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We are moving out to Australia this year and initially we will rent. I wondered what the process would be in terms of getting a mortgage on a 489 visa? 

We have three properties in the Uk and if we sold  one we would have a decent amount for a deposit.

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Hello Barry

Mortgage rules are a changing constantly over here so may be better to explore this as and when you are near to actually looking.

That said I understand the 489 to be a temp visa and in this case it may be better to wait until you get permanent residency due to the additional costs that (generally) temp residents need to pay to purchase (ie additional 7% stamp duty in SAQ over and above the usual 5%).

Regards

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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