Are Mortgages available for Canadians from Australian Banks?

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 ...

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Canadians in Australia and New Zealand

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Liz
New Member

Joined: 08 Sep 2008
Posts: 2
Location: Toronto

Posted: Mon Sep 08, 2008 3:49 pm

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
Super Member

Joined: 28 Jun 2007
Posts: 197
Location: Brisbane, QLD, Australia

Posted: Mon Sep 08, 2008 6:18 pm

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
New Member

Joined: 08 Sep 2008
Posts: 2
Location: Toronto

Posted: Tue Sep 09, 2008 5:07 am

comet555 wrote: 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
New Member

Joined: 14 Sep 2008
Posts: 1
Location: Toronto

Posted: Thu Oct 16, 2008 7:03 pm

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?

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