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    Thread: Buying a house


    1. #1

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      Buying a house

      We are a couple mid forties with 2 kids 10 and 8 , hoping to move back to Perth what are the chances of getting a mortgage at our age have previously lived there and kept our bank account opened . Anybody of the same age found it difficult to get a mortgage , both nurses hoping to work full-time ! Any advice

    2. #2

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      No stress as long as you have a deposit all is good .... Oh and jobs ....the larger the deposit the better. If you do not have the full deposit .... I cant remember the % .... You will have to pay lenders insurance a % of the mortgage ... Again dont know this .... This insurance covers the lender encase of default. If you can start paying a regular ammount into your Oz bank account this will stand you in good stead.

    3. #3
      Andrew Williams's Avatar

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      Hi Annie

      As above, mid forties will not be a problem for a mortgage over the default term which is 30 years here, not suggesting that you will have it over this length of time but it will be possible without any age issues.

      Elfie the deposit required to avoid lenders mortgage insurance is typically 20% so 80% loan to value ratio :)

      KR

      Andy
      elfie and Annie2016 like this.
      Vista Financial Services - Mortgages, UK Pension Transfers, Superannuation, Investments, Life Insurance www.vistafs.com.au 08 8381 7177
      Financial Adviser: Adv Diploma Financial Planning (FPC UK) - Mortgage Broker: MFAA full member -Diploma in Finance & Mortgage Broking Management (CEMAP UK)

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      Thanks for that info!

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      I got a 30 year 95% mortgage for a stupid amount of money at age 48, yikes.................
      Annie2016 likes this.

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      That's good to hear

    7. #7

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      Quote Originally Posted by Andrew Williams View Post
      Hi Annie

      As above, mid forties will not be a problem for a mortgage over the default term which is 30 years here, not suggesting that you will have it over this length of time but it will be possible without any age issues.

      Elfie the deposit required to avoid lenders mortgage insurance is typically 20% so 80% loan to value ratio :)

      KR

      Andy
      That's really helpful Andy, I'm in a similar situation, my husband is aussie so no visa issues but would we need permanent emplaoyment contracts to get a mortgage? I am a teacher and it's looking like temporary contracts after the norm in Perth.

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      Quote Originally Posted by Budgie View Post
      That's really helpful Andy, I'm in a similar situation, my husband is aussie so no visa issues but would we need permanent emplaoyment contracts to get a mortgage? I am a teacher and it's looking like temporary contracts after the norm in Perth.
      The criteria is different from bank to bank. Some accept employment soon after probation. Some do not consider employment. So if you have a job you are ok.


      Sent from my iPhone using Tapatalk

    9. #9

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      Quote Originally Posted by abey1 View Post
      The criteria is different from bank to bank. Some accept employment soon after probation. Some do not consider employment. So if you have a job you are ok.


      Sent from my iPhone using Tapatalk
      Thank you!

    10. #10

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      Good luck with your house hunting. Looks like we'll be renting until youngest has finished high school in 7 years time so we can afford something out of the catchment area. So far we can borrow about half of what we need!
      Decided to move Nov 15, skills assessment submitted engineers australia 29 Jan 16, Hubby IELTS passed 20 Feb 16, positive Skills assessment with Engineers Australia end Apr 16. EOI Submitted 11 June, Invitation to apply beginning July. Application submitted 11th July CO assigned after 3 weeks. House up for sale 6th Aug. Police checks back 10 Aug Meds booked 17th Aug. Visas granted 13th Sept, house sold 26th October. Landed 11th January '17

     

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