As the topic suggests we are moving from Alice Springs NT to Adelaide SA. In Alice I have two properties. We live in one and have an investment as well. When we move in 3 months I will rent the one I am now living in.
What I want to do is arrive in Adelaide where we will stay with family foe a little while, say 3 months. From there I really want to buy a property. I can’t stand the though of renting.
What sort of criteria do financial institutions have when people arrive in a different state with new employment and the sort?
Is it like hitting the reset button regardless of how stable past employment and living has been? Is there a minimum time requirement before a bank will lend ‘more’ money?
This is just the tip of a very large iceberg of questions and ideas I have zoomng around in my head to achieve this goal. I’d love some feedback and ideas before I go on.
One a year is my plan!!
Didn’t think my questions were that hard……
One a year is my plan!!Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
If you have a stable employment history and have permanent employment then a move and a new job is not an issue.
Especially if the new job is in the same industry as the previous one.
Post or email the rest of your questions! Hopefully they are a bit harder than this one [biggrin]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
LOL!! Thanks Simon.
I will be moving to a different industry, it is however something I have done before.
So, from what you are saying as long as the numbers are ok all shold be good?
Should I approach the bank I’m currently with or a broker?
One a year is my plan!!Tasman PropertyMember@tasman-propertyJoin Date: 2003Post Count: 126
Hi Gran T (!)
I’d like to help as this is the situation faced when I moved from Sydney to NZ recently (and yes getting finance has been tricky, but mostly because I am now a self employed property investor and have changed career and stable income etc all in one go).
You need to think of it from the banks viewpoint. Basically anything is possible if you can demonstrate that the risk is acceptable to the bank. So all your suggestions will help, particularly using the same bank that ‘knows you’ (as best a bank can) and why not approach a bank and a mortgage broker.
Do whatever is necessary to get finance. And if it isnt working, do something else to get finance! (MAP tip: Action leads to Reaction leads to Momentum leads to Action…)
Talk to a personal or business banker about your needs, dont just call the helpline where they are run by what their computer screen says (such as having 6 months employment in the same job being first requirement).
If you run into trouble (the bank sees the risk as unnacceptable) as why specifically and then help the bank to get over that hurdle. Maybe they wont lend you 80-90% but they would lend 70-75%? You may need to be flexible, and may need to approach a few banks (after your own) as one may perceive their risk to be less than the others for some reason.
Good luck and well done for taking action to achieve your goals!
(I believe that later this year there will be no +CF deals left in NZ. If you’d like Steve’s MAP protege living in NZ to leverage your time and find the deals to build your portfolio quickly, just ask me!)
Thanks for your feedback. My first plan of action was getting on here and learning, my second is to see a local broker who has been good for me before.
P.s. That’s exactly where that name was derived. Funny, most people miss it!
One a year is my plan!!