Guest ang Posted May 7, 2012 Report Share Posted May 7, 2012 is it true you need 20% deposit to get a mortgage ? Quote Link to comment Share on other sites More sharing options...
Chardy Posted May 7, 2012 Report Share Posted May 7, 2012 That is what I have read too. Quote Link to comment Share on other sites More sharing options...
scoon101 Posted May 7, 2012 Report Share Posted May 7, 2012 Hi guys, As far as i know getting a mortgage you will need to be off your trial period at work, having the same or being in the same trade as you were in in your country of origin really helps. 6 months of bank statements. If you have all of this then the deposit can be as low as 5% Hope this helps Quote Link to comment Share on other sites More sharing options...
scoon101 Posted May 7, 2012 Report Share Posted May 7, 2012 Oh and just a side note, the above only applies to a PR visa 457 etc will be 20% Quote Link to comment Share on other sites More sharing options...
Guest ang Posted May 7, 2012 Report Share Posted May 7, 2012 yeh i have a 176 pr visa but heard today i would need 20% deposit and i panicked a bit ,i understand it will go on wages e.t.c the same as here in uk but i always thought it was 5 - 10 % which we could probably manage, but i think 20% would be stretching it a bit, so is it only certain visa types that need 20% ? Quote Link to comment Share on other sites More sharing options...
Redrobbersdog Posted May 7, 2012 Report Share Posted May 7, 2012 You can get mortgages up to 95%, however anything over 20% most banks require mortgage insurance which can be quite costly. Some banks allow you to add it onto the mortgage amount, others don't. Quote Link to comment Share on other sites More sharing options...
linda@no9 Posted May 7, 2012 Report Share Posted May 7, 2012 And if you pay fortnightly opposed to monthly, you pay the loan off quicker!! Bank told us we could reduce the term as much as 7 years! Quote Link to comment Share on other sites More sharing options...
vesparich Posted May 7, 2012 Report Share Posted May 7, 2012 nice to know linda, thanks. i shall certainly look into this when i get there(30 more sleeps time). i was told by anz that 176 pr is 5% minimum. Quote Link to comment Share on other sites More sharing options...
Guest ang Posted May 7, 2012 Report Share Posted May 7, 2012 thanks guys i did think 20% was a bit much but i like the idea of paying every 2 weeks Quote Link to comment Share on other sites More sharing options...
linda@no9 Posted May 7, 2012 Report Share Posted May 7, 2012 Yep, we have a 176 but to be honest will put as much down from the sale of our uk home as we can. Quote Link to comment Share on other sites More sharing options...
Guest honitel Posted May 7, 2012 Report Share Posted May 7, 2012 Hello ang, Yes, tho for first-time buyers will be offered a deposit contribution of up to 20%. Quote Link to comment Share on other sites More sharing options...
Guest ang Posted May 7, 2012 Report Share Posted May 7, 2012 what does that mean is that the first home owners loan Quote Link to comment Share on other sites More sharing options...
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