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| How quick did you get a mortgage? | |
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| Topic Started: 17 Dec 2009, 01:40 PM (488 Views) | |
| jills | 17 Dec 2009, 01:40 PM Post #1 |
Addicted Member
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Hi :waving: We have been here almost 4 months now and although not looking for a mortgage yet, will be looking for one perhaps next July time. How long do you need to be in a job before the lender will consider you for a mortgage? Is 6 months long enough or do they look for more? Also, IF the first time owners grant is still available, do they take this as part of the (10%??) deposit or do they want the grant plus deposit? Also, I have a 5 year teaching contract but have a 1 year probationary period, will they want me to be completed probationary period also before giving a mortgage? Thanks. |
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| Petals | 17 Dec 2009, 03:51 PM Post #2 |
A phenomenon
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First port of call is the Bank and ask them all the information you have asked here. If they are happy then you know you will get the mortgage. As long as you have a good deposit there is no problem. The first home buyers grant is usually used by the lender to offset stamp duty etc so no it cannot be used for the deposit. If you lost the deposit you would be losing the govs money. Once you sign a contract of sale here and the contract becomes unconditional you are required to complete the contract, if you do not then you lose the deposit to the vendor by default. 10% is the usual deposit required and usually this has to be paid to the agent once the contract is going ahead. If a low deposit is paid and the equity in the house is borderline due to this, the lender will require you to take out mortgage protection insurance and this is pricey. The protection is not for you but for the lender should you default on the mortgage. Good luck happy house hunting. Make sure you check out any property thoroughly before signing the contract, the house is the used car it comes warts and all, the land is what you get good title to. |
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| nee | 17 Dec 2009, 03:52 PM Post #3 |
..like a Britvic'er....but weirder...
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Hi We got ours within 5 months through Commmmmmonwealth Bank. We moved out here Oct 2007.....had mortgage sorted in Feb 2008. We found that sorting the mortgage and house here was one of the few things that's actually faster to arrange in Aus compared to the UK. We'd already gotten used to things like Telstra taking 14 days to connect a phone line & 4 weeks to sort the internet etc...so it made a nice change!!! Edited by nee, 17 Dec 2009, 03:56 PM.
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| koalakim | 17 Dec 2009, 04:50 PM Post #4 |
Legend
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Hi Jills Sometimes I think they only need to see 3 payslips...we on the other hand being self-employed and trying to avoid a loc-doc mortgage had to produce 2 years of figures although our own bank St George apparently only takes the last year into account. So we've managed to get the amount we wanted but then we do have a really good deposit (which would have been even more had the pound been a bit stronger but thats another story......) which helped. Shop around but if you can't be bothered to do that then use a broker - ours has been fantastic and he's taken a lot of the stress of buying out here away from us! Good luck! |
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| missiemo | 18 Dec 2009, 07:19 AM Post #5 |
Legend
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Hi Jill Just a recommendation for you if you want to use a broker, this guy is fantastic and helped many people I know. Adrian Williams 0418526404 mobile 94174918 home Lightning Fast Home Loans Will also sort out First Time Home Owners Grant for you, Good Luck xx |
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| jills | 18 Dec 2009, 08:49 AM Post #6 |
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Addicted Member
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Thanks for that - may well give him a call next year as we used a broker to get our last mortgage in the UK and it was MUCH less stessful than when we did it alone the time before! Thanks. |
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| jills | 18 Dec 2009, 08:50 AM Post #7 |
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Addicted Member
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Wow, that was quick! We are tied into rental until start of July so wont be looking to buy until June anyway, by that time my hubby will have been in a job for 8 months and me 5 months so we will see. Thanks |
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| nee | 19 Dec 2009, 05:23 PM Post #8 |
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..like a Britvic'er....but weirder...
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....worth noting we also got out of our 12 month rental agreement after only 3 months :) Also, my wife (im a stay at home dad) had been in employment for less than 1 month here when we applied...lol So yeah, i'd have to say its deffo easier to get a mortgage here! Edited by nee, 19 Dec 2009, 05:24 PM.
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| tam_n_brett | 20 Dec 2009, 11:17 PM Post #9 |
A phenomenon
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we'll be looking as soon as we can change our spondoolies........ not yet for a while, lets hope by July Jill that the rate is 2.5 and house prices have dropped.... lol We can all dream and it's Christmas the time of miracles :) |
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| Home Loans Free Advice Man | 28 Jan 2010, 02:51 PM Post #10 |
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Newbie
  ![]](http://209.85.122.87/static/1/pip_r.png)
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Hi Jills, I am Adrian - a mortgage broker here in Melbourne and am happy to say that I have assisted several dozen UK migrants in obtaining a home loan to purchase their first home. I am more than happy to supply testimonials to verify this, but apparetly there are several recommendations on this site according to a current client. I do not charge you a fee for my services and you can check out my website at www.lightningfasthomeloans.com.au Certainly I am happy to provide more detailed advice over the telephone (94174918 or 0418526404) should you require it - and withoput obligation at all. The First Home Owners Grant has been diminished in some respects as of 01 Jan 2010, but still provides some assistance, especially if you build a new home. Depending on your overall circumstances, there may be a number of realistic options for you in terms of lender - be it me or someone else, worth using a broker so that you get an assessment of your situation across many lenders and not just a single bank you choose - who may say "No' and have you feel it is not possible, when in fact it is achieveable elsewhere. I have attached a table of the FHOG information for you to consider. Whatever you do - good luck.
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| Jasonmb | 9 Feb 2010, 01:36 PM Post #11 |
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We bought in September last year, having been here 17 months. Adrian helped us and was GREAT, we can highly recommend him. Tracy & Jason |
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SRO_table_FHOG_Benefits_and_Dates.docx (15.05 KB)| « Previous Topic · General Discussion · Next Topic » |
10:54 AM Sep 5
