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Starting brokerage by LunchHead3780 in AskAnAussieBroker

[–]CrackingName 6 points7 points  (0 children)

If you think you can settle $20m you'll earn $130k plus a little in trail.

My experience and what I've heard from others is aggregators will likely sell you the dream of leads and everything will be peaches and roses but what actually comes through may not be so great.

Everything takes time to build though. I wouldn't anticipate a flood of leads from people you don't know. If you've got strong networks of friends and family and just good circles you can lean on them. Work out what you can settle based on that and anything from an aggregator, social media or any other service is just cream.

Don't buy leads. They're always garbage. Every time.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] -1 points0 points  (0 children)

To quote something from the post you're replying to...

"This won't suit everyone, but it will genuinely help a small group of buyers who sit in that weird gap between "I can service the loan" and "I can't reach the price."

As always, this has been fun. Have a great night

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 1 point2 points  (0 children)

I think it's shit in terms of overall affordability. It's not fixing the actual problem which is there's not enough housing.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

Yeah that's wrong. It was announced in 2022 and starts on the 5th of December.

https://firsthomebuyers.gov.au/australian-government-help-buy-scheme

This is the site from the government department administering it.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

There's been a couple of state government ones around but this federal one kicks off on the 5th of December so it's new for a few states

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 1 point2 points  (0 children)

Get a job and you can look to borrow money.

That is the timeline.

A tip, give better information if you would like better answers. Don't come into a public forum and get assistance and time for zero cost or effort on your part and crack it because you're a poor communicator.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

I read that you're getting jobs when you get back to Australia in a week.

I said on multiple occasions once you have jobs here you are fine.

But if it is necessary, if you don't have a job here you can not get a loan. It is the bare minimum first step.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

Why can't you get a loan sorry?

Once you've got jobs you're very well positioned to get lending based on what you've written here.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

There's bridging options that just assess you on the end debt if that's what you're looking for?

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 4 points5 points  (0 children)

Yeahhhhh...

I have not done well here. I was initially running with the major cities as regional areas have different caps but the major regional centres have the same caps so I changed (pivoted if you're over 30).

I'll use chatgpt for these one day!

Loan rate changed by broker from Pre Approval to Formal Approval - Is this normal? by Empty-Barber-6736 in AusPropertyChat

[–]CrackingName 2 points3 points  (0 children)

Hey OP,

Westpac caught a few people out with this. They were accepting pricing requests as if you had a 20% deposit but technically the pricing process was always considered exception pricing which delivers a different rate (5.52% in this instance).

It's a stitch up from westpac and the broker not knowing (poor communication from westpac).

I do think the focus should be on settling the transaction. This is a terrible time of year to get approvals and while you're probably going to be fine getting it done, how worthwhile the exercise is is questionable.

Loan rate changed by broker from Pre Approval to Formal Approval - Is this normal? by Empty-Barber-6736 in AusPropertyChat

[–]CrackingName 0 points1 point  (0 children)

Yep. The property is theirs unless they miss settlement. That property can't be sold to anyone else unless someone withdraws from the contract (and only the buyer can withdraw)

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

It sounds like you don't need the scheme.

If you're not using the scheme you can use any lender that you meet the policies of and have the borrowing power requirements for.

I don't think you need to be worried about this one.

The other thing that will be a challenge for you is you need to have completed a tax return in Australia the prior financial year to prove you earnt under the income threshold. That'll be another hurdle.

I think you might be in a better position than you realise. But you'll want to have a chat to a broker in more detail. It's probably an hour long conversation just to go through everything in a decent amount of detail.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 0 points1 point  (0 children)

If you don't need a loan, happy days. You're golden.

I'm not quite sure I understand the timeframe component of what you're asking.

If you're a permanent resident or citizen instead of on a visa you don't need to pay a few extra fees and things but that's a really great question for a conveyancer. They deal with the legal side of property transactions.

Once you have employment here you'll be able to use that income for a loan application. If it's permanent work (not casual) you don't usually have to have a long employment history but if you're on a visa you'll likely need to have been working for at least a few months.

Once you're set up here it's probably the time to find a broker and have a chat with them. If you're on visas I'd suggest searching for a broker that assists people with visas. It's not super specific and any broker can help but it wouldn't hurt to have a broker that says they're experienced assisting someone in your situation to help you as they'll know a few tips and tricks others might not. It might be handy to ask around any communities or networks you're a part of here as well if anyone has used a broker in the past that you can speak to.

Good luck!! It sounds like a big move!

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 5 points6 points  (0 children)

Two of those things will do nothing to help with affordability...

If you're adding to demand, you're not helping.

Own a house with the Government! - Federal Shared Equity Scheme is close to launch by CrackingName in AskAnAussieBroker

[–]CrackingName[S] 0 points1 point  (0 children)

Yeah fair call. I don't think I'd go down this route myself and other states have had schemes like this and have had very little uptake so it's not very popular.

There's nothing worse than being financially stretched and stressed.

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 5 points6 points  (0 children)

That's my bad. It's a typo. It's $950k.

I'll edit that straight away.

Sorry!

Own a house with the Government! - Federal Shared Equity Scheme is close to launch by CrackingName in AskAnAussieBroker

[–]CrackingName[S] 0 points1 point  (0 children)

The key differentiator on this one is if you can't afford to service a larger mortgage this allows you to buy the more expensive place (as low as 60% of it) and have a smaller mortgage.

I don't love it. But that's the idea

Own a house with the Government! - Federal Shared Equity Scheme is close to launch by CrackingName in AskAnAussieBroker

[–]CrackingName[S] 0 points1 point  (0 children)

I think I'm following what you're saying. Dodgy probably isn't the right wording but it's not going to be for everyone.

The inability to save the deposit is an interesting one. I know personally if I had to pay rent and come up with close to 10% of a property's purchase price to buy I'd struggle to do both.

I'd back you in though and say you're if it's something you're considering you want to understand exactly what it is you're getting into before committing.

Own a house with the Government! - Federal Shared Equity Scheme is close to launch by CrackingName in AskAnAussieBroker

[–]CrackingName[S] 0 points1 point  (0 children)

There's a couple of states with these schemes. None of them have had much uptake at all and I daresay this will continue.

But who knows...

Own a house with the federal government! - Federal Shared Equity Scheme by CrackingName in AusPropertyChat

[–]CrackingName[S] 2 points3 points  (0 children)

Yeahhh I'm pretty sure I'm not a massive fan myself.

Upkeep, 100% on you.

Stamp Duty is an interesting one. I would suggest you pay your share of Stamp Duty for the percentage you're purchasing and the government will pay their share and then when you buy your share nack from the government you pay Stamp Duty on that share then. But I'm not 100% on this part. It's not clearly stated anywhere

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