How much can you borrow with Australian mortgages? - Page 2

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How much can you borrow with Australian mortgages? - Page 2


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  #11 (permalink)  
Old 05-23-2013, 12:07 AM
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Originally Posted by Troy View Post
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Cheers! Thanks a lot of clearing that up Troy.

I've lived in Australia my whole life and am still shocked by property values - saw a "fixer-upper" 2 bedroom Queenslander going for nearly $1 million in Brisbane the other day; but then you can get quite reasonable houses out further for 1/3-1/4 of that price.


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Old 05-23-2013, 03:11 PM
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Originally Posted by randomwally View Post
Cheers! Thanks a lot of clearing that up Troy.

I've lived in Australia my whole life and am still shocked by property values - saw a "fixer-upper" 2 bedroom Queenslander going for nearly $1 million in Brisbane the other day; but then you can get quite reasonable houses out further for 1/3-1/4 of that price.
And it will only get more expensive. For anyone migrating to Australia - they are crazy if they do not investigate the financial and taxation benefits of investing in Aussie property BEFORE they arrive. There are some awesome opportunities out there but as with most things - it has to be at the RIGHT time, for the RIGHT reasons at the RIGHT price

That is were we help migrating families


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Old 05-26-2013, 01:15 AM
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Hi Troy

Thanks for the tips - they will be vital for people moving to Australia. Sometimes it is easy to assume that the mortgage system in Australia will be the same as your former homeland when it is certainly not!

Regards,


Mark


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Old 06-17-2013, 05:21 AM
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Originally Posted by RobKarin View Post
I've been trying to work out which suburbs of Melbourne we will be able to afford by doing some research into how much we would be able to borrow on a mortgage once there. The trouble is every site I visit seems to give me considerably different results.
Thanks for your help :-)
Generally speaking, u would need to pay an absolute bomb in stamp duty to purchase an established property.
The further u go out frm the city the cheaper it gets.

The upper class suburbs of Melb are located in the east.
There r land parcels opening up in the North (eg Craigieburn, 35km from CBD), West (eg Wyndham Vale, 30km from city). As an indication a new house & land package can be had for $350K in Wyndham Vale. This will not even entitle u to get a small apartment in inner city or inner eastern suburbs.

With finding a suburb u also need to establish (i) where u r working (ii) whether u need a car or happy with public transport (iii) general character of the area. Most of the new estates have all the mod cons but none of the inner city grunginess/old world charm of the inner suburbs...

The banks are interested in yr employment history. With me I had to wait 8 months b4 I found a lender who would get me the mortgage. I would select an area that I intend to buy in, rent for a while n c how it goes. Good luck!

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Old 06-17-2013, 07:06 AM
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The banks are interested in yr employment history. With me I had to wait 8 months b4 I found a lender who would get me the mortgage. I would select an area that I intend to buy in, rent for a while n c how it goes. Good luck![/QUOTE]


Hi - the thing that most people fail to grasp is that it is actually better for most people to get an investment property BEFORE they arrive in Australia. This goes against the grain for a lot of folks until they understand the all the reasons and how it works - but you can

1. Establish a credit rating before you arrive
2. Get a lump sum of cash from the Aussie tax man after you arrive
3. Pay less tax each year thereafter
4. Have a wealth creating asset
5. Leverage the investment property to get you own home

It amazes me how many people fail to find out how thy can do this before they arrive in Oz - don't rush out and buy anything though - find a company that can assist in choosing the right property in the right areas for the right reasons.

I can put you in touch with a group that does just this if your interested

Troy


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Old 06-17-2013, 12:19 PM
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Thanks for the information, very useful so much appreciated.


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Old 06-17-2013, 12:20 PM
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Troy, do you have any further information on the route that you have mentioned, perhaps a website with info on how this works?


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Old 06-20-2013, 11:43 AM
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Hi RobKarin

Go to www.praustralianproperties.com - they are in the process of updating the web site but you will still find useful info there. Get back to me with any questions you may have

Cheers
Troy


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Old 06-23-2013, 10:30 PM
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A passing comment - while it is good to know how much you can borrow as a multiple of your income, is this the right way to look at mortgages?

Should we not be looking at what we can actually afford? We all lead very different lives and have very different spending habits.

DylanW likes this.

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Old 06-23-2013, 10:34 PM
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Well said Editor!!!...

If our case the bank didn't even ask us to mark down what our monthly expenses are.. They didn't really care... They just simple looked at both our incomes and said we will give you a mortgage at a max of x... Well thankfully we did our spread sheets and worked out what our max was. it was below what the bank offered due to monthly ongoing expenses..

We finally bought. Get keys on the 27th of August.

Dylan


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