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excitedhalls

When can we buy our own home????

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Hello

 

I would like to know if anyone can advise or point me in the right direction....

 

We have been here nearly 4 months - on a permanant residents visa and would love to buy a home instead of the rental we are in.

 

We have been told conflicting info..

 

1) we can buy a home straight away with being in a job for 6 months at least.

 

2) no we cant buy a house til we have been here for 12 months!!!!!!!!!

 

This really has put a little bit of a downer - as we live next to the m25 equivelant!!!!!!!!!!!! and we come froma 120 house village in the uk and now in the middle of the city!!!!

 

Can anyone advise or now someone who can???

 

Many thanks in advance x

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I guess if you have cash you can buy a house, however if borrowing money then it will depend on what the lenders stipulate.

 

Do not make any hasty decisions, you are very new to Melbourne and there are good and bad areas to buy in.

 

Rule of thumb is if you are buying a new build then you are not going to see much appreciation whilst builders are still building around the Estate. This may be a hindrence if for example you had to return to UK in a hurry or some other reason for moving.

 

Also new Estates do not all have good internet cover, you need to check this out carefully, lack of transport, pressure on kindergartens and schools, not being able to get on a doctor list all these things.

 

Also here once you sign a contract to buy a house if you have no special conditions in it for getting a loan etc, then you have to purchase there is no pulling out, if you do not complete you will lose your deposit.

 

When buying a used house you are getting good title to the land, however the house comes warts and all and there is nothing you can do about it, you have to make sure before signing a contract that the house is sound etc. No pulling out for surveys here.

 

Suggest you have a read about buying a house in Aus, the council usually have information for you about it.

 

Also consumer affairs has a lot of useful information.

 

Good luck

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Hey,

 

I've done some very basic research into getting a mortage i.e "Homeloan" out here whilst on a 457....

 

It's obviously better when you have PR but from my point of view you can still get a homeloan which ever visa your on the only thing thats effected is the the desposit you have to put down / the amount you can borrow.

 

From the info I found only certain places will do a homeloan on a 457 i.e Westpac you can only borrow 90% and the rate is higher.. whereas PR you can borrow upto 95% and get comparative rates to a citizen!

 

Hope this helps

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ok - thanks guys - wll check this out. we have a large deposit so the loan would not be a big one. our visa class is skilled migrant sub class 176!!!!

 

I am gonna have to speak to a mortgage adviser - and check it out.

 

thanks for your advice Petals - your a star on here!!!!

 

Many to the others too - will check it out.

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