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Discussion Starter · #1 ·
Hi,

We have been thinking about different options to renting for a long time in Oz.

We're going to Queensland, we want to buy asap after arrival, but we'll need a mortgage.

Do you know what is the minimum amount of time we need to work there to be accepted for a mortgage (how many pay slips)?

Thank you.

Best wishes,
Busyte
 

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Hi Busyte:

Contact the banks and mortgage brokers about this. I don't think it's a minimum amount of time but things like, down payment amount, proof of income, history of previous mortgage payments. The bank assesses you and then assigns a risk level, if you're within their acceptable risk level they give a loan.

These days you need at least 10% down payment to get mortgages (so maximum loan 90% of purchase price), a few years ago banks were willing to do 100% financing (no down payment) and some really crazy ones even did 105% financing.

Hi,

We have been thinking about different options to renting for a long time in Oz.

We're going to Queensland, we want to buy asap after arrival, but we'll need a mortgage.

Do you know what is the minimum amount of time we need to work there to be accepted for a mortgage (how many pay slips)?

Thank you.

Best wishes,
Busyte
 

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Registered
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272 Posts
Discussion Starter · #3 ·
Hi Amaslan

Thank you for your reply.

We do have a down payment, but we can not afford to buy the whole house without a mortgage, I'll contact a few banks to check what proofs they need us to bring from the UK and try to have a few viewings lined up for the first few days, mad I know but with 3 kids we do want to get settled asap and I find rental accommodation very expensive in Australia.

Cheers,

Busyte
 
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