Mortgage Quiery

[sarahtink2]

Hi can anyone tell me can you get a mortgage if you have a temporary 4 year work visa,thanks.

[Rupert]

Yes it is possible. Although many would think it is unwise to do so.

[furkew]

Yes it is possible. Although many would think it is unwise to do so.

 

 

Why?

I know a 457 has its downsides regarding the 28 day rule plus a few other things, but there is a high percentage that buy on 457's without any issues (myself included).

 

Dont forget most 457 migrants, are planning on staying on to get ENS/PR anyway.

 

 

For the OP, you will need a higher % downpayment than on a PR visa, but its pretty straightforward. I thought 20/25% in most cases.

[Guest GeorgeD]

Hi can anyone tell me can you get a mortgage if you have a temporary 4 year work visa,thanks.

 

If you mean the 457 visas, then yes. Generally you will need a decent deposit (20%+). You also need approval from the Foreign Investment Review Board (FIRB) which is usually a formality if you intend to live in the house rather than rent it out

[VERYSTORMY]

Most banks will. But they will require a larger deposit and some of the better deals may not be available to you. You also need foreign investment review board approval.

 

But, as Rupert has said. I would not recommend it. There are a lot of 457 holders at never get pr and end up moving back. Some a lot sooner than planned. How would you cope with selling a house if you only have 28 days to leave the country.

[Rupert]

Why?

I know a 457 has its downsides regarding the 28 day rule plus a few other things, but there is a high percentage that buy on 457's without any issues (myself included).

 

Dont forget most 457 migrants, are planning on staying on to get ENS/PR anyway.

 

 

For the OP, you will need a higher % downpayment than on a PR visa, but its pretty straightforward. I thought 20/25% in most cases.

 

Well for the reason you stated, that if the job goes they have 28 days to leave and must sell up too. Nothing wrong with a cautionary word is there? That is all it was, I am not on a personal mission to stop the OP from getting a mortgage.

 

I wouldn't have thought most 457 holders go onto PR, most leave surely? Although not really relevant here as presumably OP is planning to stay if they are able or they wouldn't have asked this question.

[VERYSTORMY]

You would be surprised how often that 28 day rule jumps up and bites people. I came on a 457 and at the time my job was in such high demand that I knew if I lost my job I would have not one, but half a dozen offers in 24 hours. Within a very short space of time the world turned on it head and I watched several friends in the same job have to leave Oz.

 

Also, people need to remember that there is no path from 457 to pr. You still have to be eligible for pr. There was a very sad case a couple of years ago of a family who had been here a LONG time. I think there were on there 3 or 4th 457. Then one day redundancy came and they had to leave.

 

Why?

I know a 457 has its downsides regarding the 28 day rule plus a few other things, but there is a high percentage that buy on 457's without any issues (myself included).

 

Dont forget most 457 migrants, are planning on staying on to get ENS/PR anyway.

 

 

For the OP, you will need a higher % downpayment than on a PR visa, but its pretty straightforward. I thought 20/25% in most cases.

[furkew]

Well for the reason you stated, that if the job goes they have 28 days to leave and must sell up too. Nothing wrong with a cautionary word is there? That is all it was, I am not on a personal mission to stop the OP from getting a mortgage.

 

a cautionary word is fine but you just stated "it is unwise" without explaination, and yes the 28 day rule is there, but in many cases (many on this site) you can apply for and be granted an extention to either finalize matters, or find alternative employment.

I wouldn't have thought most 457 holders go onto PR, most leave surely? Although not really relevant here as presumably OP is planning to stay if they are able or they wouldn't have asked this question.

 

From what I have read on numerous forums many 457 holders dont want the drawn out wait for PR, and want to get to Oz ASAP so therefore apply for a 457, or as was as was also in my case, they cannot apply for PR because of their trade or experience. My work experience/knowledge was highly sought after in Australia, but I am only classified as a wholesaler when applying for ENS, so therefore had to go down the Temp visa route.

 

Of course I realise you are not on a mission to warn the OP away from applying for a mortgage, but i'm just stating my opinion/experience

[VERYSTORMY]

But people need to appreciate that if you come here on a 457. You have NOT emigrated. You are one up from a working holiday visa and you should assume you will be going home in 4 years time.

 

There is NO guarantee that you will get any time to sort things out. I personally know people who were not given a single day.

 

There is NO guarantee a 457 holder will ever get pr. Even if you were eligible but didn't want to wait so came by 457 to save time and money. The rules can change any second and mean you no longer are. There are members that have had this happen and given global uncertain economic times, the rules may well tighten a lot more.

 

From what I have read on numerous forums many 457 holders dont want the drawn out wait for PR, and want to get to Oz ASAP so therefore apply for a 457, or as was as was also in my case, they cannot apply for PR because of their trade or experience. My work experience/knowledge was highly sought after in Australia, but I am only classified as a wholesaler when applying for ENS, so therefore had to go down the Temp visa route.

 

Of course I realise you are not on a mission to warn the OP away from applying for a mortgage, but i'm just stating my opinion/experience

[furkew]

But people need to appreciate that if you come here on a 457. You have NOT emigrated. You are one up from a working holiday visa and you should assume you will be going home in 4 years time.

 

There is NO guarantee that you will get any time to sort things out. I personally know people who were not given a single day.

 

There is NO guarantee a 457 holder will ever get pr. Even if you were eligible but didn't want to wait so came by 457 to save time and money. The rules can change any second and mean you no longer are. There are members that have had this happen and given global uncertain economic times, the rules may well tighten a lot more.

 

I think calling a a 457 one up from a working holiday visa is a bit OTT, but whatever.

 

Why assume you are going home after 4 years? You stated yourself that there was a family oin their 3rd or 4th 457 then had to go back.

 

When it comes to applying for either PR or temp visa's there are no guarantees. The goalposts are constantly being moved. In some cases a 457 could be a better option than PR.

 

Nothing is set in stone when migrating. I just prefer to look at both sides of the argument but have always been more the optimist than pessimist.

[RAS]

Hi,

we came here with my wife's job on a 457 visa. We applied for PR 6 months later, bought a house with a mortgage 4 months after that and got the PR through 3 months after that. The mortage went through ok but there was a fair bit of tooing and froing as there was when we first got a mortage in England. From getting here on 457 to getting the mortage was 11 months and PR was 13 months. It can be done.

 

RAS.

[Kel1]

here was a very sad case a couple of years ago of a family who had been here a LONG time. I think there were on there 3 or 4th 457. Then one day redundancy came and they had to leave.

 

wow that is so sad! I can't imagine how that must have felt.