PeterNew_za Posted February 26, 2007 Report Share Posted February 26, 2007 Hi AllTrying to find out how much I could borrow for a home loan as a % of my salary in Australia. From research it seems to be around 3.5 - 4 x gross annual salary. Does that seem accurate? Do any banks go higher? What banks give the most?Thank you !!Peter Quote Link to comment Share on other sites More sharing options...
kiffoke Posted February 26, 2007 Report Share Posted February 26, 2007 Hi AllTrying to find out how much I could borrow for a home loan as a % of my salary in Australia. From research it seems to be around 3.5 - 4 x gross annual salary. Does that seem accurate? Do any banks go higher? What banks give the most?Thank you !!Petertagging along.... Quote Link to comment Share on other sites More sharing options...
Enrica Posted March 1, 2007 Report Share Posted March 1, 2007 PeterMortages in this country are very competative. You need a Mortage Broker when you arrive. They will find the best option for you with what every bank/mortgage company or institute. When you arrive you call a Mortage Broker , they come to you and do the figures.Normally you need be have full time employment . You can get pre approval from an Institute for an amount and then you know what price you can buy at.That figure of 4 times you annual salary is not always the rule so institutes are more flexible than others.Hope this helps someCheers Quote Link to comment Share on other sites More sharing options...
Polyanna Posted March 1, 2007 Report Share Posted March 1, 2007 I also have a couple of questions to throw in the pot.... here goes:1. How long do you need to be in full time employment / permanent employment before you can apply for a mortgage?2. What is the current interest rate?3. The banks in Oz don't have a credit history on you when you first get there. What do they base their decision on for whether you're a risk or not? 4. As a first time buyer in Oz, does a person need a deposit?5. Are the repayments also made weekly? Quote Link to comment Share on other sites More sharing options...
PeterNew_za Posted March 1, 2007 Author Report Share Posted March 1, 2007 Thnx Enrica Quote Link to comment Share on other sites More sharing options...
Enrica Posted March 2, 2007 Report Share Posted March 2, 2007 I also have a couple of questions to throw in the pot.... here goes:1. How long do you need to be in full time employment / permanent employment before you can apply for a mortgage?2. What is the current interest rate?3. The banks in Oz don't have a credit history on you when you first get there. What do they base their decision on for whether you're a risk or not? 4. As a first time buyer in Oz, does a person need a deposit?5. Are the repayments also made weekly?Dear PolyannaI will try and answer your questions the best I can1) Normal 3 -6 months2) Current Interest rates varies on the type of mortgage is about 7.34% upwards3) They base the desicion on your abiliity to re-pay your home loan4) Normally 20% , if you are a Permamnent resident your qualify for a first time home buyers grant of $7000.00.5) You can elect how to repay fortnightly or monthly or weekly.Hope that helps some Quote Link to comment Share on other sites More sharing options...
Polyanna Posted March 2, 2007 Report Share Posted March 2, 2007 Dear PolyannaI will try and answer your questions the best I can1) Normal 3 -6 months2) Current Interest rates varies on the type of mortgage is about 7.34% upwards3) They base the desicion on your abiliity to re-pay your home loan4) Normally 20% , if you are a Permamnent resident your qualify for a first time home buyers grant of $7000.00.5) You can elect how to repay fortnightly or monthly or weekly.Hope that helps someHi EnricaThat definately helps some... Thank youI read somewhere that if you have owned property elsewhere in the world, first time home buyers in Oz don't qualify for the $7000 grant? Quote Link to comment Share on other sites More sharing options...
Mara Posted March 2, 2007 Report Share Posted March 2, 2007 Hi PollyannaDon't you believe it, the home owners grant is YOURS if it is the first home you own in AUSTRALIA! They are not interested in where you have owned a home previously. Quote Link to comment Share on other sites More sharing options...
Polyanna Posted March 2, 2007 Report Share Posted March 2, 2007 Hi PollyannaDon't you believe it, the home owners grant is YOURS if it is the first home you own in AUSTRALIA! They are not interested in where you have owned a home previously.Yay... that is good news indeed. It's not everyday you qualify for government grants. Thanks Mara! Quote Link to comment Share on other sites More sharing options...
Dax Posted March 3, 2007 Report Share Posted March 3, 2007 We are with Homestart, and I will always recommend them, they have very good interest rates and when we struggled for a loan (due to me being a contract teacher then and not permanent), they were the only ones to give as a chance.I'm referring to condition of 8 years ago in Adelaide, of course. Gomestart operates everywhere in Oz. Cheers,Dax Quote Link to comment Share on other sites More sharing options...
LeeInOz Posted March 9, 2007 Report Share Posted March 9, 2007 (edited) I also have a couple of questions to throw in the pot.... here goes:1. How long do you need to be in full time employment / permanent employment before you can apply for a mortgage?2. What is the current interest rate?3. The banks in Oz don't have a credit history on you when you first get there. What do they base their decision on for whether you're a risk or not? 4. As a first time buyer in Oz, does a person need a deposit?5. Are the repayments also made weekly?1. ? Depends on your situation. My brother was here less than a month and bought. He had a job prior to arrival. We waited for 6 months because it took about 3 months for me to get a good job. Also our lease was 3 months 2. ? 7.5% , but it has gone up 4 times or about 1 %. They feel it will stay like it is for a while3. ? Your salary, and the history you build. get a phone, electricity, rental etc. We bought a car with a big deposit and had the cash to pay it of, but hire purchased it just to get history4. ? No 100% loans are common, but 80% is preferable. If you loan more than 80% you pay a huge insurance to the mortgage insurers. You get nothing, but the bank is gauranteed their money. And they are really full of BS. We paid $4500 for the loan insurance The payment for first time buyers covers the legal and government charges more or less. 5. Are the repayments also made weekly? Payments are monthly, but you can pay fortnightly ( I saves quite a bit)All this is in the pdf I wrote and sent you called living in Australia. RgdsMikeHi AllTrying to find out how much I could borrow for a home loan as a % of my salary in Australia. From research it seems to be around 3.5 - 4 x gross annual salary. Does that seem accurate? Do any banks go higher? What banks give the most?Thank you !!PeterThey also look at your age, and calulate how long you can continue paying. Ie a 25 yr old can pay for longer than a 55 yr old Edited March 9, 2007 by LeeInOz Quote Link to comment Share on other sites More sharing options...
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