Guest catoyne Posted February 21, 2012 Report Share Posted February 21, 2012 Hi,we have been told by a friend that the banks only lend 2 1/2 - 3 times your income, we were hoping to get at least 5 times or more like our mortgage here, our current UK mortgage is with Barclays who go on affordability so ours is for more than five times over here. does anyone know a bank or mortgand company who will lend this amount? Many Thanks Quote Link to comment Share on other sites More sharing options...
Sarab Posted February 21, 2012 Report Share Posted February 21, 2012 I'd be interested in the replies to this too - I leave for Perth 10th March (two weeks on Saturday!!), and want to buy ASAP! I'd also be interested to know what kinds of deposits you need in Oz. Quote Link to comment Share on other sites More sharing options...
Admin Posted February 21, 2012 Report Share Posted February 21, 2012 Hi Catoyne The 2.5 - 3 times isn't correct. Banks consider a range of factors in determining how much you can borrow, namely salary (and employment type - part time, casual, contract, full time etc), size of loan compared to property value, credit card limits, dependants, type of mortgage, living expenses, assets and size of deposit. Moodys' released a report last month which said that the median house in Australia price is now seven times the average annual income, so I guess there's lots of people with mortgages bigger than 2 or 3 times their salary. There's lost of online calculators which will estimate your 'borrowing power' - http://www.echoicehomeloans.com.au/home-loan-calculators/borrowing-power/ Quote Link to comment Share on other sites More sharing options...
jackboots Posted February 21, 2012 Report Share Posted February 21, 2012 Over here in Perth the Banks take into account , children ( how many dependants) , credit cards ( these go against your credit rating rather than for it ) car loans and store cards / debts / savings etc . All part of the factors in getting a mortgage . there are lots of finacial advisers here that are good to help as well Quote Link to comment Share on other sites More sharing options...
Sarab Posted February 21, 2012 Report Share Posted February 21, 2012 What kind of deposits do they expect? E.g. do 100% mortgages exist 95% or is it like the UK where like 20% is the minimum? Quote Link to comment Share on other sites More sharing options...
Guest catoyne Posted February 22, 2012 Report Share Posted February 22, 2012 Thanks for the advice and info, it is good to hear, we will have a big deposit so hopefully that will go in our favour. Good luck Sarahb hope the move goes well for you. 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.