on 175, getting a mortgage age 43 & 46

[Guest nurse sue]

Hi guys,

wonder if anyone can answer this please?

we are hopefully heading to adelaide at the end of 2010 on a 175 visa. 'we' are me, nurse age 43 and hubby age 46 + 3 kids 13,9 & 9.

we are hoping to buy somewhere asap, but will only be coming with minimal savings, (but will be debt free). im a nurse and should be earning around $60k, hubby is a plasterer so not sure what he will earn (if anything, given the recession)

my questions are;

* how long do we have to live in aus before being able to get a mortgage? I understand we need to be in permanent employment, so may only be based on my wage.

* what would be the minimum deposit? is 5% acceptable, or do any of the aus banks do 100% mortgages?

* do self employed people have different requirements? im thinking if oh does get work, but is self employed.

* would we have trouble getting a mortgage at our ages?

 

I did research all this about 7 or 8 years ago when we first started looking at migrating, but due to various problems over the years are only now at a stage when we will hopefully be able to start the process !! my info is out of date and the inernet is now a mind boggling minefield of info ...

 

thanks for taking the time to read

 

sue x

[Andrew from Vista Financial]

Hi Sue

 

Answers to your questions.

 

* how long do we have to live in aus before being able to get a mortgage? I understand we need to be in permanent employment, so may only be based on my wage.

 

This will vary from lender to lender, however if you have been in the same industry in the UK for a number of years and have a contract for work here then sometimes pretty much straight away. However Banks are tightening up on a regular basis at the moment.

 

 

* what would be the minimum deposit? is 5% acceptable, or do any of the aus banks do 100% mortgages?

 

Generally now at least 10%.

 

 

* do self employed people have different requirements? im thinking if oh does get work, but is self employed.

 

Generally will require 2 years history in Australia.

 

 

* would we have trouble getting a mortgage at our ages?

 

No, shouldn't be an issue.

 

 

Hope this helps.

 

Andy

[Guest nurse sue]

Hi Sue

 

Answers to your questions.

 

* how long do we have to live in aus before being able to get a mortgage? I understand we need to be in permanent employment, so may only be based on my wage.

 

This will vary from lender to lender, however if you have been in the same industry in the UK for a number of years and have a contract for work here then sometimes pretty much straight away. However Banks are tightening up on a regular basis at the moment.

 

 

* what would be the minimum deposit? is 5% acceptable, or do any of the aus banks do 100% mortgages?

 

Generally now at least 10%.

 

 

* do self employed people have different requirements? im thinking if oh does get work, but is self employed.

 

Generally will require 2 years history in Australia.

 

 

* would we have trouble getting a mortgage at our ages?

 

No, shouldn't be an issue.

 

 

Hope this helps.

 

Andy

 

Hi Andy,

Thanks for taking the time to reply - yes, thats very helpful!! Thank you!!

Sue

[The Flinns]

Great info and advice Andy, as always.

You forgot to mention that, as they are coming over on a perm res visa, that they would also be eligible for the First Home Owners Grant.

*Provided they haven't bought a house in Aus before*

 

Howard