Buying a house

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Buying a house; advice on morgage, solicitors etc
Topic Started: 28 Jun 2009, 07:45 PM (526 Views)
Kaz62	28 Jun 2009, 07:45 PM Post #1
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	Hello helpful people :bow: We think we have decided on a house to buy ........ But what next??? Any recomendations on the best place to go for a mortgage?? I think we would prefer an independant finacial advisor and one that comes with recomended rather than plucked out of the phone book. We have been given a couple of names but they do not appear to be members of FPA or certified financial planners so I am a little wary of putting our money in thier hands. It is such a bit step to take and we really want to do as much as we can to ensure that we are using professional and trustworthy people to help us with this leap into owning a house in Oz. The house is brand new and I am assuming that the agent/developer will have financial planners on hand but how do we know if they are giving us the best deal?????? How to find a reliable solicitor, I am assuming we need one to do the usual legal doodahs ? any help/advice would be very much appreciated Steve and Karen :thumbsup:



Pomster	29 Jun 2009, 08:12 AM Post #2
Addicted Member Posts: 498 Group: Members Member #310 Joined: 6 July 2005	we recently bought a place and used a broker called something like Mortgage Acheivers- seem to be fine as they worked pretty swiftly and got us a reasonable deal. There are lots of brokers around who get commission from the lender (same as in UK). And we have always used conveyancers rather than solicitors. We have used Sargeants who have branches around but I think they are mainly based in the West. Good luck with your purchase.



Kaz62	29 Jun 2009, 07:10 PM Post #3
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	thank you for your reply we are sort of north west so I will look them up ta Karen



derab	3 Jul 2009, 03:08 AM Post #4
Member Posts: 71 Group: Members Member #1,834 Joined: 19 December 2007 Migration Status Citizen	We have bought and sold a few places since coming here. we use a solicitor called Robert Matisi in Fitzroy, they have been cheaper than the quotes we have had from conveyencers. If you want more details, let me know Derab



Andrew Williams	9 Jul 2009, 08:20 PM Post #5
Newbie Posts: 4 Group: Members Member #2,774 Joined: 16 April 2009	Hi Steve & Karen Qualified Mortgage Brokers do not register with the FPA or hold CFP status, this would be a Financial Adviser/Planner. The mortgage industry body is the MFAA, so look for a Broker that is a full member with them and who holds at least the Certificate IV in Finance & Mortgage Broking. Andy



Petals	9 Jul 2009, 08:37 PM Post #6
A phenomenon Posts: 1,328 Group: Members Member #2,324 Joined: 22 June 2008 Migration Status Citizen My Location Somerville My Mood Contented	Most Australians do not use mortgage brokers or financial advisers when buying a home they approach the banks themselves and get the mortgage. Brokers usually handle those people who find it difficult to get a loan.



meljoy	9 Jul 2009, 09:34 PM Post #7
Member Posts: 65 Group: Members Member #2,534 Joined: 13 November 2008 My Location glen waverley	Hi there, when we bought two years ago we used a mortgage broking firm, echoice, who were really helpful. We had no trouble borrowing money, in fact two years ago banks were throwing it at anyone and everyone, but as we were not familiar with some of the loan types used here, we wanted someone to talk us through our options. The guy who came out to us talked about the various loans available and gave us comparisons between banks, left us with lots of information to mull over and later processed our application for us. There was no obligation on us to follow his suggestions, so we felt we had nothing to lose. Good luck with your purchase! Mel.



meljoy	9 Jul 2009, 09:37 PM Post #8
Member Posts: 65 Group: Members Member #2,534 Joined: 13 November 2008 My Location glen waverley	I should have added that we paid our broker nothing, he took his commission from the bank. Our mortgage itself is with the ANZ, not with a small mortgage company who might run into financial difficulties - hopefully!



Kaz62	9 Jul 2009, 11:14 PM Post #9
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	Thanks for the info Well we have bought a house and signed the papers for a mortgage!!! we used a broker and I am glad we did as when he made some enquires the banks came back with some additional questions and requests for information. We have had to get our last employers in the UK to write a letter saying that we were employed full time, for how long and on what salary. This was in addition to asking our present employers to confirm full time permanent employment, not on probation and salary. Now we just have to sit tight and hope it all goes through OK oh and we asked a couple of people to recommend solicitors and we are using a small local firm, costs are going to be around $700 plus disbursments, I did not think that sounded too bad? very excited, another step forward :thumbsup:



waca	10 Jul 2009, 07:08 PM Post #10
Addicted Member Posts: 200 Group: Members Member #1,491 Joined: 17 June 2007 Migration Status Permanent Resident My Location Berwick	Can you give any idea of additional costs over and above the deposit and stamp duty? Can you use the first home buyers grant to pay the stamp duty? Waca



karenanddave	10 Jul 2009, 07:54 PM Post #11
Addicted Member Posts: 432 Group: Members Member #754 Joined: 5 June 2006 Migration Status Permanent Resident My Mood looking forward not back! My Location Berwick, Victoria	Hi Waca, we have also recently bought a house. All we paid was the deposit. The first home owners grant paid for the stamp duty and the conveyancers fees were added in to the mortgage!! Hope that helps? Karenxx P.s When you put in an offer for a house we paid a $800 deposit there and then which then came off the final deposit (or if offer not accepted you get back)



Kaz62	11 Jul 2009, 12:10 AM Post #12
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	we paid a holding deposit of $1000 and then we had to pay the balance of 10% of the asking price I think the first time home buyers grant should be processed in time for it to get paid to the seller (or maybe that is the mortgage co??) can't remember now, the stamp duty gets paid at the same time as settlement and will be $15,000. We have bought an ex display so it has never been lived in BUT it is complete so we have to pay stamp duty on the whole amount instead of just the land cost if we had built, not happy as I cannot see the difference but we should get the larger grant so can't complain too much. other cost will be for the conveyencing (sp?) which I think is going to be around $1000 the broker will not cost us anything out of our pockets, they get commission from the bank. They sat with us and explained why they had chosen the mortgages, based on what we wanted, they went through the process and why they rejected some mortgages and why they were recommending others so we feel that we fully understand what we have chosen. It all feel so much scarier this time..................................



Mags	11 Jul 2009, 02:26 PM Post #13
A phenomenon Posts: 1,354 Group: Members Member #703 Joined: 6 May 2006	Petals 9 Jul 2009, 08:37 PM Most Australians do not use mortgage brokers or financial advisers when buying a home they approach the banks themselves and get the mortgage. Brokers usually handle those people who find it difficult to get a loan. thank goodness you said this petals, i was thinking we done summit wrong. we went to the bank, spoke to the mortgage adviser, went away thought about the type of mortgage that would best suit our needs, back to bank, pre-approval given and he recommended a good conveyancer



Kaz62	12 Jul 2009, 03:01 PM Post #14
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	Ah but that's just it, we were told it could be difficult for us to get a mortgage at this time (by more than one person) because the banks here are tightening up on who they lend to, we have not been here a year yet so no credit history (no rental or utility bills because we are staying with my sister) and not much employment history and because only one of us is working in a permanent job. They would not count me because I am still working for an agency doing relief work. Luckily we have quite a large deposit, if we had needed a 90% loan it could have been a bigger problem. I find it difficult to trust the banks, they are only dealing with thier own products, a mortgage broker will generally be looking at the whole market place, so we spoke to 3 mortgage brokers about thier services, how they earn thier money, if they are members of any industry organisations etc and went with the one we felt most comfortable with. We also had a serious issue with our account when we first arrived, money was being spent, but not by us!! eventually we found out that somebody had attached a card to our account and a teenager was happily using it not realising that the money was going out of our account!! it took weeks to sort it out and get the money back AND luckily they did not know how much we had or we could have been cleaned out - very scary Having said all this, I think it is up to everyone to do some research and take thier own path, each to thier own. I love these forums it is so helpful to hear what other people do when buying cars, houses, insurance, even food shopping and eating out So thank you to everyone for your information and opinions :thumbsup: Karen X



Pomster	13 Jul 2009, 02:05 PM Post #15
Addicted Member Posts: 498 Group: Members Member #310 Joined: 6 July 2005	I should have said- hope your solicitor/conmveyancer is close to work/home. No-one told me that on settlement day, you have to traipse to your bank (if you have money to pay towards the property), get a cheque, then take cheque to the solicitors before settlement time. That really caught me by surprise, as I expected everything to be done by EFT, as banking here is usually pretty swift. Seems the various authtorities do not trust technology and like paper cheques. If all is funded by a loan, it is a lot easier!!!



Petals	13 Jul 2009, 05:01 PM Post #16
A phenomenon Posts: 1,328 Group: Members Member #2,324 Joined: 22 June 2008 Migration Status Citizen My Location Somerville My Mood Contented	I used to get my clients to bring transfer the money into trust account and then we drew the cheques of course bank cheque fees were included in the account. Not all solicitors will do this, and of course Conveyancing companies cannot do it they have to get you to provide the cheques to them. Its part of the settlement process that cheques are checked and exchanged for documents at settlement. They have been trialling doing it on line but do not know how that is going. From my experience things will just stay the same as the Banks will never agree with one another. Settlement always takes place at the Vendor's mortgagees office be it a bank or other institution.



Kaz62	13 Jul 2009, 09:01 PM Post #17
Addicted Member Posts: 125 Group: Members Member #2,085 Joined: 6 April 2008 Migration Status Permanent Resident My Location Strathmore, Melbourne	okaaaaaaaaayyyyyyyy I did not know that so vendor, that is the seller, so at the Estate agent's office? or the sellers bank? not sure where that is. I am sure that you can get the cheque the day before? I suppose it all depends on the day of settlement, I think we will try to go for mid week. Thanks for the info, I will ask our Solicitor what the process will be, waiting to hear about the mortgage application, then we can move things along. Karen x



Rue 66	15 Jul 2009, 09:20 PM Post #18
Member Posts: 93 Group: Members Member #2,309 Joined: 17 June 2008 Migration Status Temporary Resident My Location Berwick My Mood Happy	Kaz62 13 Jul 2009, 09:01 PM okaaaaaaaaayyyyyyyy I did not know that so vendor, that is the seller, so at the Estate agent's office? or the sellers bank? not sure where that is. I am sure that you can get the cheque the day before? I suppose it all depends on the day of settlement, I think we will try to go for mid week. Thanks for the info, I will ask our Solicitor what the process will be, waiting to hear about the mortgage application, then we can move things along. Karen x Congratulations on buying your first house here! Hope you have a very happy and prosperous life in it. Love Gill, Phil and Harry XXX :Grin:



Christchurch Kiwi	19 Jul 2009, 03:17 PM Post #19
Addicted Member Posts: 273 Group: Members Member #1,328 Joined: 16 April 2007	Hmmm, in my experience its best to go with an experienced property lawyer (firm of), only a few hundred extra (in case it all goes belly up and you need to back out). Also if you need the mortgage to go through quickly, say in 30 days, go with one of the big 4 banks as they can do things quicker, we've found Commbank competitive. Check how quickly the bank can process the mortgage. My lender managed to get my mortage through in a week. If you'd like more info pm me. Good luck



heyjan	23 Jul 2009, 12:32 PM Post #20
Megastar Posts: 95 Group: Members Member #93 Joined: 28 September 2004 Migration Status Permanent Resident My Mood optosceptic My Location Seaside Mornington	Dont know how you would do this but make sure the lawyer/conveyancer actually hands over the stamp duty, there was a case in the last few years of a bitch in Mornington helping herself to the stamp duty of countless older purchasers. We used her as our conveyancer several years earlier and had a couple of sleeples nights worrying if she had pocketed our money, we were OK, however she ripped off hundreds of thousands of dollars......Ellen Hoking that was her name, think she is nowrotting in jail.



Thebears	23 Jul 2009, 01:13 PM Post #21
Posts: 2,172 Group: Moderators Member #798 Joined: 8 July 2006 Migration Status Temporary Resident My Mood GO CATS GO My Location Malvern East	heyjan 23 Jul 2009, 12:32 PM Dont know how you would do this but make sure the lawyer/conveyancer actually hands over the stamp duty, there was a case in the last few years of a bitch in Mornington helping herself to the stamp duty of countless older purchasers. We used her as our conveyancer several years earlier and had a couple of sleeples nights worrying if she had pocketed our money, we were OK, however she ripped off hundreds of thousands of dollars......Ellen Hoking that was her name, think she is nowrotting in jail. http://mornington-peninsula-leader.whereilive.com.au/news/story/mornington-conveyancing-victims/

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