ausHWC Posted August 8, 2014 Share Posted August 8, 2014 Hey peeps, Hopefully a quick and easy one, has anyone bought a house on a temporary 457 visa stay? - Is there a restriction that you must have lived in Oz for 1 year or something before being able to purchase? - Is it hard for a UK migrant to buy a house on a 457 visa? - What sort things do you need (apart from the obvious, cash) for the process? Cheers folks, no dramas on this one, just curious. Thanks Link to comment Share on other sites More sharing options...
Pumpkin Posted August 8, 2014 Share Posted August 8, 2014 You need to get foreign investment approval, FIRB I think it is called. But this is a very risky thing to do, so long as you are aware of the risks, such as if they job ends you would need to leave, house or no house.. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted August 8, 2014 Share Posted August 8, 2014 Yes, it can be done. As mentioned you need FIRB approval, though that is usually just a formality. You will need a larger deposit - probably about 20% and may not get access to the best deals. The bigger issue is why? You are only coming for a temporary period and this visa assumes you will then be going home. Link to comment Share on other sites More sharing options...
LKC Posted August 8, 2014 Share Posted August 8, 2014 As the other posters have said, yes it can be done, but I would proceed with caution, as should you lose your job, you would only have 90 days to either secure another position or leave the country, and I can only imagine how much more stressful that situation would be if you had the added complication of a house to sell. We actually bought on a 457, but we had a guarantee from OH's job written in to his contract, that he would be sponsored for PR after 2 years, plus his job was very secure, working for a large company. We also had the option to apply independently of his job for PR (his profession was on the SOL), plus my profession was on the list, so we could have applied that way also. I am not sure that we would have done it had we not had those fall-back plans. Link to comment Share on other sites More sharing options...
LouDYorkie Posted August 10, 2014 Share Posted August 10, 2014 Isn't there also a rule that the property cannot be rented out if the original purpose was to live in it and vice versa? Therefore, if you go home after your temp visa ends or is cancelled, your only option is to sell, no matter what the housing market is doing. Link to comment Share on other sites More sharing options...
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