Refinancing our house

[suzer]

We're thinking of re-financing the mortgage to lock in lower rates in a couple of months time. Part of this will involve putting the house in my name as well. I don't know what effect this will have on rates, as I've been here less than a year, and still on my provisional spousal visa, and haven't had loads of time to build credit etc, as well as the legal implications (FIRB etc?). I know there has been a lot of talk on this forum about such issues, so could anyone point me in the right direction so that I have my background knowledge covered well before we go talk to the people at the bank.

[Guest guest569]

will watch this one aswell as i'm fixed at 7.9% and wouldn't mind getting it down abit.

[suzer]

will watch this one aswell as i'm fixed at 7.9% and wouldn't mind getting it down abit.

 

Sorry just to clarify, am not really looking for information on rates or when to make a move on the refinancing so much as looking to find out how my visa status will affect a re-finance, switching from a mortage in one name (that of an Australian citizen who has owned the house for 12+ years and is at the moment on a variable rate mortgage) to a mortgage in both of our names, most likely looking at a 5 year or so fixed rate, of course locking in a lower rate after we see another rate cut or two.

[Lea]

Give Jim Scott a pm he sorted our mortgage out, no hassle and no pressure>

 

lea

[suzer]

Give Jim Scott a pm he sorted our mortgage out, no hassle and no pressure>

 

lea

 

Thanks for the tip, although we'll be going it on our own with the bank, no broker or anything.

[Andrew from Vista Financial]

Hey Suzer

 

Being a temp resident will not affect the rates you get, temps are eligible to the same rates as Perm.

 

It certainly is a good time to refinance, the big Banks are seeing unprecedented numbers of mortgage applications at the moment.

 

There are some very good deals out there right now.

 

 

Andy

[Andrew from Vista Financial]

Sorry forgot to say.

 

The thing that you may also need to be aware of is that most Banks as a temp resident will only lend you up to 80% of the value of the house.

 

 

Andy

[suzer]

Sorry forgot to say.

 

The thing that you may also need to be aware of is that most Banks as a temp resident will only lend you up to 80% of the value of the house.

 

 

Andy

 

Thanks Andrew. We've got more than 20% paid off, plus our mortgage at the moment is way below what the house is actually worth as hubs bought it 12+ years ago.

 

Would you know if my lack of a perm job at the moment or lack of savings would be a problem? All of hubs account right now are tied to the offset mortgage, so of course my name is not on any of that. Our joint account (which is the one I use and really my account only) is, well, not stocked with cash;)

[Guest soggy]

Thanks for the tip, although we'll be going it on our own with the bank, no broker or anything.

 

Hi,

which bank are you with, I have just been offered a mortgage with westpac, I am on a temp visa, am self employed and have no accounts worth mentioning, but because I have an abn number here and my wife has a business history in china they can offer a low doc's mortgage, they could have done this a few weeks after I got the abn number if I had asked and he kept reminding me that the bank will accept my word about my income here and my wifes history in China and will not check. Have you got a ABN number? have you got a business history? they won't check you know:wideeyed::jimlad:.

 

Simon:)