AusImm Query Posted August 27, 2017 Share Posted August 27, 2017 We are in Melbourne on permanent skilled visa 189 since January. Have been working since arrival and have a 20% property deposit. CommonWealth bank have told us that no one on a 189 visa will get a mortgage until they are permanent residents, which is about 4 years away for us. That is a long time to rent when we are in a position to buy. Does anyone know if what CommonWealth bank told us is correct? Quote Link to comment Share on other sites More sharing options...
NickyNook Posted August 27, 2017 Share Posted August 27, 2017 What you have said doesn't make much sense. You have a 189 visa? A 189 visa is a permanent visa, therefore you are permanent residents. There is no reason at all for Commbank or any other bank to refuse you a mortgage on the basis of your visa status. 1 Quote Link to comment Share on other sites More sharing options...
AusImm Query Posted August 27, 2017 Author Share Posted August 27, 2017 We were quite shocked too. it was such an abrupt email. We expected banks to know so did not want to seem rude and question him. We thought that the permanent part may only kick in after we have been here 5 years hence Commonwealth bank saying it is impossible to get a mortgage with a 189 visa. 1 Quote Link to comment Share on other sites More sharing options...
Wooba Posted August 27, 2017 Share Posted August 27, 2017 Try a mortgage broker. We recently got a mortgage as fairly new migrants only 1 week after I started a new job. The broker knew exactly which banks would finance us and it all went through easily.Sent from my LG-H990 using Tapatalk 1 Quote Link to comment Share on other sites More sharing options...
AusImm Query Posted August 27, 2017 Author Share Posted August 27, 2017 that is great to hear! thank you! we will get onto that today! Quote Link to comment Share on other sites More sharing options...
Guest263228 Posted August 27, 2017 Share Posted August 27, 2017 Shop around the financial institutions. Banks have though been 'forced' to become more accountable with loans in our precarious housing market. I thought that was more towards investment property and interest only loans though. With a deposit of 20% that is less clear. I'd be asking questions for sure. While brokers may well get you a loan, remember they are after Their commissions and not always have the best, longer term interest of the client in mind. Just make sure any loan approved you are fully comfortable with. Do allow for a return to higher interest rates in the future. Quote Link to comment Share on other sites More sharing options...
AusImm Query Posted August 27, 2017 Author Share Posted August 27, 2017 Thank you for the advice. We will definitely bear this in mind. We are just so relieved to hear that there may be a chance we can get a mortgage with a 189 visa. Quote Link to comment Share on other sites More sharing options...
VERYSTORMY Posted August 27, 2017 Share Posted August 27, 2017 You can chat to NAB on the forum. Quote Link to comment Share on other sites More sharing options...
LouDYorkie Posted August 27, 2017 Share Posted August 27, 2017 Why do you think being permanent is 4 years away if you are on a 189? You are already permanent.We were able to get a mortgage on a temporary visa (457) although not all banks would allow it. As a permanent resident (189 visa) there will be no such difficulty. Even first home owner grants are available to permanent residents provided they meet the rest of the eligibility criteria.Go to a different bank but be clear on your residency status so as not to confuse the issue. Good luck! Quote Link to comment Share on other sites More sharing options...
AusImm Query Posted August 27, 2017 Author Share Posted August 27, 2017 Thank you!!! Quote Link to comment Share on other sites More sharing options...
Kenfrapin Posted September 8, 2017 Share Posted September 8, 2017 CBA clearly had a moment when they said such a thing. Along with Australians, PR holders are a massive bunch taking mortgages. In fact we got our mortgage from CBA a month back and we are on 189s Tough luck to get someone who didnt know their hands from their feet, best speak to a mortgage broker as there are many deals in the market with better rates than CBA at the moment. If one bank rejects (rare with 20% but a problem if you are a contract worker or on probation) then the broker has other banks lined up to ensure you arent impacted too much or have to re-start the entire process All the best KnK Quote Link to comment Share on other sites More sharing options...
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