Discussion
First off apologies if this has already been discussed the search function didn't help much!
We can see the tunnel now hopefully there’s light at the end of it and we have our 190 visa in the next few months!
My question is what's the score with mortgages when emigrating? Were moving to Perth/surround areas and I'd like to get a house as soon as possible rather than rent if it's an option.
Next problem is this will be our first house!! We held of buying a house in Scotland as we knew we were moving.
I imagine I will have to have a stable wage coming in before the banks will even entertain us, can anyone share their experiences with me on this?
:-)
We can see the tunnel now hopefully there’s light at the end of it and we have our 190 visa in the next few months!
My question is what's the score with mortgages when emigrating? Were moving to Perth/surround areas and I'd like to get a house as soon as possible rather than rent if it's an option.
Next problem is this will be our first house!! We held of buying a house in Scotland as we knew we were moving.
I imagine I will have to have a stable wage coming in before the banks will even entertain us, can anyone share their experiences with me on this?
:-)
I'm a contractor, banks wanted 12 months of business invoices before they would even consider me.
Under 500k you pay no stamp duty as a first time buyer. Over 600k you pay it all.
First time buyers also get 10k from the government now. You don't see it, it just comes off your loan.
If you don't have a 20% deposit you'll get stung for lenders insurance.
Where will you be looking? Being close to a train station was a major requirement for us so I could get into the CBD for work easy.
Under 500k you pay no stamp duty as a first time buyer. Over 600k you pay it all.
First time buyers also get 10k from the government now. You don't see it, it just comes off your loan.
If you don't have a 20% deposit you'll get stung for lenders insurance.
Where will you be looking? Being close to a train station was a major requirement for us so I could get into the CBD for work easy.
I would say stable income.
Not sure if this applies or not.
http://www.finance.wa.gov.au/cms/content.aspx?id=3...
If you have 20% of the deposit, you avoid mortgage insurance which I guess would keep them happy too.
Not having done it, I am no help, I was here for a good few years before I got one. Bad move, should have bought one ages ago!
4 major banks, and a lot of littler ones, some of which are owned by the larger ones, then credit unions. There are a couple of larger brokers too.
Not sure if this applies or not.
http://www.finance.wa.gov.au/cms/content.aspx?id=3...
If you have 20% of the deposit, you avoid mortgage insurance which I guess would keep them happy too.
Not having done it, I am no help, I was here for a good few years before I got one. Bad move, should have bought one ages ago!
4 major banks, and a lot of littler ones, some of which are owned by the larger ones, then credit unions. There are a couple of larger brokers too.
Not 100% where we want to stay yet, stayed in Mandurah for 2 weeks that was nice. Rail seems slick enough the times we used it.
I may end up working for my current employer in oz I was hoping if the banks saw that it would help our case as they would know it's a stable job as it would look like a transfer.
We have started opening a Westpac account I will get the mrs to ask some questions!
I may end up working for my current employer in oz I was hoping if the banks saw that it would help our case as they would know it's a stable job as it would look like a transfer.
We have started opening a Westpac account I will get the mrs to ask some questions!
Hi LC4,
We have been over in Perth now for 3 years originally from Glasgow - we are still renting as we are on a 457 visa with my company. One of the first things you should do when you arrive is set up your Bank accounts and get a Credit Card - then put all your shopping on it etc and pay it off at the end of the month - you have to achieve a good Credit rating from scratch over here. If I were you - knowing the lie of the land - I would rent for the first 6-12 months and take your time before buying a house !! As said before you will need 20% deposit ( Unless you want to pay Indemnity Insurance on your Mortgage) PLUS 4% Stamp Duty (As in my opinion it is very hard to get a decent house in a nice area for under $500k). This is perfect if you have sold your Scottish house but we still have both our houses back in Scotland with our kid's staying in them - so we have saved our deposit up over the last 3 year's. Mandurah is a lovely place to visit but just too far out for us - everyone to their own. You have the choice of either living NOR (North of the River) or SOR (South of the River) - we chose SOR as you get a lot more for your money. Either way I'm sure you and your family will love it - if you want my Mob no for more info then just PM me !! TJ
We have been over in Perth now for 3 years originally from Glasgow - we are still renting as we are on a 457 visa with my company. One of the first things you should do when you arrive is set up your Bank accounts and get a Credit Card - then put all your shopping on it etc and pay it off at the end of the month - you have to achieve a good Credit rating from scratch over here. If I were you - knowing the lie of the land - I would rent for the first 6-12 months and take your time before buying a house !! As said before you will need 20% deposit ( Unless you want to pay Indemnity Insurance on your Mortgage) PLUS 4% Stamp Duty (As in my opinion it is very hard to get a decent house in a nice area for under $500k). This is perfect if you have sold your Scottish house but we still have both our houses back in Scotland with our kid's staying in them - so we have saved our deposit up over the last 3 year's. Mandurah is a lovely place to visit but just too far out for us - everyone to their own. You have the choice of either living NOR (North of the River) or SOR (South of the River) - we chose SOR as you get a lot more for your money. Either way I'm sure you and your family will love it - if you want my Mob no for more info then just PM me !! TJ
Cheers bud, got our medicals tomorrow so hopefully we will be over soon!!
Opened up an account from the UK just need to get someone from my bank to verify us then we can start to move money about, should of done it when we were down in September to save this hassle but hey ho!
Can see us renting for a while until as you say we figure out what area we like.
Opened up an account from the UK just need to get someone from my bank to verify us then we can start to move money about, should of done it when we were down in September to save this hassle but hey ho!
Can see us renting for a while until as you say we figure out what area we like.
Mortgage requirements change from time to time, however if you have a 20 or 25% deposit any problems will almost certainly go away.
After working overseas for a while I got a mortgage with the Commonwealth Bank with no payslips, no job (I'd left by then and was unemployed) and no tax returns (I'd been non-resident for tax purposes). I did already have an existing mortgage which was well ahead in payments however.
Try to avoid paying the standard variable rate; there are almost always packages around which give you 0.5 -0.7% off the standard rate.
After working overseas for a while I got a mortgage with the Commonwealth Bank with no payslips, no job (I'd left by then and was unemployed) and no tax returns (I'd been non-resident for tax purposes). I did already have an existing mortgage which was well ahead in payments however.
Try to avoid paying the standard variable rate; there are almost always packages around which give you 0.5 -0.7% off the standard rate.
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