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Vymn

To Build or not to build

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I heard from somewhere that if you get into oz on a 457 visa you can only get a mortgage if you buy land and build - does anyone know if this is true? if so is there anyone out there that has done it and can let me know pitfalls or other things to look out for, hidden costs etc? am looking to move to nsw - newcastle or maitland area.

 

Vymn x

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Guest adey

we are on a 457 and we are building at the moment. We borrowed money from the bank that we went with when we first got here, they ask less questions about your visa etc as they can be wary when lending to people on 457's as they worry that you won't be here after 4 years.

 

You will need to ask the local Foreign Investment Board (FIRB) for permission before you buy but you can buy a house or a house and land package. The rules are that you are supposed to buy something brand new/unlived in or aussie owned - it will take max of two weeks for permission so before you sign contracts just make sure you sign it Subject to FIRB permission so if they don't agree to allow you to buy that property at least you can walk away. Not too sure how strict they are on the rules but know of people who have bought established properties on a 457.

 

If you buy land you will only pay stamp on the land and not the price of the house which can save you money, however, it may take at least 6 months or more to build it. Speak to FIRB they are very helpful and will tell you what they will allow you to do in the area that you live in, seems each state here has slightly different rules.

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Guest billy braveheart
I heard from somewhere that if you get into oz on a 457 visa you can only get a mortgage if you buy land and build - does anyone know if this is true? if so is there anyone out there that has done it and can let me know pitfalls or other things to look out for, hidden costs etc? am looking to move to nsw - newcastle or maitland area.

 

Vymn x

Not true we are on a 457 and have just bought a 3 yr old house

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Guest Graham&kym

We have bought a 25 yr old property on a 457. You do need FIRB approval and you do not get first time buyers relief.

Your mortgage is determine on your income, and yes you can get a mortgage on a 457 (up to 30 years)

Dont know about buying plots and then building im afraid...

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We have been here 5 months. We are on a 457 visa and have just bought a block of land (FIRB approval took only 4 days!) and have decided on a house and building should start in July with anticipated completion of the building Dec/Jan. Can't wait!


:cool:Loving it!

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Thanks for the help everyone -i am actually liking the thought of choosing my own bit of oz and building my own house from scratch with my own bare hands! (or at least selecting the bloke who will do it for me!) it all seems really exciting!!! Kent, good luck with your build, and let us know how it goes - bet u can't wait till Dec.

 

Vymn x

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Hi there, i have been surfing looking at oz builders and floorplans for around 150K -obviously need to buy land - but anyone have any ideas of the extra costs you need to pay out on top of this?

 

vymn

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Guest Pinhead
Thanks for the help everyone -i am actually liking the thought of choosing my own bit of oz and building my own house from scratch with my own bare hands! (or at least selecting the bloke who will do it for me!) it all seems really exciting!!! Kent, good luck with your build, and let us know how it goes - bet u can't wait till Dec.

 

Vymn x

I'd also consider the stress at having to manage your builder to actually build your property to your exact specifications.

I worked with an aussie guy back in 2004 in Melbourne and he was building is own house (using a contractor) and said it was very stressful and demanding. Basically given the choice again he wouldn't have done. Then again once the property was finished etc he may have had a different opinion plus of course it depends on the quality of the builder.

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