AlburyAhoy Posted April 2, 2011 Share Posted April 2, 2011 Hi there, Does anybody know what restrictions there are on taking a homeloan out when you are on a sponsored 457 please? I am getting mixed responses from banks... Ta x:unsure: Quote Link to comment Share on other sites More sharing options...
Angelini Posted April 4, 2011 Share Posted April 4, 2011 My husband was told we couldn't get buy a house on a 457 visa ... I would guess that the banks wouldn't give you a loan because the visa is only temporary? Sorry, it's not much help since I don't have anything official saying this - just his HR department! Quote Link to comment Share on other sites More sharing options...
Cerberus1 Posted April 4, 2011 Share Posted April 4, 2011 Hi, might be worth having a look at Temporary & Non Resident Loan as they seem to specialize in 457 home loans Quote Link to comment Share on other sites More sharing options...
Guest Will&Lynsey Posted April 4, 2011 Share Posted April 4, 2011 Two of my friends have bought homes while on 457 Visas....one bought established and one is building. Don't know of what if any restrictions they had though other than they weren't entitled to the First Time Homebuyers grant....:sad: Quote Link to comment Share on other sites More sharing options...
Guest sswart Posted April 4, 2011 Share Posted April 4, 2011 Hi, I am a mortgage broker, so this is my area of expertise! You can borrow money to buy a home if you are on a 457 - there are banks that will lend to you. The main issue for you is that you need FIRB (Foreign Investment Review Board) approval. Getting approval should not be an issue, but generally FIRB approval is subject to you selling the property if it ceases to be your residence (effectively if you dont get permanent residency and have to leave you will have to sell the property - usually within 6 months). It is for this reason that some banks may not lend to you, but there are banks that will! Your best bet is to discuss your situation with a mortgage broker, the service if free and they will do all the leg work for you and get you the best deal out there for your circumstances! Regards Shawn Home Loans Osborne Park Mortgage Broker Shawn Swart Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted April 4, 2011 Author Share Posted April 4, 2011 Thanks everybody for all the responses. NAB told us we couldn't get a loan immediately. Westpac have said we can but would need mortgage insurance on less than a 20% deposit. Getting very confused!! Superrate said we could but haven't got back to me since. We have our own house on the market here in Ireland. But as you know things here are very slow! Quote Link to comment Share on other sites More sharing options...
Guest Posted April 11, 2011 Share Posted April 11, 2011 Thanks everybody for all the responses. NAB told us we couldn't get a loan immediately. Westpac have said we can but would need mortgage insurance on less than a 20% deposit. Getting very confused!! Superrate said we could but haven't got back to me since. We have our own house on the market here in Ireland. But as you know things here are very slow! HI there. I'm a mortgage broker in WA, and I'm also on a 457 visa, so I've looked into this exact senario numerous times. Lenders Mortgage Insurance is applicable if you do not have 20% deposit (Higher Lending Fee/MIG in UK) and this does not matter whether you are temp, perm visa or a citizen. Most lenders will only lend on 457 if you have 20% deposit, although there is one lender on 10% deposit that even their own branches don't know that it exists. PM me if you need any advice. Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted July 18, 2011 Author Share Posted July 18, 2011 Hi, We have just got our approval and I went to get the FIRB permission to buy. But you need to have a property in mind. Is there anyway of getting this without nominating a property? Cheers Quote Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted July 21, 2011 Share Posted July 21, 2011 Don't worry too much about FIRB, you can just get your conveyancer to put a clause in the contract that purchase is subject to FIRB approval (even auctions can accept this in most states). I have never seen anyone get declined for FIRB approval if they meet the requirements. The rules are black and white. As for a loan you can borrow 90% through some lenders, 80% through others and some don't lend to temporary residents at all. Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted January 24, 2012 Author Share Posted January 24, 2012 We have had great fun with trying to get his homeloan sorted. Westpac said they would give us 90% but then will only accept Irish income if it has been declared here. Which you cannot do until after June! Circles and circles. We have now decided just to apply for permanency and the vendor has thankfully said we can rent the house until we get sorted. At least this way we can also get the First time buyers grant and stamp duty exemption. Has anybody else had any success with 457 visas and homeloans? Quote Link to comment Share on other sites More sharing options...
LKC Posted January 24, 2012 Share Posted January 24, 2012 Yes, we are on a 457 and have a homeloan with ANZ and had absolutely no problems in getting it at all. However, we did have a big deposit to put down (over 50%) which may have had an influence. We went through a broker also, which may have helped. Quote Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted January 24, 2012 Share Posted January 24, 2012 There are other lenders that can accept foreign income before it has been declared here. As long as you can prove it with some kind of documentation of course! If you can't prove the income then you can't use it. Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted January 24, 2012 Author Share Posted January 24, 2012 Hi, Will these lenders lend 90%? Who are they? Thanks a million, Sian Quote Link to comment Share on other sites More sharing options...
RockDr Posted January 24, 2012 Share Posted January 24, 2012 I think also on a 457 you can only own your own primary residence. So you can't rent it out or buy another investment property. Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted January 24, 2012 Author Share Posted January 24, 2012 We are only looking to buy our primary residence. On a 457 you cannot own more than one property and if you leave the country you must sell it. Quote Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted January 24, 2012 Share Posted January 24, 2012 There are other lenders that can accept foreign income before it has been declared here. As long as you can prove it with some kind of documentation of course! If you can't prove the income then you can't use it. Yes the other lenders can consider 90% if you are on a 457 visa. There are a few lenders that can consider it however likely the best option is in the process of changing their policy and so you may have to wait a week or two before applying. Any mortgage broker that specialises in lending to temporary residents should be able to help you. Under the NCCP Act I can't recommend any lenders without completing a full fact find and seeing your full situation. It's like quoting to build a house without seeing the plans, is doesn't result in sound advice! Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted January 24, 2012 Author Share Posted January 24, 2012 Would it be possible to pm you our details? Thanks Quote Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted January 24, 2012 Share Posted January 24, 2012 Yep sure. I'll send you a PM with the details of the mortgage broker in our office that specialises in 457 visa loans. Quote Link to comment Share on other sites More sharing options...
AlburyAhoy Posted January 24, 2012 Author Share Posted January 24, 2012 Much appreciated Quote Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted February 27, 2012 Share Posted February 27, 2012 We have had great fun with trying to get his homeloan sorted. Westpac said they would give us 90% but then will only accept Irish income if it has been declared here. Which you cannot do until after June! Circles and circles. We have now decided just to apply for permanency and the vendor has thankfully said we can rent the house until we get sorted. At least this way we can also get the First time buyers grant and stamp duty exemption. Has anybody else had any success with 457 visas and homeloans? I take it on a 457 you can only apply for PR after 2 years???? Quote Link to comment Share on other sites More sharing options...
GilraenH Posted February 27, 2012 Share Posted February 27, 2012 I take it on a 457 you can only apply for PR after 2 years???? You can apply any time for PR. Some employers sponsor temp/457 and will sponsor PR if you stay with them the 2 years, others sponsor almost immediately. Quote Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted February 27, 2012 Share Posted February 27, 2012 You can apply any time for PR. Some employers sponsor temp/457 and will sponsor PR if you stay with them the 2 years, others sponsor almost immediately. Thanks for that. Think we will be renting and saving for a bigger deposit. See how it goes for 6 months or so but the PR is a priority to me. Quote Link to comment Share on other sites More sharing options...
GilraenH Posted February 27, 2012 Share Posted February 27, 2012 Good luck! Quote Link to comment Share on other sites More sharing options...
RockDr Posted February 28, 2012 Share Posted February 28, 2012 I take it on a 457 you can only apply for PR after 2 years???? Depends. If you were eligible for PR in the first place, then you can apply whenever. Some people don't have enough experience and need to gain 4yrs of australian experience on the 457 before they can apply. Quote Link to comment Share on other sites More sharing options...
Guest Posted February 28, 2012 Share Posted February 28, 2012 Hi. I recently transfered from a 457 to perm. They said i needed 2 years experiance in AU role first. Temp visa holders need 20% deposit from most lenders with the only one I'm aware of is Westpac at 10% (but this is direct through the Westpac Migration Centre branches only and not normal Westpac Branches). Also you would not qualify for the First Home Buyers grant or stamp duty examption, you have to me erm to get these. David. Quote Link to comment Share on other sites More sharing options...
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