Annie2016 Posted January 9, 2017 Report Share Posted January 9, 2017 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 Quote Link to comment Share on other sites More sharing options...
elfie Posted January 9, 2017 Report Share Posted January 9, 2017 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. Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted January 10, 2017 Report Share Posted January 10, 2017 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 Quote Link to comment Share on other sites More sharing options...
Annie2016 Posted January 10, 2017 Author Report Share Posted January 10, 2017 Thanks for that info! Quote Link to comment Share on other sites More sharing options...
Druid Posted January 10, 2017 Report Share Posted January 10, 2017 I got a 30 year 95% mortgage for a stupid amount of money at age 48, yikes................. Quote Link to comment Share on other sites More sharing options...
Annie2016 Posted January 10, 2017 Author Report Share Posted January 10, 2017 That's good to hear Quote Link to comment Share on other sites More sharing options...
Budgie Posted February 14, 2017 Report Share Posted February 14, 2017 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. Quote Link to comment Share on other sites More sharing options...
abey1 Posted February 14, 2017 Report Share Posted February 14, 2017 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 Quote Link to comment Share on other sites More sharing options...
Budgie Posted February 14, 2017 Report Share Posted February 14, 2017 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! Quote Link to comment Share on other sites More sharing options...
Jen78 Posted February 16, 2017 Report Share Posted February 16, 2017 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! Quote Link to comment Share on other sites More sharing options...
Budgie Posted February 16, 2017 Report Share Posted February 16, 2017 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! Hi Jen, was that because of your age or more to do with the house prices in the area you want to live? I'm concerned mortgagewise because of our age and gbp being so weak at the mo! X Quote Link to comment Share on other sites More sharing options...
Jen78 Posted February 17, 2017 Report Share Posted February 17, 2017 Hi, it's because we decided to live in an expensive area in the catchment area for a good school and not very far from the CBD. House prices are rediculous and only hubby is working. We're 42 and 38 so biding our time until we can move somewhere cheaper - or win the lottery! It's daft because the rent we're paying proves we could afford mortgage repayments but its the way the borrowing power is calculated means we can't borrow what we needed. At least we like our rental and would be happy to stay here for the next few years. Quote Link to comment Share on other sites More sharing options...
Weedolly Posted February 17, 2017 Report Share Posted February 17, 2017 If both or only one of you are working can also make a big difference to how much you can borrow. For example, if only one is working and you have 2 kids, then 3 are fully dependant on 1 wage. My income was taken into consideration even though I only earned a paltry $7000 for a few hours a week Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.