Can we buy on a temp visa?

[lisa maughan]

Hi guys

Is it possible to buy a house on a temp 4 yr visa? I thought I read somewhere that in general you are not allowed - but can approach some board for permission, and it has to be under a certain value.

Anyone have any idea on this one?
We will hopefully be in brisbane before Xmas, but because we are family of 6 we need at least a 4 bed house. I would like to rent initially but think it would be hard to find what we want in an area we like because of the size house we would need; so buying would be much better for us.

appreciate any pointers!!

Liisa

[johatts]

U CAN BUY AS SOON AS U LIKE BUT YOU WILL BE LIMITED ON MORTGAGE POSSIBILITIES UNTIL YOU HAVE PR. MOST BANKS WILL NOT LEND TO PEOPLE WHO DONT HAVR PR.

YOU HAVE TO GET PERMISSION FROM THE FOREIGN INVESTMENT REVIEW BOARD. REAL EASY TO DO AND NO HASSLES TO GET

[BullcreekBob]

Originally Posted by johatts

U CAN BUY AS SOON AS U LIKE BUT YOU WILL BE LIMITED ON MORTGAGE POSSIBILITIES UNTIL YOU HAVE PR. MOST BANKS WILL NOT LEND TO PEOPLE WHO DONT HAVR PR.

G'day

It's a pity if you have experienced difficulties getting a bank loan on a 457 visa.

Some of the banks that will include ANZ, Commonwealth, National Australia Bank and Westpac. These are the big 4 banks. Other banks that will include Bankwest, Citibank, ING, St George, Suncorp. Having said that, it can be harder a minimum deposit of 20% is required (often more) as well as money to cover all the fees. There is no eligibility for First Home Owners Grant nor any reduced rate of stamp duty for first home buyers.

Not having PR does make it more expensive to get into home ownership but it's certainly not out of the question.