Join Australia's most dynamic and respected property investment community

Input on financing for Permanent Resident who just arrive to Australia

Discussion in 'Property Finance' started by EN710, 3rd Sep, 2015.

  1. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,099
    Location:
    NSW
    Asking for a friend - she and her family (husband plus bub) want to move to Australia when they are approved for outbound Permanent Residency

    Their dilemma - they have enough deposit for house in Australia (up to 20%), doesn't sound like they can buy in Australia right away, not without a job, or at least without several months working here (pass probation etc). So they will need to dig into that deposit for rent and moving cost.

    I guess the question is, assuming the husband (profession: engineer) have a job within the first month they arrive here, how long would they need until they can qualify for a loan? (Assuming the income service the loan, enough deposit etc)
    - single income family
    - one toddler
     
  2. jafeica

    jafeica Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    99
    Location:
    Sydney
    Can only speak from personal experience but I got finance after about six months working in Australia (Nov 2013).
     
    EN710 likes this.
  3. TheSackedWiggle

    TheSackedWiggle Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    152
    Location:
    canberra

    I have had few mates who being experienced and professional engineers found it difficult to get an entry in their field here.
    Almost all of them, after two three months of looking out, settled with low paid service jobs. The lucky one managed to get in to his desired field after 8 months.

    Its not easy out there, but that's just from experience of few people I know, what do others think?
     
    EN710 likes this.
  4. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,099
    Location:
    NSW
    And yet it's a listed SOL to migrate here, where are all the jobs gone?? o_O
    His qualification is Mechanical Engineering, currently working as Process Engineer there
     
  5. imbi3

    imbi3 Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    69
    Location:
    VIC
    I believe he will need to pass his probation before banks grant their loan approval, especially when he has no local experience
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,095
    Location:
    Melbourne, Nationwide
    With an 80% lend there's a couple of lenders that don't require a minimum employment period as long as there some history in similar roles. Tell your friend to get employment letters from their past employers for the last 1-2 years.
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    No issues so long as they can demonstrate that they have been in the same profession.

    80% LVR is definitely going to be easier to the employment duration.

    You just need to use a lender that doesn't have an issue with employment duration - a lender like NAB is a good example but others do it well too.

    Having said that - if he is employed by a Mining, Energy & Resources company (such as Worley Parsons), is earning $150k and has chartered membership of engineers australia then he will be eligible for 90% no LMI with St George and Westpac.

     
  8. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,099
    Location:
    NSW
    Thank you PCers
     
  9. Waterboy

    Waterboy Well-Known Member

    Joined:
    29th Aug, 2015
    Posts:
    326
    Location:
    Sydney
    Nothing worse than getting a big mortgage when you arrive, and then not finding a desired job. A mortgage while driving taxis or working at 7-Eleven would freak me out.

    Don't do it unless you are 100% sure you have a good job for the long run.
     
  10. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,099
    Location:
    NSW
    My friends are level headed people - they know that's not wise
    Can't get mortgage without a job anyways ;)
     
  11. Waterboy

    Waterboy Well-Known Member

    Joined:
    29th Aug, 2015
    Posts:
    326
    Location:
    Sydney
    I thought your friends will try to get a mortgage even without a job, or something like that.