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Australia Mortgage
Q. How much mortgage can I have to buy a
property in Australia ?
Australia
Unlike Britain,
that there no non-status/self-certification mortgage facilities available in
Australia (although renting out your property is permitted), all Australian
mortgages need to be supported by a minimum requirement of proof of income,
i.e. if employed - copies of your last three month's payslips & copies of
your latest P60/Employer’s Reference together with copies of your last 6
month’s Personal Bank Statements will be required or alternatively if you
are self-employed - copies of your last two years Audited Accounts & copies
of both your last 12 month's Business and last 6 month’s Personal Bank
Statements will be required on application.
Australian Mortgage Lenders will also take approx. 70% of the gross rental
Income into consideration towards the cost of the mortgage
purposes/repayments.
Your Australian mortgage is based on your joint gross monthly pay and is
calculated on an affordability basis. All your existing liabilities
including any mortgage/rent payments, personal and bank loans and any
maintenance (i.e.: Divorce) payments together with your proposed Australian
mortgage payments must not exceed 35% of your gross monthly income.
Example:
Gross joint monthly income £ 2,500 times 35% of that figure is £ 875 minus
existing monthly mortgage payment £ 300 – No other liabilities. This leaves
a balance of £575 for a proposed Australian Mortgage payment.
Australian
Mortgage details:
·
Maximum loan to value 80%
·
Maximum term for your
Australian mortgage is 30 years
·
£50,000 minimum mortgage
amount
·
Australian mortgage can be in
Dollars or Sterling
·
Repayment and interest only
mortgages available
·
Rates from approximately
6.70% in Sterling and 7.82% in Australian Dollars
details are subject to change, so you must check with your
broker on the link above before committing |
