What You Need To Know About Getting A Mortgage
I have over 40 lenders to choose from and importantly know which lenders have the best criteria for new immigrants from New Zealand and other countries. I can organise the finance for you at very competitive rates. For personal finance and mortgages these are the things you need to know.
100 Point Check List
As long as you meet the Proof of Identity 100 Point criteria, have a tax file number and can show you are a permanent resident (power accounts, telephone accounts etc) along with the employment credit requirements, you can be eligible for a mortgage. The NZ Embassy web site has a succint overview of what you need and then what you have access to in Oz.
Borrowing Conditions
As an Australian Resident, Kiwis are treated the same as Aussies. You need to be employed and out of probation (with most lenders.) There are a small number of lenders who would consider lending whilst on probation. This is generally only if you have been in the same industry for years so we can help you there. If you can pick up a permanent position in the same industry as before with no probationary period, then you will be fine.
If you accept a casual position, you generally cannot use that income to service the loan until you have been in that position for 1 year. If you do need to borrow within a year I have a lender that will lend between 6 months and a year of income but you can only use only 65% of the gross weekly income in your mortgage calculation. If you are comtemplating a change in career, then ensure you do that after you have obtained the finance as Australian lenders like stability in employment.
Can I Borrow 100%?
Yes. I have several lenders who will lend 100 % of the purchase price. Any borrowings over 80% LVR (loan to valution ratio) is required to be mortgage insured. As you can see, the options are complex and require and experienced broker so take the opportunity to contact me now.
Self Employed,
Generally you will need to be in your business for 2 years, have an ABN (Australian Business Number for GST and tax purposes) to get a good interest rate.If you want to lend within that period,there are other solutions to assist.Contact me to discuss these.
Can I Use Equity From My NZ Property As A Deposit On A New Home?
Because of so many variables involved we can not explain the process in a few sentences however the simple answer is "Yes". And you can still get very competitive Interest Rates. This is where our expertise and local knowledge can mean the diference in maximising your purchasing power or getting less than you wanted or more than likely getting your mortgage declined. If you don't want to sell your home in NZ and still purchase in Oz then l can help you.You would need to get tax advice from both countries. Contact me now.
Credit History
Your credit history is always checked as a mandatory requirement within Australasia. Any default could affect what type of product is offered, but if you have a good amount of funds for a deposit,a good interest rate can normally be obtained. The interest rate is dependant on the amount of default, when it was paid and the reason behind the problem.
Stamp Duty/Mortgage Duty and more Taxes
The Governments have a found an excellent revenue stream...that is Home Buyers!.Make sure you undersand how much extra you will pay in Duties and Taxes above the purchase price. An experienced broker will tell you before you purchase your house how much extra you will pay. This can be considerable. It could be $10,000 and more so understand all the fees and charges before you make your purchase. Considerable concessions are made though to first home buyers. If you buy elsewhere other than Queensland, and then move to Queensland later and purchase again, there would still be concessions for you as it's the "first purchase" in Qld.It all helps!!!
First Home Owners Grant (FHOG)
If you meet the criteria you are eligible for up to a $14000 FHOG if buying an existing property and up to 21,000 if constructing or buying a newl house and land package. This is avaialable up to Junie 30, 2009. For First Home buyers there are huge exemptions for Mortgage Stamp Duty and Federal Stamp Duty. Each state has different calculations. You can visit www.osr.gov.au to find out information about applying for FHOG and other mandatory requirements.Following the purchase of your first home, any consecutive home or investment, you would need to allow about 5% of the purchase price for associated fees and charges. Any investment sold is liable for capital gains tax.
What Documents Do I Need?
You need as all the usual documentation.
Verification of income, verification of all rental received from investments, verification of all debt outstanding and your monthy obligations. Make sure you bring as much documentation as you can that can help prove your ability to finance the mortgage.
Split Enz: Since when has Te Awamutu been Australian?!
Janine
Your Kiwi Guides in Oz
Ph: +61 410840874
PO Box 247, Everton Park
Brisbane, Queensland 4053
