Are Mortgages available for Canadians from Australian Banks?

[Liz]

Hi
We would probably rent first since everything will be new to us when we move from Oakville Ontario to the Sydney area. But we were wondering whether getting a mortgage is difficult for Canadians and what would the requirements be? After selling our home here we would have a good down payment. Any help would be greatly appreciated.

Thanks

[comet555]

No problems getting a mortgage. The requirements are pretty much the same as in Canada.

We had been in Australia for about 3-4 months when we bought our house. At the time we were approved for the mortgage my husband had only been working for 2 months, mind you his job is very well paid. We also put down a pretty large deposit (about 50%)so they really didn't have any problems with us.

If you've got about 3 months of work under your belt, a steady job and a good deposit then you'll have no problems.

I believe they did ask to see his employment contract with salary info. We also showed them a printout of our bank in Canada where all the money was. We hadn't yet transferred it over so I just went on the web and printed off a copy showing what we had for a down payment. I just explained that we'd have it over in time for when the money changed hands. They were fine with that.

[Liz]

No problems getting a mortgage. The requirements are pretty much the same as in Canada.

We had been in Australia for about 3-4 months when we bought our house. At the time we were approved for the mortgage my husband had only been working for 2 months, mind you his job is very well paid. We also put down a pretty large deposit (about 50%)so they really didn't have any problems with us.

If you've got about 3 months of work under your belt, a steady job and a good deposit then you'll have no problems.

I believe they did ask to see his employment contract with salary info. We also showed them a printout of our bank in Canada where all the money was. We hadn't yet transferred it over so I just went on the web and printed off a copy showing what we had for a down payment. I just explained that we'd have it over in time for when the money changed hands. They were fine with that.

Thanks for your reply. It is my first time on the forum and it is really great to hear people's different experiences. It is very helpful.

Making such a move is exciting but a bit nerve recking too. So I really appreciate the information.
Thanks!

[CherMedia]

Liz!

Hi my name is Cher, and I'll be heading over to Sydney in a few weeks. Hubby and I also are coming from Oakville, we're in Glen Abbey. Where are you located in AUstralia?

[vtecman]

I'm thinking about going from Milton Ontario to Melbourne.. Its good to hear that mortgages work similarly to here.

[katieNQ]

Getting a mortgage in Australia is not necessarily that easy. It depends on your immigration status. If you are a citizen or permanent resident you obviously just need the money. However, if you are here under a visa (spousal, business, etc.) you may have to apply to the foreign investment review board depending on what you are buying. Foreigners are allowed to invest in brand new homes or unimproved land but will have to jump through more hoops to buy an older house. As far as I know this more of a techincality involving extra paper work and it is not often that they refuse it.
As well, if you are here on a visa you won't be able to get mortgage insurance which means that you will have to have a substantial downpayment and not just the 5 or 10 percent.

Hope that helps.