Mae m Posted May 15, 2015 Share Posted May 15, 2015 Hi, We moved here in Queensland last December 2014 from the UK. We are currently renting an apartment and since we liked the place, we thought of applying for a mortgage for a unit in the said apartment complex. We have an account with NAB and so i asked if we can qualify for a mortgage if we are on a 457 visa (because we are planning to settle here in Australia) and i was told we can't until we get a PR. Does any of you had the same situation and were you able to get a property while on a work visa. Any advise/help will be greatly appreciated, thank you. 'Mae Link to comment Share on other sites More sharing options...
VERYSTORMY Posted May 15, 2015 Share Posted May 15, 2015 Yes, you can get a mortgage and I know NAB do them. I would consult a good broker. However, you will need foreign investment approval and there are limits on borrowing. You will have a requirement for a higher deposit and many will only offer poorer deals. Whether it is wise to buy a property while only here temporary is another matter - on a 457 you should assume you are only here the duration of the visa. Link to comment Share on other sites More sharing options...
Bungo Posted May 15, 2015 Share Posted May 15, 2015 Hi, We moved here in Queensland last December 2014 from the UK. We are currently renting an apartment and since we liked the place, we thought of applying for a mortgage for a unit in the said apartment complex. We have an account with NAB and so i asked if we can qualify for a mortgage if we are on a 457 visa (because we are planning to settle here in Australia) and i was told we can't until we get a PR. Does any of you had the same situation and were you able to get a property while on a work visa. Any advise/help will be greatly appreciated, thank you. 'Mae Yes as said, it is perfectly possible, a few extra hoops but nothing insurmountable. The question is really whether it is wise, why not work on getting a permanent visa first? There are plenty of people who thought they were staying, but found themselves needing to leave because of a change in work circumstances. Link to comment Share on other sites More sharing options...
Mae m Posted May 15, 2015 Author Share Posted May 15, 2015 Yes as said, it is perfectly possible, a few extra hoops but nothing insurmountable. The question is really whether it is wise, why not work on getting a permanent visa first? There are plenty of people who thought they were staying, but found themselves needing to leave because of a change in work circumstances. thank you bungo and very stormy! yes we are looking into getting a pr but was just trying to see the options we have and if we can since we can't get a pr from the employer until my hubby stays 2 years from his job. still trying to see if we can apply for 189 visa. -verystormy it was the NAB who told me i can't without the PR. Can you recommend any broker? thanks Link to comment Share on other sites More sharing options...
Craig Vaughan Posted May 16, 2015 Share Posted May 16, 2015 Hi, We moved here in Queensland last December 2014 from the UK. We are currently renting an apartment and since we liked the place, we thought of applying for a mortgage for a unit in the said apartment complex. We have an account with NAB and so i asked if we can qualify for a mortgage if we are on a 457 visa (because we are planning to settle here in Australia) and i was told we can't until we get a PR. Does any of you had the same situation and were you able to get a property while on a work visa. Any advise/help will be greatly appreciated, thank you. 'Mae Hi Mae, you certainly can obtain a home loan on a 457 visa. In general you will; 1) Require 10% deposit plus costs, 2) Have one year left remaining on your visa (ie, 4 year visa, must be no longer than 3 years into that visa) 3) Otherwise meet normal lending policy (ie, sufficient income, stable employment, clean credit history etc - not normally an issue for migrants. Interest Rates/Fees From an interest rate/fee perspective you will not be charged any penalty or higher interest rate due to your visa status. The same mortgage rates available to Australian Citizens/Permanent Residents would also apply to you. FIRB Approval (Foreign Investment Review Board Approval). You will require FIRB approval however that is, at present, really just a tick and flick exercise. As long as you are going to live in the property you will have no issues here. You do not need to apply for this now though - arrange your home loan pre-approval first and then you apply once you find the home you want to buy. Your mortgage broker specialising in 457 visas will guide you through the process. Note that if you leave the country before you obtain PR you will be required to sell the home (unless it was a brand new property to begin with). All the best with your plans. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted May 16, 2015 Share Posted May 16, 2015 Have a chat with @andrew from Vista Financial Link to comment Share on other sites More sharing options...
Mae m Posted May 16, 2015 Author Share Posted May 16, 2015 Have a chat with @andrew from Vista Financial hi, thanks but it comes out andre and not andrew, i think its not the same person. can u please send me again, thanks Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 17, 2015 Share Posted May 17, 2015 G'day Mae m Feel free to PM, happy to assist where possible. Andy Link to comment Share on other sites More sharing options...
Mae m Posted May 17, 2015 Author Share Posted May 17, 2015 hi, pm sent Link to comment Share on other sites More sharing options...
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