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Annie2016

Buying a house

13 posts in this topic

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 :unsure:

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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.

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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

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

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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

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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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

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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!

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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!

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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!

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

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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.

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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

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