When can I get a Mortgage

[Phil-S]

Hello - I've just found out that SA will provide state sponsorship for me, so should be moving over at some point later this year.

I work in IT as a Project Manager, so could end up working as a contractor or as a permanent employee. I'll be on a 489 Visa, and want to know when I'd be able to get a mortgage as either a self employed worker or as a permanent employee.

Can anyone recommend someone to speak to or does anyone know the answer?

[Andrew from Vista Financial]

Hello Phil

An employee will secure a mortgage much sooner typically than someone that is self-employed as usually a self-employed person requires at least 2 years books.

The other hurdle is that I believe the 489 is a temporary visa and this can mean that some lenders will not entertain the idea of a loan.

However some will but typically the maximum loan will be an 80% LVR.

Really you will need to be here and in employment/working before you can entertain the idea of looking at securing a mortgage I think but as I say unless you have a huge deposit and are willing to pay a premium for a mortgage it's likely that the employee route will provide a better chance.

Regards

Andy   

[Phil-S]

Thanks for the quick response Andrew,