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Got the above amount to transfer for a deposit on some land - any advice on who provides best transfer rates? Timescale to transfer ? and is this a good time to buy land and build and transfer monies? Building around Castle Hill area, Many questions i know - any advice appreciated

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Guest Ph0en1x
Got the above amount to transfer for a deposit on some land - any advice on who provides best transfer rates? Timescale to transfer ? and is this a good time to buy land and build and transfer monies? Building around Castle Hill area, Many questions i know - any advice appreciated

 

Real close to us, about 8km. Cant you get a $AU cheque from your bank and post it? post normally takes 4-5 days. Or you can do a bank transfer if you have the SWIFT details

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never thought about buying land and building, can you do that on a 457?


Job offer April 2011, Reccie July 2011, 457 submitted 21/09/2011, my medical only 14/10/11, medical submitted 21/10/11 (IT issues), referred 21/10/11, approved 27/10/11, landed 24/4/12, PR submitted (decision ready) June 2012, PR granted August 2013

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Guest Ph0en1x
never thought about buying land and building, can you do that on a 457?

 

Sure you can

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Cal,

I am also on a 457 visa and am just looking into this. Apparantely we can only buy a new build property or build a new house on a 457. Only can get an 80% mortgage and think only Commonwealth Bank do this. Thats all for now will keep you informed

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Cal,

I am also on a 457 visa and am just looking into this. Apparantely we can only buy a new build property or build a new house on a 457. Only can get an 80% mortgage and think only Commonwealth Bank do this. Thats all for now will keep you informed

 

 

Hi there.

 

Just wanted to say that you are not restricted to buying only a new build or building a house, temporary residents are eligible to buy established houses also.

 

There is a requirement to get permission again now from the Foreign Investment Review Board (FIRB) but this is generally a tick box exercise, you just apply to them when you find a house by completing an application. It can take up to a few weeks to hear back.

 

In relation to mortgages, the latest situation with Commonweath Bank is we are told that they are no longer lending to temporary residents at all.

 

However most other lenders/Banks will lend to temporary residents but they will only lend up to a maximum of 80%.

 

Just to note that when offering on a property you will need to make it subject to the following conditions to protect yourself:

 

 

  • FIRB approval;

  • Finance (if you require a mortgage of course);

  • Building/Pest inspection (highly recommended if you are buying established)

Regards

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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