Buying a property on a 457 visa

[chiara]

OK so we're 5 months here and I'm realising I HATE the rental market and want to buy a house. We're on a 457 which, as far as I understand, means we can only hope for a mortgage loan of 80% of the property value. Considering the average price around here is 600k plus, that means saving 120k! Does anyone have any advice or stories to share about how they managed to buy a house here. I can't stand the thought of having to save for years in order to just save for a deposit. I realise we can go for PM and we probably will, but in the mean time are there any tricks we're missing? Cheers!

[AndyW]

We have just bought on a 457. I dont think there are any 'tricks' as such. We had a small choice of banks offering us a mortgage and needed at least 15% ( i think) deposit. No way around the deposit part of it that we know of.

[starlight7]

Check out this-

 

http://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/buying-property/planning-to-buy-property?gclid=CIremq_gw7ACFVGZpAodZTKNkw

 

I think if you really look around you might get a better deal- it is a buyer's market just now after all. New houses can sometimes require less deposit

[VictoriaP]

We have just bought on a 457. I dont think there are any 'tricks' as such. We had a small choice of banks offering us a mortgage and needed at least 15% ( i think) deposit. No way around the deposit part of it that we know of.

 

Hi Andy,

Congrats on your new home purchase. We are on a 457 (applying for PR this week). I know that if we don't have PR we are not entitled to the FHBG but do you know if we would still be entitled to the stamp duty discount (20% in Vic) even if we are still on the 457?

Thanks