Mortgage on a TSS 482 visa?

[kinse2020]

Firstly I am aware of all the risks in not getting a PR visa after 3 years etc.  but I was wondering has anyone here been able to actually get a mortgage on a TSS 482 Visa?? A few websites say it is possible with 20% deposit, good salary, savings etc.

[Marisawright]

Yes it is, but I believe it's got to be on the Medium list.   However it's another factor to add to your budgeting assessment.

In Australia, you pay stamp duty on a purchase.  As a temporary visa holder, you'll also have to apply to FIRB for permission to buy. There is a fee just to apply, AND a hefty surcharge on the purchase price.  The stamp duty, the FIRB fee and the FIRB surcharge are all percentage-based, so the more expensive the house, the higher they get.

For instance, on a $750,000 home, you'll pay about $30,000 stamp duty + $60,000 FIRB surcharge.  The FIRB fees have just gone up so I don't know what that would be, but guessing $12,000.

Obviously, if you don't get PR and have to return home, there's a risk you may not recoup those costs when you sell the property.   It will depend where you're going and what kind of property you're buying.  

https://stampdutycalc.com.au/

[kinse2020]

13 hours ago, Marisawright said:

Yes it is, but I believe it's got to be on the Medium list.   However it's another factor to add to your budgeting assessment.

In Australia, you pay stamp duty on a purchase.  As a temporary visa holder, you'll also have to apply to FIRB for permission to buy. There is a fee just to apply, AND a hefty surcharge on the purchase price.  The stamp duty, the FIRB fee and the FIRB surcharge are all percentage-based, so the more expensive the house, the higher they get.

For instance, on a $750,000 home, you'll pay about $30,000 stamp duty + $60,000 FIRB surcharge.  The FIRB fees have just gone up so I don't know what that would be, but guessing $12,000.

Obviously, if you don't get PR and have to return home, there's a risk you may not recoup those costs when you sell the property.   It will depend where you're going and what kind of property you're buying.  

https://stampdutycalc.com.au/

Thanks for that. I was doing a bit of research this morning and read the same thing about the stamp duty and surcharges. It's not worth it at all with those charges so will just rent until we get PR (hopefully)

[Marisawright]

33 minutes ago, kinse2020 said:

Thanks for that. I was doing a bit of research this morning and read the same thing about the stamp duty and surcharges. It's not worth it at all with those charges so will just rent until we get PR (hopefully)

It's always a difficult decision.   On the face of it, it seems wise not to buy.  However there are people who came out on 457 visas in 2016/17 and were advised not to buy because of those costs -- and then, the property market in Sydney and Melbourne went absolutely bonkers, so they would easily have got that money back, and then some.  Unfortunately it's extremely hard to predict what the housing market is going to do next (the latest predictions are that prices will fall or be stagnant for the next few years, because they are now so over-inflated -- but who knows if that will be true).  

Edited October 15, 2022 by Marisawright