suse Posted November 6, 2008 Share Posted November 6, 2008 Warning! We found a house to buy, put in an offer over the weekend and it was accepted. The contract was drawn up there and then as we had the finance to move quickly and wanted to avoid moving into a rental for 3 to 4 weeks. No problem we thought, the bank was all sorted, the agent and seller were happy. I contacted the solicitor, got the paperwork, signed it all and delivered it back, only to discover that on a 457 Visa we needed permission from the FIRB - Financial Investment Review Body - to purchase and it can take up to 30 days to get it. So anyone on a 457 visa get hold of the FIRB before you start looking to purchase! Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted November 6, 2008 Share Posted November 6, 2008 Hi Yes this is true, but, unless you are wanting to purchase the property for an investment, you should be granted permission, it is just a couple more hoops to jump through. Hope you are still going to get your dream house, even if it is a little longer wait than expected. Link to comment Share on other sites More sharing options...
suse Posted November 6, 2008 Author Share Posted November 6, 2008 Hi It is unlikely that you have a problem with an investment property if you are outside the Uk and havent got your visa yet. A friend did that last year to enable themselves to get a credit rating before they moved to the UK and it came through with no problem. They bought a new build in an area zoned with a lack of rental accommodation. I am not sure if it is a different story if you are on a 457, in Australia and own a property that you live in and then decide to purchase an investment property. It might be OK providing the investment is a new build and it will be let out upon completion. Would suggest anyone in that situation speak to a solicitor before starting the process. Link to comment Share on other sites More sharing options...
Guest JoeJoe Posted November 7, 2008 Share Posted November 7, 2008 Hey there Thanks for the heads up, hope you get approval from the FIRB. Was also wondering, if you were eligible for the supposed First Home Owners Grant? Joe <moving to oz hopefully soon> Warning! We found a house to buy, put in an offer over the weekend and it was accepted. The contract was drawn up there and then as we had the finance to move quickly and wanted to avoid moving into a rental for 3 to 4 weeks. No problem we thought, the bank was all sorted, the agent and seller were happy. I contacted the solicitor, got the paperwork, signed it all and delivered it back, only to discover that on a 457 Visa we needed permission from the FIRB - Financial Investment Review Body - to purchase and it can take up to 30 days to get it. So anyone on a 457 visa get hold of the FIRB before you start looking to purchase! Link to comment Share on other sites More sharing options...
suse Posted November 7, 2008 Author Share Posted November 7, 2008 Hi Joe No we were not - have been told by the bank however that once we get residency we can apply for it retrospectively which took us by surprise as we thought it was for first time buyers of new builds only and the house we are buying is not that. We havent looked into it any further but if anone else has been able to apply 2 - 3 years down the line on a 2nd hand property would love to know. Hey there Thanks for the heads up, hope you get approval from the FIRB. Was also wondering, if you were eligible for the supposed First Home Owners Grant? Joe <moving to oz hopefully soon> Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted November 7, 2008 Share Posted November 7, 2008 No we were not - have been told by the bank however that once we get residency we can apply for it retrospectively which took us by surprise Hi Suse, Sorry, but your bank is wrong. Well actually the Bank is not wrong, just the person you spoke to has given you incorrect information. Your real estate agent, settlement agent or mortgage broker will also tell you that you can't claim FHOG retrospectively. The eligibility date is the date your offer is accepted. If you still think the bank is right, ask them put it writing, they won't. Or you could read up on it at First Home Owners Scheme or on the web site of Dept of Treasury and Finance in the state in which you live. Link to comment Share on other sites More sharing options...
suse Posted November 7, 2008 Author Share Posted November 7, 2008 Hi Bill Many thanks for that, we didnt think it was right which is why we havent gone any further with it at the moment. Will have a look on the websites as suggested. Suse Hi Suse, Sorry, but your bank is wrong. Well actually the Bank is not wrong, just the person you spoke to has given you incorrect information. Your real estate agent, settlement agent or mortgage broker will also tell you that you can't claim FHOG retrospectively. The eligibility date is the date your offer is accepted. If you still think the bank is right, ask them put it writing, they won't. Or you could read up on it at First Home Owners Scheme or on the web site of Dept of Treasury and Finance in the state in which you live. Link to comment Share on other sites More sharing options...
furkew Posted November 7, 2008 Share Posted November 7, 2008 DAMN !!!! I read the post about being able to claim the first time buyers grant once PR is approved, and got all excited! Never mind........... Good luck with the FIRB, and hope it all comes through nice & quick for you. Ours took exactly 30 days, other people have received approval in as little as a week. Link to comment Share on other sites More sharing options...
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