EJMac Posted September 5, 2017 Share Posted September 5, 2017 Hi all, I was hoping some one may be able to offer advice on our chances on getting a mortgage. I am in Aus on a 457 Visa, my gfriend is Australian and we are going to at some point convert my Visa to a spousal/skilled Visa. In the meantime we are very keen to buy a property, mainly to take advantage of the fist time buyer grant and stamp duty relief. The issue is that we are aware of the potential 10 months wait to get the Visa and would hopefully buy somewhere before, the question is can we get a mortgage in my gfriends name but taking my salary into account? Or if we have a joint names mortgage will we not get a deal due to my being on a 457? Also if anyone has any brokers contacts who may be able to advise it would be appreciated. Thanks in advance for any help, this website has been incredibly useful to date in getting out to Aus, so thankyou for your contribution. Link to comment Share on other sites More sharing options...
DukeNinja Posted September 5, 2017 Share Posted September 5, 2017 Have you given Aussie Home Loans brokers a go? Link to comment Share on other sites More sharing options...
DeeTowers Posted September 6, 2017 Share Posted September 6, 2017 On 05/09/2017 at 11:16, EJMac said: Hi all, I was hoping some one may be able to offer advice on our chances on getting a mortgage. I am in Aus on a 457 Visa, my gfriend is Australian and we are going to at some point convert my Visa to a spousal/skilled Visa. In the meantime we are very keen to buy a property, mainly to take advantage of the fist time buyer grant and stamp duty relief. The issue is that we are aware of the potential 10 months wait to get the Visa and would hopefully buy somewhere before, the question is can we get a mortgage in my gfriends name but taking my salary into account? Or if we have a joint names mortgage will we not get a deal due to my being on a 457? Also if anyone has any brokers contacts who may be able to advise it would be appreciated. Thanks in advance for any help, this website has been incredibly useful to date in getting out to Aus, so thankyou for your contribution. Hi There, I am not a financial adviser but from experience you will find it hard to get a mortgage with less than 20% deposit on a 457, If your other half applies on their own then it is a sole application so only their salary will be taken into account. Also on a 457 you are not entitled to the 1st time home buyer and stamp duty benefits so double check if you are eligible even with a joint application - I'm not sure you will be but I could be wrong - you must have PR to be eligible. Good Luck! Link to comment Share on other sites More sharing options...
DeeTowers Posted September 6, 2017 Share Posted September 6, 2017 Also forgot to mention as a non resident you will also need FIRB approval which can be costly - We paid $10k to gain authorisation to buy a house in Sydney without our PR. If its a joint application you will more than likely need to gain approval too even though your other half has PR. Again research because if you do get a house without approval and it is required you could have to sell the property. Link to comment Share on other sites More sharing options...
Guest Posted September 6, 2017 Share Posted September 6, 2017 Is there a rush to take advantage of the first time buyers grant and stamp duty? Is it ending? If not, then reading the above from Dee, sounds like you don't have much choice but to wait till you have PR. Link to comment Share on other sites More sharing options...
Guest Posted October 20, 2017 Share Posted October 20, 2017 The first home owners grant will drop from $20,000 to $15,000 come January 1 2018. Although, the government extended it for six months previously, hoping they'll do so again. This is for Queensland I should say. If we purchased a new property or built we would not pay stamp (transfer) duty on a property valued up to $550k and also be eligible for the FHOG of $20,000 currently on houses less than $750,000. I was told the applicant had to be on a PR visa. Link to comment Share on other sites More sharing options...
Guest Posted October 22, 2017 Share Posted October 22, 2017 One thing I've just discovered. In Queensland you are only eligible for the stamp duty (transfer) concession if you have never had an interest in any property anywhere in the world! Not sure how they would check... does Outer Mongolia have a relationship where they provide this to the Australian Government? Link to comment Share on other sites More sharing options...
ScottieGirl Posted October 22, 2017 Share Posted October 22, 2017 8 hours ago, Ozzie said: One thing I've just discovered. In Queensland you are only eligible for the stamp duty (transfer) concession if you have never had an interest in any property anywhere in the world! Not sure how they would check... does Outer Mongolia have a relationship where they provide this to the Australian Government? Pretty easy to check, ask for your addresses for last 5 years and check with HMRC to see who paid the stamp duty. Link to comment Share on other sites More sharing options...
Guest Posted October 22, 2017 Share Posted October 22, 2017 35 minutes ago, ScottieGirl said: Pretty easy to check, ask for your addresses for last 5 years and check with HMRC to see who paid the stamp duty. What if you had an interest past five years ago? I'm not condoning lying, I'm just saying it would be difficult to check "the world" Link to comment Share on other sites More sharing options...
ScottieGirl Posted October 22, 2017 Share Posted October 22, 2017 2 hours ago, Ozzie said: What if you had an interest past five years ago? I'm not condoning lying, I'm just saying it would be difficult to check "the world" Hard to check the world but the ATO and HMRC have mutual links.My UK bank demanded my TFN a year or so ago as the ATO had requested details of accounts of all Australian residents. A more relevant question is whether anyone would actually bother to verify the claims of a first time buyer. No idea but I suspect the higher value transactions are more likely to be audited so don't go buying a multi million penthouse ☺ Link to comment Share on other sites More sharing options...
Guest Posted October 23, 2017 Share Posted October 23, 2017 8 hours ago, ScottieGirl said: Hard to check the world but the ATO and HMRC have mutual links.My UK bank demanded my TFN a year or so ago as the ATO had requested details of accounts of all Australian residents. A more relevant question is whether anyone would actually bother to verify the claims of a first time buyer. No idea but I suspect the higher value transactions are more likely to be audited so don't go buying a multi million penthouse ☺ Wish I could buy a million dollar anything I'm sure the UK and Australia have some links but checking the 'whole world' would be challenging if not impossible indeed. This was the stamp duty/transfer reduction I was referring to. The FHOH (first home owners grant) is separate and only applies to anyone who has had a property in their name in Australia. Much easier to check and it is a rigorous check so I'm told. I'm sure there are people out there that will try it tho! Link to comment Share on other sites More sharing options...
ScottieGirl Posted October 23, 2017 Share Posted October 23, 2017 Not sure how good records are retrospectively but going forward I think it will be very easy to check. Just ask for the applicants NI number/TFN/ US sociial security number etc, etc. The UK have changed stamp duty so that people pay 3% extra if they already own a property, anywhere not just the UK. I would assume therefore they are looking into ways of auditing this. Link to comment Share on other sites More sharing options...
Guest Posted October 23, 2017 Share Posted October 23, 2017 Not sure how good records are retrospectively but going forward I think it will be very easy to check. Just ask for the applicants NI number/TFN/ US sociial security number etc, etc. The UK have changed stamp duty so that people pay 3% extra if they already own a property, anywhere not just the UK. I would assume therefore they are looking into ways of auditing this. So Outer Mongolians take note!! [emoji23][emoji23][emoji23]Sent from my iPhone using PomsinOz Link to comment Share on other sites More sharing options...
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