Guest Squareman

How long does it take to buy a house?

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    Guest Squareman

    Hi all

     

    I need to buy a house more or less straight away when I arrive, so I need to know if I should staying in a furnished rental or in hotel accommodation before I move into my new home. How long does it take for mortgages to be processed etc?

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    It depends on who you apply for a mortgage through. Our bank will take about 3 weeks to process and approve the application from the time you submit all the papers. Settlement on a property is usually 28 days, but the last one we did took a week or so over that, as the other sides conveyencer wasn't ready.

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    I am not sure but I think the lenders like you to be in employment with the same company for a minimum of 3 months I was told this when we were buying a house when we first came over but that was many years ago.

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    Guest The Hadleys
    Hi all

     

    I need to buy a house more or less straight away when I arrive, so I need to know if I should staying in a furnished rental or in hotel accommodation before I move into my new home. How long does it take for mortgages to be processed etc?

    Hi

     

    Thats depends what settlement you want, three weeks for finance, approximately - if you want help finding a property, rental or to buy, I work for Elders Real Estate, I would be more than happy to assist you in either areas.

     

    Dawn Hadley 0425 381 964

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    Guest Woody and Jane
    I am not sure but I think the lenders like you to be in employment with the same company for a minimum of 3 months I was told this when we were buying a house when we first came over but that was many years ago.

     

    Hi, yes I think you might struggle to walk into a bank when you first arrive and say "Hi I've just emigrated, please lend me hundreds of thousands of dollars".

     

    You'll definitely need some employment history in this country to be considered. We had six months but as Ian MC says you may get away with 3. I guess it depends on how much you'll be asking for.

     

    From offer being accepted to moving in took less than 30 days for us.

     

    Woody.

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    Are you shipping furniture over? If not, then I'd say a furnished rental short term (4-6 weeks should be plenty), which will give you enough time to look around, buy some furniture and decide on an area, then perhaps an unfurnished rental for six months will tide you over till you find a place to buy and get finance sorted out (if you get that sorted sooner, it's not unheard of to break the lease early!)

     

    If finance isn't an issue, you can buy pretty quickly - we made an offer on a place after two weeks here, moved in four weeks later, so had a total of six weeks in a furnished apartment in the City.

     

    If you are shipping furniture, then it depends on the timing of when you arrive and when it arrives. You may be able to get away with say two weeks in furnished (apartment or furnished property) and then move into an unfurnished rental (see comment about breaking lease if necessary above) while you sort your house purchase out.

     

    I'd suggest a furnished rental rather than a hotel whilst you make up your mind, cheaper, more like 'real' living, and more flexible for sure! Even four weeks in a hotel would have you begging for beans on toast for tea, I reckon!!

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    My husband was transferring with work so we applied for a mortgage when we were still in the UK through a broker in NSW who we still use as he is very reliable and quick. He also helped a couple of friends with mortgages before they came over (who didnt have jobs) not sure of the whole process but they got sorted out ok. if your interested PM me for his details.

     

    Regarding Hotel v Short term rental, we did both Hotel on recci and then short term rental for a couple of weeks when we arrived whilst we waited for our furniture, have to say short term renter won, I agree is makes you feel more settled and you can eat what you want when you want it, and in the end it was better value less on eating out and more space!!!

     

    good luck

    Kim

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    Guest Chelseadownunder

    Ours took about 3 weeks to go to offer but we had it pre agreed very quickly with a guy I use through our company he is very good and took alot of time with us as we were unsure of things.

    Things generally move much quicker here than the UK. We were done and dusted in our new house in 4-5 weeks.

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    Guest nicandchris

    hi Dawn is Elders a company that could help with finding 'dog friendly' rentals prior to buying when the time comes?

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    Hi Squareman

     

     

    As stated things can move very quickly here.

     

    regarding the mortgage front then a lot of factors will come into play, the bigger the deposit the better really.

     

    However even with a deposit between 10-20% there are still lenders willing to lend quite early on as long as there is continuity within job roles/industry.

     

    If you are a temp resident then generally you will require a minimum of a 20% deposit.

     

     

    Regards

     

     

    Andy

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