stoobydale Posted April 21, 2014 Share Posted April 21, 2014 Am I allowed to buy some land with the intention of building a house on it for me and my family to live in? Link to comment Share on other sites More sharing options...
Rupert Posted April 21, 2014 Share Posted April 21, 2014 I don't know .. but gosh why on earth would you? You do know your visa is temporary don't you? Link to comment Share on other sites More sharing options...
bell123321 Posted April 21, 2014 Share Posted April 21, 2014 I think you can but I believe you normally need a bigger deposit and getting finance can be difficult. I believe the following website may help you about requirements: http://www.firb.gov.au/content/default.asp Don't have personal experience though. Link to comment Share on other sites More sharing options...
xlornax Posted April 21, 2014 Share Posted April 21, 2014 Yes you can but if you get permanent residency first you might be able to get the new build/first owners grant Link to comment Share on other sites More sharing options...
VERYSTORMY Posted April 21, 2014 Share Posted April 21, 2014 Yes you can though you may need to get approval from the foriegn investment review board - a formality. But, as others have pointed out, the bank will ask for a very substantial deposit and it is a high risk thing to do while you only have temporary status and a large amount of people on a 457 find themselves back in the UK Link to comment Share on other sites More sharing options...
boganbear Posted April 21, 2014 Share Posted April 21, 2014 I would wait until you get PR. If something goes wrong with your job you could be out on your ear in 28 days Link to comment Share on other sites More sharing options...
dodgy Posted April 21, 2014 Share Posted April 21, 2014 I would wait until you get PR. If something goes wrong with your job you could be out on your ear in 28 days 90 days now. Link to comment Share on other sites More sharing options...
northshorepom Posted April 21, 2014 Share Posted April 21, 2014 Yes, you can if you get FIRB approval However, you would find it impossible to get a construction loan. If you have cash, no worries on that score I bought a house on a 457, looked at a few that needed extension/major work and no lender was interested, nor for building new (which my wife was interested in). I could have done it by buying and doing it up in stages, refinancing against increased value from the work as I went, but that was too much of a pain in the backside for me Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted May 11, 2014 Share Posted May 11, 2014 Whilst you are on 457 visa, It is possible to buy a block of land and later build. I have helped few clients in the past. You jest need to make sure that the size of the block of land and the location are accepted by the lender. Link to comment Share on other sites More sharing options...
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