Jump to content

Rent/buy


Keglin

Recommended Posts

Hi everyone,

As time marches on, my hubby and I are trying to look at all our options.

We would love to buy fairly quickly but wondered if that was even possible!

If we had a 15% deposited but no jobs would we be able to buy??

Or how long would we need to have been in our jobs for before we could get a bond/mortgage?

We were hoping we could rent a furnished apartment for a three months or so and look

For a home!!! In the meantime our container of goods would be heading for Oz.

Is this a possibility or would we have to rent for a year and be patient while we

Are looking for work! Guess in this case we would rent a furnished holiday place for a month whilst

looking for a longer term unfurnished place.

We are planning on arriving in the middle of September and have 2 kids who would

Be starting school in oct so we would want to be fairly settled.

Thanks everyone

Keglin

Link to comment
Share on other sites

My personal advice is, relax, do not be in too much of a hurry to buy. You need to really get to know your city of choice before you make a decision about which suburb to buy in. Do not always go by other people's opinion, you should really decide for yourself. I would get temp accommodation, have a look around, try and get a rental in the suburb of your choice, then rent there for a year. At the end of this period, you would have a really good feel for the area and can then make up your mind if that is where you really wish to be.

There have been people, on this forum, that have decided after a few months that they do not like the school that there children are attending, and decide to move them to another. Now imagine if you have already bought a house, because you wish to be close to the school, and now you want to move them to another school, miles away!

Link to comment
Share on other sites

I totally agree with Mara. Rent in the area for at least a year before you make a decision about buying. Not only do you need to give yourself time to get to know your city, but you also need to get a feel for your new country and the way things are done here. Don't underestimate the time it'll take before you feel settled and comfortable in your own skin here in Australia. It's a big adjustment. Yes, it's a whole new adventure which is exciting and fun. But to make such a big decision like buying property so fresh off the boat... What's to say you won't find a fabulous job opportunity in another state in a year's time? Trust me, the unexpected can happen here and for the most part, because of the having already trekked half way around the world, we're more open to opportunities and change. Don't box yourself in so early on into your adventure. The adventure doesn't end the minute you step off that plane. :)

To answer your question regarding getting a mortgage without having work... It's really unlikely - just having a deposit doesn't show the bank that you can pay back the rest of the loan. The banks don't look at your potential for employment - they want to see concrete proof that you have employment and will base the amount of the loan they're prepared to give you on the salary you're actually earning - not what you may earn in the future. Since the GFC, the banks have really cracked down on lending criteria. They're even getting sticky about giving a mortgage to peeps over the age of 45/50 as they need to make sure that the full loan will be serviced by the time that person reaches retirement age.

Now relax! Stop over-thinking it all. :lol: Just get here and suss it all out before you start pressuring yourself with the big decisions. I'm looking forward to meeting up at one of the Canberra Coffee Clubs soon. :ilikeit:

Link to comment
Share on other sites

Just my 2 cents worth, but after all the internet research and planning, you will more than likely feel different once you are here.

Short term accomodation was a horrible price per week so we decided to rent asap and I think we made the right choice???? Time will tell!

The up side of renting is that you might be able to build your dream home during that time for less than buying an existing house!

M

Link to comment
Share on other sites

Hi,

Was mentioned, there is no need to rush into anything.

And from what i have heard from banks, you need to be employed in order to get a loan.. else how you going to repay the loan?

After speaking with a few brokers, banks often like to see that you have settled into your job i.e. by making it past the probation period and being employed for around a year.

Thats not to say you can’t get a mortgage if you have been employed for under a year.. but its just something the banks like, along with a few other things.

On the practical side of things, how would you repay your mortgage without an income? Lets say you decide to buy a modest little home for $500k. The mortgage repayments on $425k ($75k deposit or 15%) would be close to $3000pm. That excludes things like council rates, insurance etc.

Another massive cost on purchasing property here is stamp duty, which in my example ($500k property), would be close to $18k in NSW as well as Lenders Mortgage Insurance.

I would definitely focuse on securing employment and living in an area before you buy. After a year you seem to have a better idea of the area you living in. Even a year is too short, especially when moving to a new unknown country, to get a feel of a wider range of areas.

Regards,.

Robbie

Link to comment
Share on other sites

Mara is spot on - relax and come check things out this side before you buy. I would say rent for at least a year before you buy because it takes that long at least for you to know if you want to be in that spot. We rented for 2 years in a suburb and bought in another. At some stage we wanted to buy our rental home and in hindsight are very glad that we didn't. The only downside is that you are paying someone else's home...

Furnished apartments are very expensive - rather go for a rental property and either camp out in your house (like so many have done) or rent the basic furniture until your container arrives. There's many forumites who help out fellow newbies by lending them linen, fridges, crockery & cutlery and even a TV. Depending on where you're heading you may have a lot of Saffers in your area who would be happy to lend a hand.

Remember, when you arrive here, you're on the honeymoon of a lifetime and everything is happy faces. When reality and practicality finally kicks in, you would want to have the ability to make different choices and a few adjustments.

Link to comment
Share on other sites

Thanks one and all, everything you all say makes a lot of sense!!!

Renting it is! Decision made! Or no choice really. Lol.

Guess we getting too excited about things!!!

Keglin

Link to comment
Share on other sites

Canberra is an awesome place but Totally agree with Mara and Mrs Mup's, we have even decided that we are not going to buy yet rather we are going to save and take it day by day. We will know when the time comes.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...