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Guest guest69493

how soon can i get a mortgage???

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Guest guest69493

Hi,

 

I am wondering how soon (time frame and conditions) i can get a mortgage and what that entails i.e. building relationship with bank, employment contract, visa conditions, if any?? ets., etc.,

 

I am leaving Ireland this Xmas, have employment arranged as a nurse with 4 year 457 business class visa, my partner who is a carpenter of 19 years and our daughter are travelling under this visa. I have enough to put a depoist on a house. We bought and sold a house here in Ireland. Hopefully with the two of us working in the near future we can get a mortgage.

 

 

Would be truly greatful of any advise!!

 

 

Much appreicated

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You will pay a higher interest as you are on the slave visa, I think you will need 6 month work records , we were told this


Here at last:jiggy:

SUFC life not a pastime

I limit myself to 2 drinks a day, I`m now 10 years in front make that 15

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Guest Guest26012
Hi,

 

I am wondering how soon (time frame and conditions) i can get a mortgage and what that entails i.e. building relationship with bank, employment contract, visa conditions, if any?? ets., etc.,

 

I am leaving Ireland this Xmas, have employment arranged as a nurse with 4 year 457 business class visa, my partner who is a carpenter of 19 years and our daughter are travelling under this visa. I have enough to put a depoist on a house. We bought and sold a house here in Ireland. Hopefully with the two of us working in the near future we can get a mortgage.

 

 

Would be truly greatful of any advise!!

 

 

Much appreicated

 

 

If you have a big deposit it could make a huge difference!

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I just got my mortgage pre-approved so I can go ahead and buy a house. Been here on a 457 for 6 weeks. Bank asked for copy of work contract and 3 months payslips from previous. Used HSBC in Brisbane, and I have been with HSBC in UK / Jersey for a long time. You will need 20% deposit.

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Guest guest69493

Could you help answer me, what if you dont have 20% depoist for mortgage??? what are the alternatives?? I didnt expect it to be 20%, so what are the incentives for people who do not have that kind of monies to hand??

 

Thank you for your reply, very much!!

 

Gx

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Guest guest69493

Thank you for replying to my query, just heard you need 20% deposit for a mortgage, i truly didnt expect it to be that much, do you know of any alternatives or incentives for people who dont have that amount of cash???

 

Ta

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Sorry no I don't. Try asking the bank themselves - they seemed to suggest to me that if I didn't have the 20% they would try to figure something out, but the interest rates / insurance charges etc would be higher.

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Guest Guest26012

I would be getting PR first and then looking to buy if you don't have a 20% deposit it will be difficult!

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We have been here 10 months on PR working for 8 we struggled with first lender but got formal approval with another, however there is the dreaded mortgage insurance to pay as our deposit is not over 10% due to uk property not selling. Our friends are self employed and they have been told they need previous audited uk accounts and at least 6 months worth here in same trade to even be considered.


Visa Applied 25/5/11, GRANTED 16/9/11 Now Living the Dream In Perth:jiggy:

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To behonest if you don't have 20% deposit, you're probably financially better off renting in the current market.

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Hi

 

We arrange temporary resident mortgages regularly.

 

In relation to how long before someone can secure a mortgage and this also applies to permanent residents then there is no hard and fast set rule.

 

It can be possible to secure a mortgage as soon as employment has been found in some cases however if the new employment has a probation term (some lenders will not allow this false stop) and others usually you must have been working previously in the same occupation or industry for at least 2 continuous years.

 

 

Temporary Resident Mortgages:

 

As some have mentioned above, generally if you are a temporary resident then the maximum mortgage is 80% LVR therefore a 20% deposit plus any buying costs would be required.

 

That said, in some very strong cases it may be possible for temporary residents to borrow up to 90%.

 

 

Regards

 

 

Andy

Edited by Andrew from Vista Financial

Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Wait until you get here, then arrange some appointments with mortgage advisors. Tbh, I would wait a while, settle in, see how work goes and explore the areas you want to live. Property is expensive in oz as are interest rates - compared to the uk anyway ( not sure about Ireland).

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Guest LindiMaichrye

It depends how your payments are set up. If you have bi-weekly payments, they will start two weeks after closing. You can choose any day of the week , for instance the day after your paycheck. If you have monthly payments, they will start one month after closing. I think.

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See the other post about this that is being discussed at the moment. Going for a mortgage while on a 457 is not a bright idea. You have not emigrated to Oz. You are here for 4 years and may well have to leave at the end. There is NO path by being a 457 holder to become a pr. And if you lose your job you only have 28 days to find another.

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See the other post about this that is being discussed at the moment. Going for a mortgage while on a 457 is not a bright idea. You have not emigrated to Oz. You are here for 4 years and may well have to leave at the end. There is NO path by being a 457 holder to become a pr. And if you lose your job you only have 28 days to find another.

 

Hmmmm...worrying. So what's the best approach for a 457 holder to obtain PR?

 

It seems odd to me that states can award PR for skills which are supposedly in demand yet keep people who have actually been brought in due to a lack of local skill on temporary visas....

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In red.

 

 

Hmmmm...worrying. So what's the best approach for a 457 holder to obtain PR? The same way as anyone else. Either through skilled migrant route, 189 or 190 visas or asking the employer to sponsor for a permanent visa.

 

It seems odd to me that states can award PR for skills which are supposedly in demand yet keep people who have actually been brought in due to a lack of local skill on temporary visas....

 

Don't understand your point? Award PR ... yet keep people? What are you trying to say?

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Like others have said I would wait a while before even considering getting a mortage, make sure this is where you want to be. Aus doesn't suit everyone, so would wait until you settle in job finding an area you like, also you would need around a 15-20% to put down & if your work has 6 months probation period then you would have to wait until that has finished, its not as easy to apply for an mortage here am so glad we didn't rush in & get one as I didn't realise how expensive it was to live here. Good luck

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Hmmmm...worrying. So what's the best approach for a 457 holder to obtain PR?

 

It seems odd to me that states can award PR for skills which are supposedly in demand yet keep people who have actually been brought in due to a lack of local skill on temporary visas....

 

Basically, buying a property on a temp visa is a huge risk. I would recommend getting pr first either through the normal skilled migration routes or via employer nominated. Though employer nominated still have to pass the requirements. There is NO automatic path from temp visa to pr.

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From posts I've read on here about your visa class I would not be buying a house. as people say, if you are made redundant or for whatever reason the job doesn't work out you have a month to leave Oz, I would not want to deal with selling a house from the UK.


Aymie :wub:

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From posts I've read on here about your visa class I would not be buying a house. as people say, if you are made redundant or for whatever reason the job doesn't work out you have a month to leave Oz, I would not want to deal with selling a house from the UK.

 

I'll just rent the place out if I have to leave.

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Guest GeorgeD
I'll just rent the place out if I have to leave.

 

If you aren't a Permanent Resident or Citizen then you need permission from the Foreign Investment Review Board (FIRB) to buy an interest in a property or land

 

Generally you will be approved if you are buying the home to live in it. To rent it out, you will need to have bought a new house. You can't buy an established property as a Temp Resident to rent out.

 

Details for new houses: http://www.firb.gov.au/content/real_estate/residential/plan_individual.asp

Details for second hand dwellings: http://www.firb.gov.au/content/real_estate/residential/developed.asp

 

From the second hand page...

 

Acquisitions by individual(s)

 

Foreign persons are prohibited from acquiring established dwellings for investment purposes (that is, they cannot be purchased to be used as a rental or holiday property), irrespective of whether they are temporary residents in Australia or not.

 

 

However, temporary residents can apply to purchase one established dwelling to use as their residence in Australia. Approval is usually provided subject to a condition that the temporary resident sells the dwelling when it ceases to be their residence.

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Guest Bazinga

I know a few Brits, mainly on PRs and most have no plans to buy until at least they've been here 2yrs. I wouldn't be even thinking abt buying on a 457

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I'll just rent the place out if I have to leave.

 

You won't be allowed to rent it out.

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The new SkillSelect visas mean that if you are on a 457 visa, then after 2 years you can ask your employer to sponsor you for permanent residency. This is the new more direct route to pr and waiting times are about 5-6 months, and is less involved as you've already proved you're an asset to an Australian company. Or you can apply for PR before the 2 years have elapsed but the process is more lengthy and requires skills assessments etc.

 

I wouldn't even dream of buying a house here on a 457 visa. Much more comfortable having the flexibility of renting.


Making some hay whilst the sun shines

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