getting a mortgage with small deposit?

[Guest kelv&haley]

hi all, we are not in oz yet (unfortunetley) but we soon hope to be, however we have given up trying to sell our house in uk and rented it out instead......this means a tight budget when we first get there,we would love to buy a house but are worrying about the size of the deposit needed to get a mortgage as we havent released equity in uk house,we dont wanna be saving for years before we can get oz mortgage, any advise greatfully received, cheers, haley:arghh:

[Guest soggy]

hi all, we are not in oz yet (unfortunetley) but we soon hope to be, however we have given up trying to sell our house in uk and rented it out instead......this means a tight budget when we first get there,we would love to buy a house but are worrying about the size of the deposit needed to get a mortgage as we havent released equity in uk house,we dont wanna be saving for years before we can get oz mortgage, any advise greatfully received, cheers, haley:arghh:

 

Hi,

i'm sure the finance experts will reply to this but the answer will be it depends, if you are on a pr visa and have a secure employed postion, you will be able to get a 95% mortgage after not too long, if your on a temp visa or self employed things will be more difficult but again it depends on what you mean by a small deposit.

 

Simon

[Andrew from Vista Financial]

Hi Haley

 

Yep, as Simon says it will depend on your visa type.

 

Temp residents generally can only borrow up to 80%.

 

If you are able to borrow more than this, then there will also be Lenders Mortgage Insurance (LMI) to pay.

 

Banks are really tightening down at the moment and even some of the bigger ones will now only lend up to 90% unless you are an existing customer.

 

Regards

 

Andy

[Guest kelv&haley]

thanks andy and simon, we are coming on 176 so have pr,my oh is a brickie,so does that make it harder again??you said about self employed, but we hope he will be on for a company when we get to oz,i know its not a straight forward one,but hopefully from what you say with insurance we could look ay a 95% mortgage???? if thats the case it might not be a disaster not selling uk home yet,thanks very much, haley

[Andrew from Vista Financial]

No problem Haley.

 

Another option you might want to consider could be to release some equity from your UK property now. You may be able to do this by way of a further advance with your existing lender.

 

If you could borrow enough for say a 20% deposit here then you may save in 2 ways.

 

1) No lenders mortgage insurance to pay.

 

2) Interest rates in UK are lower than OZ. (depending on loan to value ratio (LVR)).

 

Andy

[Guest Sharon and Paul]

Hi Haley, you proberly have thought about renting? , But at the moment the exchange rate is not very good , I know there is the goverment grants up for crabs , and with your old man being a brickie , you might be able to buy a plot of land and the company he works for might be able to help build one . In the mean time if your renting you might be able to get help with your rent as you are pr? This will give you guys time to find and maybe try out differant area's to live . ATB Paul

[elainew]

Don't worry get here first and rent for a while, this will also give you time to look around . Setttle in to life in Oz.

Then you're not just buying anything as it costs a lot of dollars to sell and buy again

[Guest cornish Busdriver]

G'day Haley.

Me and the Missus have just brough our house and its done slighty different from the UK.

We done a 30 day settlement which basically meens every thing is done and dusted and keys in your hand in 30 days.

Were on a PR visa and had to put down a 10% deposit Plus 10K holding fee (standard) once your offer has been acepted on a property. We got the 14K First time homeowners grant but not the 4K boost cos of the price of the house 450K. The 14K and 10K was eaten up in fees and GST.

You have to provide proof of income and savings, we just sold our house back in Cornwall so that counted as savings.

The first time home owners grant is droping to 50% this year and will evenchally dwindel out all together so gotta be quick.

Its better to pay your morgage weekly as it will knock years off.

Hope this helps

[Guest Wendy Perry]

hi all, we are not in oz yet (unfortunetley) but we soon hope to be, however we have given up trying to sell our house in uk and rented it out instead......this means a tight budget when we first get there,we would love to buy a house but are worrying about the size of the deposit needed to get a mortgage as we havent released equity in uk house,we dont wanna be saving for years before we can get oz mortgage, any advise greatfully received, cheers, haley:arghh:

Hi Haley,

Welcome to Australia!! A new journey.

I am a personal Mortgage Adviser.

Are you bringing any funds with you?

What type of residency are you coming out on.?

Have you employment to come to.?

You can look up my profile on www.smartline.com.au/wperry

I sincerely hope I can be of assistance to you.

 

Cheers

Wendy

 

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