Hey Hunter!
I need some tips from you as you are the mortgage god! Cremin and I are heading home at Xmas time with about a $20k deposit to buy our first place. I think it will be our PPOR and will apply for the FHOG. It is looking like I may not have a job to go back to (read Disaster has Struck!) and from what I can gather banks want a two year employment record in Aus.I have a ten year employment record that can be traced all the way back, but there is going to be a year and a half that I have been here in UK.
My questions are…
Are there any lenders, ie. the big four included, that will take us on even though I may not have a job straight away?As I have said, we will have that 20k deposit, which may be 20% of what we want to buy. If there are lenders, what sort of % are they charging?
Hope you can give us an idea. Cheers mate.
Steph and Cremin.Success is 1% inspiration and 99% perspiration.
Hey guys,
I am particularly good looking but I’m certainly not any sort of mortgage god!
I am sorry but am reluctant to give specific advice without knowing your situation better, however…
There are lenders that need three pay slips and confirmation that the job is permanent. Especially if you show continuity in the same industry.
I think you might be confusing the two years with LODOC lenders. This may also be an option for you if you have 20% but it really is designed for the self employed.
Certainly when you do find work I think you will be OK if you meet the serviceability requirements. ie the income is high enough.
If you would like some more specific advice then please email me some more information.
We worked overseas and are familiar with the uncertainty of moving back to Australia with no work in place.
I must ask. $20K being 20% …where are you going to buy for $100K?
All the best,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985“I must ask. $20K being 20% …where are you going to buy for $100K?”
Me to know and um, me to know… Hee hee… Sorry not giving out any other hints.
Thanks for your reply Simon, I am not looking for “advice” as such, just an idea of what to expect when we get home.
Ok, more details. I am a primary school teacher (as you know)on about $40K a year and Cremin is a cabinet maker who will not be working coz we wanna try our hand at renovating. That is what is he has been doing here in London and feel we can really give it a burl when we get home. So effectively no income from him just me.
As I have said, I may or may not have a job when we get home. If I do, I think it will be easier to get a home loan coz Commonwealth have already said they’ll give us money if that is the case.
So, is that enough details? Or do you need more? We have got a savings history here and have one at home too so that shouldn’t be a problem.
Thanks for your help Simon.
STeph.Success is 1% inspiration and 99% perspiration.
Hey mortgagey!! Did ya read my reply!!!????
Success is 1% inspiration and 99% perspiration.
Just trying to work out what to do for you.
You tell me you don’t need advice. I am uncertain as to your question.
I know that if you have a teaching job and a 20% deposit then it should be relatively easy to purchase a home in your price range. You should be able to take advantage of some of the better deals out there.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Well, “advice” tends to give the impression that I can hold you to your word and we are here to help each other that’s all. I will take what you say and hopefully it will work for me, but I will use it to how it suits my situation, so I think it is more help… anyway that nitpicky on my part…
I am still unsure though what could happen if I go home and don’t have a job straight away or get a job and appply for a loan straight away. Surely it would work against me?
THanks for comments so far.
Success is 1% inspiration and 99% perspiration.
Ok Scremin
If you are returning home and will be working in the same industry (i.e. teaching here) then here are the requirements:
If you need to borrow more than 80%– you need to be in your job for at least 6 months and not be under a probationary period.
If you borrow 80% of less– Not be in a probationary period; and
– Have at least 3 months experience (if less they may still consider your situation so long as you do not have a probationary period).If you are outside of these guidelines then its possible the lenders will not take your income into account when assessing your application.
Hope that gives you more info.
Cheers
Stu
Scremin,
Of course Stuart is right however if you are teaching at the moment and teaching when you return some lenders will accept the fact that you are in the same industry. Provided that there isn’t too big a break in continuity then you will not have too many problems and will not need 3 or 6 months.
One particular major lender will only need three payslips and proof that you are permanent and you will be OK.
But if all you are after is some reassurance then I cannot see you having too much trouble borrowing $80 000 at 80% as a teacher.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985If worst came to worst. Do an assest lend. As stuart mentioned on another post an assest lend of 85%max LVR, but interest rate is high. 9.5% by memory.
Asset lend picja?? I dont know what you mean. Could you please explain.
Ta.
Steph.Success is 1% inspiration and 99% perspiration.
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