dodgydarji Posted August 6, 2013 Share Posted August 6, 2013 On a working holiday visa? If not, when I lodge my application for a defacto visa, can I buy a house then? This will be a joint mortgage no doubt and my OH is an Australian Citizen by birth. Link to comment Share on other sites More sharing options...
Skippy1 Posted August 6, 2013 Share Posted August 6, 2013 Yes you can but it has to be a new build if you are not a resident. You're partner can obviously buy anything as a citizen..... not sure about the defacto bit. As a prospective purchaser do you think the property market might be a little overheated? Just curious as might be in the same situation but when looking at it from a distance it looks a little scary our there Link to comment Share on other sites More sharing options...
Fisher1 Posted August 6, 2013 Share Posted August 6, 2013 I think it looks very scary out there, but has been the same for a few years now..... its difficult to know when to jump! Link to comment Share on other sites More sharing options...
dodgydarji Posted August 7, 2013 Author Share Posted August 7, 2013 Ah okay, well thats good to know that there is at least an option as opposed to no options. In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over. Also I don't have any private pension so really I am banking on property being my 25 year savings account. Link to comment Share on other sites More sharing options...
buzzy--bee Posted August 8, 2013 Share Posted August 8, 2013 As a prospective purchaser do you think the property market might be a little overheated? Just curious as might be in the same situation but when looking at it from a distance it looks a little scary our there With falling interest rates the market will go up for another year or two, and quickly. In 2 years it may be less competitive, but the prices will be higher. My $0.02 BB Link to comment Share on other sites More sharing options...
can1983 Posted August 8, 2013 Share Posted August 8, 2013 Ah okay, well thats good to know that there is at least an option as opposed to no options. In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over. Also I don't have any private pension so really I am banking on property being my 25 year savings account. I like that idea but excuse the ignorance but isn't every property potentially positively geared depending on circumstance? If you have a 100% mortgage the rent will never cover the mortgage, insurance, purchase cost and repairs but with a 10% mortgage every house in the world is positively geared! Link to comment Share on other sites More sharing options...
buzzy--bee Posted August 8, 2013 Share Posted August 8, 2013 Ah okay, well thats good to know that there is at least an option as opposed to no options. In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over. Also I don't have any private pension so really I am banking on property being my 25 year savings account. Property investment in Australia is very very different from property investment in London. In London banks will not lend unless the rent will exceed the mortgage. Here you can negatively gear your investment properties against your salary so a high % of rental properties would be negatively geared. It is very unusual to have a positively geared property to start off with unless you apply a small mortgage to it, in which case you are probably not being tax-effective. BB Link to comment Share on other sites More sharing options...
dodgydarji Posted August 8, 2013 Author Share Posted August 8, 2013 I suppose I have a lot to learn about buying in Australia! For now when getting there we shall be renting. Thanks for the giving a better insight buzzy-bee can1983 I see your point .. I will be in the category of having 15-20% deposit. Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted August 8, 2013 Share Posted August 8, 2013 Hi, So long you apply for a home loan with your Australian Citizen partner there is a lender out there who can lend 95% of the purchase price. The requirement is, you have to have a 5% deposit plus costs. This deposit will need to be genuine savings i.e in you bank for 3 months, or accumulating to the 5% deposit for the last 3 months. Obviously, the more deposit you have the less lending parameters in place the bank will enforce. Hope this helps. Regards, Link to comment Share on other sites More sharing options...
boganbear Posted August 8, 2013 Share Posted August 8, 2013 In Qld you have to pay stamp duty on a house if you have owned a house anywhere in the world and dont get it stamp duty free. Link to comment Share on other sites More sharing options...
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