Title: HOUSE BUYING
cybie - July 29, 2004 10:52 AM (GMT)
How do the Oz banks work out how much mortgage you can borrow. In UK it is 2.5 times a combined couples income. Is it similar in Oz? What is the normal deposit on a house? Need to know if we need to do serious saving!
HazelG - July 30, 2004 01:07 AM (GMT)
you'll find it's pretty much like the Uk - it varies a lot!
If you check out the websites of the banks over here (HSBC, ANZ, Commonwealth, Bank SA etc etc) then they have calulators so you can work out how much you can borrow based on individ circumstances.
we're with HSBC (were in UK) & they were prepared to give us a mortgage before we got jobs IF we put down 50% dep, and $10k security bond. We do know other people who were refused by them so it's very much dependant on your own circumstances.
when we used the various mortgage calculators we found that the amounts the various banks were prepared to lend varied by around $80K!!!!!!!!!!!!!!!!!!
sally1968 - July 30, 2004 01:19 AM (GMT)
We also found that there was a vast difference between various banks using their on-line calculators. Also it will depend on your work circumstances. My husband got a job within 3 weeks of us arriving but because he is only on casual (there is quite a lot of that out here) we will have real trouble getting a mortgage for at least 6-12 months. <_<
blackcountrygirl - July 30, 2004 01:21 PM (GMT)
I believe you would be able to get a mortgage with Homestart check it out but i would recommend you don`t stay with them too long you can re finance with other banks etc. when you are in permanent work, we went with homestart 14 yrs ago as we were told we wouldn!t get a mortgage with anyone else as we were new in AUS. what a load of crap.We changed to Savings and Loans and after 14yrs we are mortgage free, can!t be bad can it
Sheila
blackcountrygirl - July 30, 2004 01:23 PM (GMT)
Try WWW.homestart.com.au
Sheila
they also cater for the low incomes
blackcountrygirl - July 30, 2004 01:25 PM (GMT)
Yea its me again, I don`t know if you guys know but you don`t get tax relief on mortgages here
Sheila
Elaine - July 30, 2004 11:37 PM (GMT)
| QUOTE (blackcountrygirl @ Jul 30 2004, 10:25 PM) |
Yea its me again, I don`t know if you guys know but you don`t get tax relief on mortgages here
Sheila |
Hi Sheila
You don't in UK these days either... :(
piglit - July 31, 2004 02:46 PM (GMT)
Speak to a company like loans SA. They are independant brokers.
The guy That did our loan is called Ian Kingsborough, he was really good and we we approved really quickly.