Taylors4 Posted January 9, 2013 Share Posted January 9, 2013 Probably a way off us contemplating this, but if we come out on a 489 visa (temp for 4 years) can we get a mortgage? I know it will mean a big deposit, but is it possible? If say after a year we love it and have jobs, sell a property in the UK as a deposit, OH has done the 1 year working which our visa stipulates (1 year working regional 2 years living regional, then we can apply for PR after the 2 year period). So we would like to get a mortgage after the 1 year period, would we be able to and would we have penalties for being on a temporary visa? Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 9, 2013 Share Posted January 9, 2013 I will move this to Andrews forum he is the expert on mortgages. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted January 10, 2013 Share Posted January 10, 2013 Probably a way off us contemplating this, but if we come out on a 489 visa (temp for 4 years) can we get a mortgage? I know it will mean a big deposit, but is it possible? If say after a year we love it and have jobs, sell a property in the UK as a deposit, OH has done the 1 year working which our visa stipulates (1 year working regional 2 years living regional, then we can apply for PR after the 2 year period). So we would like to get a mortgage after the 1 year period, would we be able to and would we have penalties for being on a temporary visa? Hi It is possible to get a mortgage as a temporary resident however generally you will require a 20% deposit as most Banks will only lend to 80% for temporary residents. In terms of other penalties, there really isn't any disadvantage in terms of rates as a temporary resident, most products will be open to you and in actual fact due to having to put down 20% then the rates in some cases will be lower than if you borrowed say 90%. In addition to the 20% deposit there will also be other costs involved to buy such as stamp duty, these costs vary from state to state and could be up to a further 5%. Hope this helps. Regards Andy Quote Link to comment Share on other sites More sharing options...
Taylors4 Posted January 13, 2013 Author Share Posted January 13, 2013 Hi It is possible to get a mortgage as a temporary resident however generally you will require a 20% deposit as most Banks will only lend to 80% for temporary residents. In terms of other penalties, there really isn't any disadvantage in terms of rates as a temporary resident, most products will be open to you and in actual fact due to having to put down 20% then the rates in some cases will be lower than if you borrowed say 90%. In addition to the 20% deposit there will also be other costs involved to buy such as stamp duty, these costs vary from state to state and could be up to a further 5%. Hope this helps. Regards Andy Thanks Andy, this helps lots. I'm thinking then that the only downside of buying before we get PR would be that we will miss out on the first time buyers incentive (not sure what they officially call it, sorry). Quote Link to comment Share on other sites More sharing options...
Nirmal Posted May 21, 2015 Share Posted May 21, 2015 Hi Andrew, I knw this forum is specially for some people. But i need your help regarding 489 visa loan. Me and my family has got 489 visa for four years and we are in aelaide. My husband is planning to start a business in partnership with our friend. Our friend is an australian citizen and they have already got a business here. Is it possible to get a loan under 489 visa to start a business? If yes, how much will be the deposit amount? Can we bring money from our home country (India)? Thanks Paul Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 22, 2015 Share Posted May 22, 2015 Hi Paul Business loans are not an area that I deal in. I might suggest in the first instance you start by arranging an appointment with a Business Banker from your Bank. Good luck. Quote Link to comment Share on other sites More sharing options...
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