derham Posted October 17, 2011 Report Share Posted October 17, 2011 Can anyone pass on information on how easy it is to get a mortgage in Australia, we are hoping to move over next year on a 176 but if I keep getting 7's on my IELTS reading we will have to go for the 475 visa. Quote Link to comment Share on other sites More sharing options...
Guest 4lex Posted October 18, 2011 Report Share Posted October 18, 2011 I've been looking at this the past few days. You're pretty much going to need minimum 20% down, though some outfits like the police and nurses union will still offer 90% mortgages. Currently there's a 6% 3 year fix on the market, and rates have softened in the last month, the banks may be expecting a base rate reduction from the fed in the next couple of weeks, I'm not so sure. Lenders are still quite twitchy, so they like to see all the paperwork assembled, employment history, savings for deposit, have you credit card balances etc etc. Stamp duty is out of control out here. Not quite as bad as Melbourne, but on a middle of the road 700k property you're talking approaching 30k in government penalty. There is relief on this for first time buyers on a sliding scale between 500k (zero payable) and 600k (about 22k if memory serves), if you can find a place in that range that suits you. Also as a permanent resident you're eligible for a 7k handout, not sure if this applies on temp res situations. Canstar.com.au is one of many comparison sites, this one actually has real information on it - most are just frontends for mortgage broker firms to harvest your contact details and go the heavy sell. Good luck Quote Link to comment Share on other sites More sharing options...
derham Posted October 18, 2011 Author Report Share Posted October 18, 2011 Thanks for the information, the costs seem high againt the UK. Looks like I will be starting from scratch. Quote Link to comment Share on other sites More sharing options...
Guest Bob Tonnor Posted October 23, 2011 Report Share Posted October 23, 2011 Hi there I think youll find that there are differences between the different banks and also credit unions, you need to speak to the institution that gives the mortgage to see what they require, heres a list of banks with an updating rates, http://www.canstar.com.au/interest-rate-comparison/compare-home-loan-rates.html. Personally id suggest looking at one of the credit unions as they tend to be cheaper, they are run for members not shareholders so you arent paying the boss $10mil a year. Good luck Bob Quote Link to comment Share on other sites More sharing options...
derham Posted October 24, 2011 Author Report Share Posted October 24, 2011 Thank's for the information. 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.