bmw2705 Posted August 10, 2007 Share Posted August 10, 2007 hi im sure ive read on here people who have brought a house and put down a deposit and used there other money in the bank to pay the repayments while studying in oz as we will be studying for 2 yrs and would prefer to do this than through money away on renting does anyone no details etc on what u do i think they had to sign papers saying they would loose house if payments not up to date etc Link to comment Share on other sites More sharing options...
Guest alfixie Posted August 10, 2007 Share Posted August 10, 2007 All I know is that you can buy a house with a student visa, as I looked into this option when deciding what visa to choose. All the best, Marina. Link to comment Share on other sites More sharing options...
connaust Posted August 12, 2007 Share Posted August 12, 2007 With FIRB approval you can see FIRB: Residential There is someone on here Bullcreek Bob who I think works in industry can advise. Cheers Andrew Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted August 14, 2007 Share Posted August 14, 2007 There is someone on here Bullcreek Bob who I think works in industry can advise. Bullcreek Bob ? That must be me To buy on a temporary visa, as was stated, you will need approval from the FIRB but such approval is usually forthcoming as long as you have more than a year left on your visa and the property will be used as your principal place of residence. To get a loan from an Aussie bank as a non perm resident, the most you will be able to borrow is 80% of the property value although some banks will limit you to 70% and others to 0%. You will not be eligible for the first home owners grant ($7,000, nor any reduced rate of stamp duty). So in addition to the 20%+ deposit, you will need to have all your fees as well. Getting a loan without any income is also a problem, most banks (rightly) require that you can demonstrate or assert that you can make the repayments. If you have sufficient funds that you can afford to live off the interest earned, then surely you would also have the option of just using that capital and paying cash for a property? If you just wanted to put aside perhaps $50K and use that to live off for a year, the bank would only treat your income as around $3,000pa or $60/week and on that basis they would not lend you anywhere near enough to buy a shed, let alone a house. If you wanted to sign up for a "no doc" loan whereby you didn't disclose to a lender your income and just sign a declaration that "you can afford it", it may be possible but you'd need a bigger deposit and be prepared to pay a higher rate of interest. Am I sounding pessemistic? I hope so. I don't think what you are describing is sensible. As a mortgage broker, I'd decline to take on a client in what (little) I know of your situation. Perhaps you might be better renting a place yourself, and perhaps buying an investment property (buy-to-let) if you have funds that you want to invest. Good luck anyway. Bob from Bull Creek Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted August 14, 2007 Share Posted August 14, 2007 G'day I thought I'd follow up, but on a slightly different tack. In the UK it is often as expensive to rent a place as to buy one, in fact sometimes it can be cheaper. Here in Aust, that is rarely the case. Renting is almost invariably significantly cheaper than buying. At the moment, interest rates vary between about 7.5% and 8.5%, so buying a house worth $300K will cost between $22,500 and $25,500 per year. Rental rates vary between 3.75% and 4.75% so to rent a similar property will cost between $11,250 and $14,250 depending upon a massive variety of other factors. So renting will probably be cheaper by at least $200/week. Of course this is based on a $300K house (which doesn't exist in places like Perth). If the house was higher priced then the costs go up significantly. Cheers Bob from Bull Creek Link to comment Share on other sites More sharing options...
Guest sean111 Posted August 26, 2007 Share Posted August 26, 2007 Wow, what a bummer, I was thinking about doing the same thing, buying whilst on a student visa that is. I would probably have about a 50% deposit, but by the sounds of what Bob said it seems like a bit of a long shot. Oh well Sean. Link to comment Share on other sites More sharing options...
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