thekeans Posted March 12, 2008 Share Posted March 12, 2008 Hi, Just wondering if it will be possible for us to get a mortgage on a 475 provisional visa or will be have to rent until we get PR?? Going to Adelaide so want to get on property market before the prices suddenly rise. Thanks Link to comment Share on other sites More sharing options...
Guest MikeCormack Posted March 15, 2008 Share Posted March 15, 2008 Hi guys You will find some lenders willing to provide finance as a temporary resident. They will request extra security, so this means you will have to put in a larger deposit. You should contact a mortgage broker for more info. By the way, you might find the prices in S.A. have moved pretty sharply already! Link to comment Share on other sites More sharing options...
Guest shariliz Posted March 15, 2008 Share Posted March 15, 2008 As Mike said, prices have gone up here in Adelaide but yes, whatever the housing prices, you will have to- usually- pay a bigger deposit on a 457 (some say up to 20-25%!!!!:arghh:) and/or have to pay a higher interest rate!! Shop around, some bank managermight be having a sympathetic day:biglaugh:- some folk have been able to do this no problem. If you're short on spondoolies when you get here though, best be prepared to do the rental thing! If you rent (especially short-term) though, it can give you a 'no obligations' chance to find out whether you like an area or not!! If you're going to buy you have to get in touch with the firb (Foreign Investment Review Board); some folk I know on PRs didn't bother at all but, whatever visa you're on, I'd say it's imperative to deal with them. We were unlucky and couldn't find anyone sympathetic enough- nor did we have the extra dosh- so we're renting until our PR is granted. Worked for us anyways because we hated the first suburb we settled in and now we've had longer to suss out areas we do/don't like!!! Link to comment Share on other sites More sharing options...
Guest billy braveheart Posted March 15, 2008 Share Posted March 15, 2008 You dont need FIRB approval if your on a PR Visa only a temp visa requires their approval Link to comment Share on other sites More sharing options...
Guest dwaldron Posted March 15, 2008 Share Posted March 15, 2008 You will have trouble getting a loan without having a 20% deposit as putting down less will mean that you will require mortgage insurance and generally you will not get that without PR. If you have the 20% deposit (don't forget to add on stamp duty and legals etc!) then you should be fine. Remember that renting in Australia is a lot cheaper than buying so as long as you put the difference in to some sort of investment then you should be keeping up with things when considered on a long term basis. Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted March 15, 2008 Share Posted March 15, 2008 You dont need FIRB approval if your on a PR Visa only a temp visa requires their approval G'day Billy The poster said they would be on a 475 visa. It is not a permanent visa. It is a provisional visa that MAY lead to a permanent visa after two years. FIRB approval is needed. Banks are restricted to limit the maximum lending to 80% of a property's valuation although some banks restrict it even further to 70% and some (like Citibank) to 0%. Link to comment Share on other sites More sharing options...
Guest billy braveheart Posted March 15, 2008 Share Posted March 15, 2008 Yes Bob i know as im on a 457 i was answering to shariliz when she said on a pr visa or any other visa it is imperative you seek FIRB approval and you dont need to wait the 2 years either if you have a positive skills assesment we have lodged our pr visa application after 6 months here and could have done it sooner Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.