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Buying a house?


Guest manykids!

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Guest manykids!

Does anyone know if you can, or has had any experience of, buying a house on a 457 visa - or do you have to wait untill you are a permenant resident? If you can are there restrictions on you as to where/what you can buy -we would need a big morgage too unfortunately! Thanks

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Hi, from what I understand you need to get permission from the Foreign Investment Review Board. Find them at www.firb.com.au and it gives you all the info if you are on a temp visa rather than a permanent. If you hold a permanent visa I don't think you are restricted at all. Hope this helps. Husband is home now so I will try and remember to ask him about agencies for sales and marketing as we discussed in a previous thread. Are you any further forward?

 

Billie

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Guest JoanneHattersley
Does anyone know if you can, or has had any experience of, buying a house on a 457 visa - or do you have to wait untill you are a permenant resident? If you can are there restrictions on you as to where/what you can buy -we would need a big morgage too unfortunately! Thanks

 

 

YEAH U DO NEED FIRB APPROVAL. YOU MAY FIND THAT ONLY SOME BANKS WILL GIVE YOU A MORTGAGE HOWEVER AS A TEMP. RESIDENT. ONCE PERM. RESIDENT YOU CAN REMORTGAGE AND CHANGE IF YOU WANT.

 

WE BOUGHT 6 MONTHS BEFORE WE GOT PR STATUS

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Guest manykids!

Thanks for those, does that mean that they will loan you less money than to those on a permenant visa, or are your repayements at a higher rate, or is simply that only a few banks will even consider you in the first place?

:wacko:

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Guest BullcreekBob
Thanks for those, does that mean that they will loan you less money than to those on a permenant visa, or are your repayements at a higher rate, or is simply that only a few banks will even consider you in the first place?

:wacko:

 

G'day

 

Yes always, yes sometimes and yes definately.

 

1) When you are on a temporary visa, banks are not allowed to lend more than 80% of the value of a property (except in very rare conditions where no lenders mortgage insurance is required).

 

2) Whilst the rates for PR and temporary residents may appear to be the same, some banks give bigger discounts to people with PR or citizenship.

 

3) Whilst the legal maximum lend for temporary and non residents is 80%, some banks have a policy of 70%, some 50% and some 0%.

 

As an accredited mortgage broker, I can advise you of the policies of any banks you're interested in. Just drop me an email or a PM.

 

Cheers

Bob in Bull Creek

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Guest manykids!

Thanks Bob, we are not in position to buy yet, as haven't even got temporary visa yet! -I just like to know all the facts before hand to help with our plans and decisions to do with selling the house here etc. Hopefully will be in Oz before too long, when the right company comes along, and will definetly give you a shout for advice when we decide to buy.

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