to get started!

      Any info at all would be appreciated.

      Thanks!

      F x
      Hi Fran,

      Congratulations on getting PR.

      in answer to some your questions, there is not a minimum timeframe that you have to be PR for a loan.

      Being a casual worker will not necessarily stop you from obtaining a home loan but the longer you have been employed with them the stronger your application will be, as well as being potentially open to more lenders.
      If you do go permanent full time, we have access to lenders where you will only need 1 payslip for a full pay period.

      You can find out your potential borrowing power here:
      http://www.vistafs.com.au/main/page_...alculator.html

      You will also find a stamp duty calculator here as well which you may find useful.

      Generally you will require a deposit of 5-10% of the purchase price and normally a Lenders Mortgage Insurance charge would apply when borrowing over 80% of the purchase price (the amount payable depends on the insurer and can be added to the loan in some cases). Stamp duty will also be payable on the purchase.

      If you require futher assistance please don't hesitate to get in touch.
      Vista Financial Services www.vistafs.com.au
      Mortgage Brokers and Financial Planners to Poms in Adelaide
      Adam@vistafs.com.au

    2. #22

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      Thank you, say if I was looking to buy a property for around 450k how much money would I need in savings to achieve this?
      I'm also assuming that if I have a permanent job I'll get better rates as not so risky to lend to?

    3. #23

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      Quote Originally Posted by FranMarie View Post
      Thank you, say if I was looking to buy a property for around 450k how much money would I need in savings to achieve this?
      I'm also assuming that if I have a permanent job I'll get better rates as not so risky to lend to?
      Hi Fran,

      If you were looking to purchase for $450,000 you would be looking at a deposit of 5% of the purchase price as a minimum ($22,500), plus stamp duty and Govenment fee's for the purchase ($22,349) plus lenders mortgage insurance if only contributing 5% of the purchase price. Lenders Mortgage Insurance charges do vary but a ballpark figure would be around between $11,000 and $14,000 however most of this could be added to the loan in certain cases. Some lenders will only add the lenders mortgage insurance to the loan to a maximum of 97% though so in that case you would require a higher deposit of around 6-7%.

      You should also allow around $2,500 for Conveyancer fee’s and contingencies.

      If you were to go permanent it would not necessarily give you a better rate. It would open you up to more lenders who can offer better rates than competitors however there is no better rate offered to casual employees as opposed to permanent employees.
      Vista Financial Services www.vistafs.com.au
      Mortgage Brokers and Financial Planners to Poms in Adelaide
      Adam@vistafs.com.au

    4. #24

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      Hi Fran,

      I'm more than happy if you would like to give me a call and I can discuss the Conveyancing process with you and explain about the cooling off period and the contract conditions like finance approval, building/pest inspections etc.

      Good look!

      Kerry
      Kerry Miller - Solicitor - Legal Matters - www.conveyancingmatters.com.au/legalmatters
      Specialising in Wills, Enduring Powers of Attorney/Guardianship, Deceased Estates, buying and selling residential and commercial property, businesses, leases and land divisions.

    5. #25

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      Quote Originally Posted by NicF View Post
      I can highly recommend Andrew at Vista Financial (he posts on here sometimes). He (or Stacy anyway) helped us to get approval on a mortgage after only being in the country a couple of months.

      Thanks Nic, let's call it a joint effort :)...appreciate your recommendation!
      Director - Vista Financial Services - Financial Advisor and Mortgage Advisor for Poms in Adelaide - UK Pension Transfers / Financial Advice / Mortgage Advice
      Andrew@vistafs.com.au FPA & MFAA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177

    6. #26

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      Quote Originally Posted by Adam from Vista Financial View Post
      Hi Fran,

      If you were looking to purchase for $450,000 you would be looking at a deposit of 5% of the purchase price as a minimum ($22,500), plus stamp duty and Govenment fee's for the purchase ($22,349) plus lenders mortgage insurance if only contributing 5% of the purchase price. Lenders Mortgage Insurance charges do vary but a ballpark figure would be around between $11,000 and $14,000 however most of this could be added to the loan in certain cases. Some lenders will only add the lenders mortgage insurance to the loan to a maximum of 97% though so in that case you would require a higher deposit of around 6-7%.

      You should also allow around $2,500 for Conveyancer fee’s and contingencies.

      If you were to go permanent it would not necessarily give you a better rate. It would open you up to more lenders who can offer better rates than competitors however there is no better rate offered to casual employees as opposed to permanent employees.
      Cool, good to know.

      Someone I know is talking about a guarantor. Does this avoid the mortgage lenders insurance? Does this person have to be an Australian citizen?

    7. #27

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      Quote Originally Posted by paulandkerry View Post
      Hi Fran,

      I'm more than happy if you would like to give me a call and I can discuss the Conveyancing process with you and explain about the cooling off period and the contract conditions like finance approval, building/pest inspections etc.

      Good look!

      Kerry
      Thanks Kerry!

      Just collating info at the moment before I make a decision! It's all quite full on. Haha

    8. #28

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      Quote Originally Posted by FranMarie View Post
      Cool, good to know.

      Someone I know is talking about a guarantor. Does this avoid the mortgage lenders insurance? Does this person have to be an Australian citizen?
      I think mortgage lenders insurance is only where the income could be lower than necessary for the amount borrowed and it's a one off insurance Don't quote me on that one mind but I do recall my grandson had something like thatb

    9. #29

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      Mortgage lenders insurance is payable if you only have a small deposit. Eg 5%

    10. #30

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      Quote Originally Posted by FranMarie View Post
      Cool, good to know.

      Someone I know is talking about a guarantor. Does this avoid the mortgage lenders insurance? Does this person have to be an Australian citizen?
      Having a guarantor can avoid having to pay lenders mortgage insurance. The guarantor can offer their property as security for the loan providing there is enough equity in their property. In most cases a guarantor would need to be a permanent resident of Australia, the security (property) offered would need to be an Australian property and the guarantor should be a close family member, for example a parent or guardian.
      Vista Financial Services www.vistafs.com.au
      Mortgage Brokers and Financial Planners to Poms in Adelaide
      Adam@vistafs.com.au

     

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