Guest ReadyPenny

Mortgages with hardly any deposit! HELP!!!

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    Guest ReadyPenny

    Hi Guys


    Just wondered if any of you can answer any of the following questions!


    We are hoping to arrive in Adelaide around March next year. Due to the current housing market in the UK we are only just going to break even on our house sale (if we sell it of course!) and therefore will not be taking any equity out of it.


    How do we stand for obtaining a mortgage in OZ? We are of course considering renting first, but OH concerned that this is a waste and that it won't feel like home.


    He will be self employed and projected earnings from the Company are AUD 80 000 to 100 000. I am hoping to secure a job in finance management shortly after arrival.


    How much could we get a mortgage for?

    What will the repayments be on this sum per month?

    Will it be more difficult because he is self-employed?

    Do we need to have a deposit and if so what percent?


    Sorry to be pain, but with our house on the market now I need to start considering what to do at the other end.


    Thanks in advance


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    Hi there


    I think that it depends what sort of visa you have come on. If you are here on a temporary visa then you need at least a 20% deposit, if its permanent then there are 100% mortgages available. I guess you would have to look at where you want to be, the property prices in that area and most importantly affordability. We had a decent amount of equity from our UK house sale and have still ended up with a much larger mortgage than we had in the UK and we are building in a relatively cheap part of Adelaide. Drop Andrew Williams a pm he will be able to help you more with the figures.

    Hope this helps



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