AnxiousMum Posted June 24, 2008 Share Posted June 24, 2008 Hi, We have now thought of a new way of making some money in Oz, my husband is now talking about selling up in Uk, and buying somewhere in Melbourne with the money we make from the house, then getting a smaller mortgage in Oz and buying an apartment and then renting it out as a holiday home. Anyone done this? Any thoughts of if its a good idea? Does anyone know much about getting a Mortgage in Oz, is it easy or harder than uk? Any thoughts welcome.:realmad: Link to comment Share on other sites More sharing options...
Guest Wallace Posted June 25, 2008 Share Posted June 25, 2008 Can you only apply for a mortgage / buy a property if you are a permanent resident in Oz? Or does it depend on the type of visa you are on? Does anyone know if you are eligible for buying a property in Oz if you are on a subclass 457 business 4 year visa? Any information would be useful! Thanks Link to comment Share on other sites More sharing options...
Guest Pinhead Posted June 25, 2008 Share Posted June 25, 2008 If you are a permanent resident or citizen then you can buy any property / land in Oz you like. If you are not a PR or citizen then I have been informed by Melbourne EA that there are restrictions in place so that you can only buy off the plan properties. I bought an apartment on 471 LB in Sept 2006 which is on a long term lease to the Mantra (as was Pacific) hotel chain. I get a fixed guaranteed rent paid into my account automatically every month with no deductions whatsoever (water, rates,etc) as all are paid by the tenant. The rent is increased 3% everyother year, by the RPI the other years with rent review's every 5 years. For an initial investment of $337K I am now getting around $25K pa guaranteed net before tax. I can't help on the mortgage front as I got one on my UK house to pay for it in cash. There are several apartment blocks in the Melbourne CBD with a similar arrangements which I would recommend you consider if you are going to buy an investment property. At current levels you be paying a price that would generate 6-6.25% income net ie $333K cost, $20K rent. If you have an employment history of 6 mnths with a good salary & decent deposit (15%+) then you shouldn't have any problems getting a mortgage IMO. Link to comment Share on other sites More sharing options...
Guest sammy11 Posted June 27, 2008 Share Posted June 27, 2008 if you are not a permanent resident then you need approval to buy, obtained from the foreign investment review board, and they want/require you to buy new property as pinhead says. if you get approval and buy, you will be forced to sell if you leave the country before you become a permanent resident. main problem in many parts of the country is a shortage of property and high mortgage rates. Link to comment Share on other sites More sharing options...
Guest jonseywife Posted June 27, 2008 Share Posted June 27, 2008 We were also advised by the bank that you have to prove have been working in permenent regular employment for at least three months in Oz. Unless your self employed and you apply for a low doc mortgage, when you predict your future earnings (but they dont lend you so much). Try the ANZ bank website, they have calculators on there to see how much you can borrow and what the repayments will be. You'd be better of speaking to a specialist really. Good luck Sally-ann Link to comment Share on other sites More sharing options...
Guest Graham&kym Posted June 27, 2008 Share Posted June 27, 2008 My experience with borrowing was no problem as long as you can pay it off in the term that you are entitled to remain...but cost will be 7.25% ... Link to comment Share on other sites More sharing options...
Guest MMN Posted July 2, 2008 Share Posted July 2, 2008 Hi Guys Just pop all the details in an email to mandy.dickerson@mortgagechoice.com.au She can give you the break down and all the requirements needed as far employment/self employment Hope all works out for you Maria Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted July 2, 2008 Share Posted July 2, 2008 We had no issues getting a mortgage from BAnkwest You dont have to have PR in order to get a mortgage. You need approval from the FIRB which is free and easy! If you dont have PR the only things are that you will NOT get the homowners grant and you may have limited choices for bank mortgage offers! Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted July 2, 2008 Share Posted July 2, 2008 You would be best setting up the rental property as a business and getting an ABN you can then apply for a low doc loan but you usually have to have a minimum 20% deposit or equity in an existing home. Link to comment Share on other sites More sharing options...
Guest natasha21 Posted October 2, 2009 Share Posted October 2, 2009 I am in Brisbane on a 1 year working visa (just arrived) with the intention of getting a 4 year sponsorship, (I already have a company willing to sponsor me) will I be able to buy a property rather than renting? Link to comment Share on other sites More sharing options...
Guest MSTO Posted October 2, 2009 Share Posted October 2, 2009 We bought our house whilst we were temp residents. Had to get approval from FIRB and we had to put 20% deposit down to get our mortgage. We did not have to buy a new property either our house is 30 years old. I think the only condition we had was we were not allowed to rent it out for 12 months. As for the first home buyers grant we were not eligible but had 12 months to apply. We got our PR 13 months after buying the house and applied obviously we got refused as we were had not applied in the 12 month period but we applead as we had put our application in for PR 6 months before and said it was not our fault that immigration were taking to long to process visa's...guess what we got we won and got the grant. Link to comment Share on other sites More sharing options...
Guest shirlw Posted October 2, 2009 Share Posted October 2, 2009 We bought a house during a recce trip in June 2007 and were neither residents or visa holders at that stage.FIRB approval and a 20% deposit was all that was needed and we bought straight from the developer.It had to be brand new and the developer was not allowed to sell more than 20% of his builds to foreigners.The estate agents that we bought through have been the rental agents ever since and we have had no problems with tennancy.It will be our home when we eventually get there but there were no restrictions on letting,however we did not qualify for any 1st time home buyer kick backs as we were not residents.........but yes very do-able! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.