457 visa buying property

[barnabus72 10]

Here's a question - what happens if you own a house here on a 457 visa and suddenly were to lose your sponsorship and were given 90 days to leave the country.

 

would we be allowed to keep it and rent it out, or would we have to sell ? If we had to sell, how long do we get to sell it ?

 

we would really like to buy a house but scared to in case we had to leave and might lose all our capital.

 

thanks in advance

[dxboz 203]

You would be able to keep your house just like any other foreign investor as I think that is how you will be classed on a 457. There should be no issues with renting it out either.

[Tickled Pink 1,255]

You would be able to keep your house just like any other foreign investor as I think that is how you will be classed on a 457. There should be no issues with renting it out either.

 

Hmmm you need to check this as I was under the impression that things were slightly different to this if you are only a temporary visa holder... you can buy a house for sure, not so sure about keeping it to rent out once no longer holding a valid visa to live here.

 

Hopefully some more people will chip in about this.... not saying I'm right about what I'm saying by the way, but I would check it out...

[Freckleface 3,066]

This link to a fact sheet produced by the Australian Institute of Conveyancers provides guidance on the questions you have.

 

http://www.aicnational.com.au/uploads/pdf/FIRB%20FAQs.pdf

[dxboz 203]

I was just going to suggest that if you have any queries ring the Foreign Investment Review Board as you would have to get their approval prior to purchase anyway

[Tickled Pink 1,255]

I think question 4 covers your query....

[barnabus72 10]

Thanks everyone for your quick responses, question 4 relates to established property. I take it we would be ok if we bought a new house or vacant land ?

[Tickled Pink 1,255]

Again, the issue comes with bein a temporary visa holder, you have very few rights in the country with a 457. You would need to get proper advice - more than from a forum.

In a nutshell, as I have understand it, you cannot own a property in Australia once you have left and have no right to live here permanently.

Edited December 1, 2013 by Tickled Pink

[NickyNook 585]

In a nutshell, as I have understand it, you cannot own a property in Australia once you have left and have no right to live here permanently.

 

Don't think so. It says once the temp visa holder has left the country they cannot keep an established (second-hand) residence. It doesn't say they cannot keep a new one.

 

Once they leave, they become a non-resident - and non-residents are allowed to buy (and rent out) new property.

[Joob joobs 394]

I was looking into this recently and read online that if it is an older property then you will have to sell up if you are asked to leave the country. However, if it is a new property then you will be able to retain the property and rent it out. I can't remember the website I read this from though, sorry.