How much can you borrow with Australian mortgages? - Page 3

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How much can you borrow with Australian mortgages? - Page 3

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  #21 (permalink)  
Old 06-23-2013, 10:37 PM Editor
Join Date: Oct 2012
Posts: 697
Users Flag! From australia

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Hi Dylan

I think your comments say it all - the idea of basing everything on a multiple and allowing people to borrow as much as possible is why the UK property market is in such a mess. When you also throw 100% mortgages into the mix you have an accident waiting to happen.

I hope the move goes well

Would you let us know your experience of the Australian housing market in the run up to getting the keys if you have time?

Last edited by Editor; 06-23-2013 at 10:41 PM.

  #22 (permalink)  
Old 06-23-2013, 10:55 PM
Join Date: Jan 2011
Posts: 440
Users Flag! From southafrica

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Well here is the issue...

My wife and I have discussed a few times... She being Australian and me being a 3 year ago immigrant what a disadvantage most immigrants and how it would be to get into the property market in Australia...

The bank will in most cases only lend you 80% of the loan hence you would need to find the 20% deposit and depending where you live in Australia that could be a huge amount...

If you take a 100% loan which they dont do most of the time then you have mortgage insurance which costs you a bomb...

Editor I have made lots of comments on the property market on another thread you started but here is a short version:

I come from a country where an open for inspection is from 2 - 5pm.. You go see a few places and when you find a place you like you go ahead and make a written offer. Say the place is selling for $1mil you start and offer $900k.

Then the owner generally counters and say offer $950k and its yours...

DONE DEAL! Easy as pie!

Here I got told by my mother in law to look and hopefully find 4 or 5 houses you like so when you go to auction you possibly have a chance of getting 1 out of the 5... its like saying "it doesnt matter which you prefer, be happy with what you get"..

If you like a property and want to secure it... the best is to do so prior to auction but then again... You have to over pay to take it off the market... Well in Sydney East the property market is so crazy that its the only way to do it unfortunately.

  #23 (permalink)  
Old 06-23-2013, 10:59 PM Editor
Join Date: Oct 2012
Posts: 697
Users Flag! From australia

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Hi DylanW

Your post shows that you have to be prepared to drive a hard bargain or if you want the property that much you will probably need to pay more than you had planned.

I think many members will find your comments on the following thread very useful as well:-



DylanW likes this.

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  #24 (permalink)  
Old 02-03-2014, 11:38 PM
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Join Date: Feb 2014
Posts: 7
Users Flag! From australia

The property market in Sydney is quite heated at present, I think driven in part by foreign buying from Asia. Will the market soften if this buying stops due to change in govt policy overseas or if these investors decide that with a falling AUD they are loosing any capital gain to exchange rate fluctuations.

  #25 (permalink)  
Old 05-12-2014, 04:51 PM
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Join Date: May 2014
Posts: 12
Users Flag! From singapore

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Hi Troy, I am a PR but not living in Australia. Willing to buy a property, how to proceed?

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