can you get a mortgage?

The Wrights · 03-10-2008, 09:26 PM

IS it possible for you to get a mortgage straight away when you emigrate or is there a minimum period that you have to rent for?

Andy and Tracy · 03-10-2008, 09:40 PM

On our recent recce, we were told that we could get a mortgage as we are on a permanent (175) visa. We would need at least 3 month's worth of up to date Aussie payslips. Income from abroad is not counted towards a mortgage.

AFAIAA, you cannot get a mortgage if you are on a temporary visa, but someone on here should be able to confirm that or not.
Tracy

Paul EDGE · 03-10-2008, 10:03 PM

Quote:

Originally Posted by The Wrights

IS it possible for you to get a mortgage straight away when you emigrate or is there a minimum period that you have to rent for?

Hi
Have PM'd you

Cheers Paul

furkew · 03-10-2008, 10:19 PM

Quote:

Originally Posted by Andy and Tracy

AFAIAA, you cannot get a mortgage if you are on a temporary visa, but someone on here should be able to confirm that or not.
Tracy

You can get a mortgage on a 457 temp visa. You do need FIRB approval (foreign inverstment review board) but that only takes between 5 days up to max 30 days to get.

I was able to get a mortgage with just a letter of confirmation from my sponsor that I had full time emplyment & the annual pay.I had only worked 2 weeks at the time. I believe you do need to be able to put 20% down on the property yourself to buy on a temp visa.

moving2melbourne · 04-10-2008, 05:21 AM

Hi, on a temp visa you have to jump through more loops but yes it is possible. On a permanent visa you can get one within a week if you wanted if you have a large deposit to put down. We did a Low Doc Mortgage when we first came which is very much like the self cert mortgages in the UK. The interest rate was higher but once we got a regular income coming in we just changed mortgage companies.

Burbage · 13-10-2008, 07:01 AM

If you have 20% of the value as a deposit you will get a mortgage and the property is residential and is not over $350000 (this number could be out of date) you will get FIRB approval.

furkew · 14-10-2008, 07:34 AM

Quote:

Originally Posted by Burbage

If you have 20% of the value as a deposit you will get a mortgage and the property is residential and is not over $350000 (this number could be out of date) you will get FIRB approval.

might vary from state to state, but here in Vic, no maximum as far as I know.

We paid $525000 and had no problem at all.