Shirley Wilson Posted January 28, 2014 Report Share Posted January 28, 2014 My family and I are due to arrive on Saturday! We are all very excited and a little nervous too! we are coming out on my husbands 457 visa. Our initial thoughts were that we'd stay in furnished accommodation for 12 weeks (until our container arrives), move into unfurnished for a couple of years, then hopefully we would have applied/received PR at this point and then we would buy a property. Having reviewed rents in Perth we are now wondering if instead of renting we should look to buy. is this a possibility on a 457 visa? is this advisable? Just wondering what your thoughts are, x Quote Link to comment Share on other sites More sharing options...
elfie Posted January 28, 2014 Report Share Posted January 28, 2014 If your on a 457 I would rent because you may be sent home if something goes wrong and you have to go back for some reason - thats me being sensible - with the conditions of the visa. Some people in the past have bought a house on a 457 me bit risky. I know that if you apply for a personal loan on a 457 visa you have to pay it back within the 4 year term of the visa. Best to go to the bank and ask I suppose Quote Link to comment Share on other sites More sharing options...
rob-c Posted January 28, 2014 Report Share Posted January 28, 2014 If your on a 457 I would rent because you may be sent home if something goes wrong and you have to go back for some reason - thats me being sensible - with the conditions of the visa. Some people in the past have bought a house on a 457 me bit risky. I know that if you apply for a personal loan on a 457 visa you have to pay it back within the 4 year term of the visa. Best to go to the bank and ask I suppose Agree with Elfie if you are on 457 we bought within a few months but came on pr, don't think we would have with the restrictions of 457 Quote Link to comment Share on other sites More sharing options...
Daveakaginge Posted January 28, 2014 Report Share Posted January 28, 2014 If your on a 457 I would rent because you may be sent home if something goes wrong and you have to go back for some reason - thats me being sensible - with the conditions of the visa. Some people in the past have bought a house on a 457 me bit risky. I know that if you apply for a personal loan on a 457 visa you have to pay it back within the 4 year term of the visa. Best to go to the bank and ask I suppose Buy, it's an investment after all, why line someone else's pocket. We are on a 457, we have just bought, and got a 25 year mortgage (in our 50's), if we have to go home, we sell, simple really. Quote Link to comment Share on other sites More sharing options...
Guest guest9824 Posted January 28, 2014 Report Share Posted January 28, 2014 Buy, it's an investment after all, why line someone else's pocket. We are on a 457, we have just bought, and got a 25 year mortgage (in our 50's), if we have to go home, we sell, simple really. Daveakaginge, love your positivety. We bought too, five plus years ago now, still in the same house, had no trouble getting a mortgage, we did have quite a lot of equity, so all good. Don't regret it at all. Quote Link to comment Share on other sites More sharing options...
odies Posted January 28, 2014 Report Share Posted January 28, 2014 I would buy, and agree with pea and dave, I was startled by the 25 year mortgage when you are in your 50's , would not happen with the uk banks ! Quote Link to comment Share on other sites More sharing options...
Daveakaginge Posted January 28, 2014 Report Share Posted January 28, 2014 (edited) I would buy, and agree with pea and dave, I was startled by the 25 year mortgage when you are in your 50's , would not happen with the uk banks ! You and us both, we were expecting a 15 year one, but we'll take it, we know someone else on a 457 in their 50's, who also have a 25 year mortgage. It's all about the payment vehicle, we have pensions kicking in, which will pay off lump sums, so we're not bothered. Forgot to mention, like Pea said, you need some equity, as a 457er, you have to put 20% deposit down. Good luck Edited January 28, 2014 by Daveakaginge Quote Link to comment Share on other sites More sharing options...
elfie Posted January 28, 2014 Report Share Posted January 28, 2014 Think you have to put down 20% to avoid paying the heavy insurance policy to protect the lender. But you can buy with a lesser deposit but hence the hefty insurance security for the lender. Wont buy here even though we now have pr. Bricks and mortar paid for in UK certainly not risking selling that ....... Will not devoid of the plan to go back in a couple of years. Quote Link to comment Share on other sites More sharing options...
colinmacl Posted January 29, 2014 Report Share Posted January 29, 2014 Buy, it's an investment after all, why line someone else's pocket. We are on a 457, we have just bought, and got a 25 year mortgage (in our 50's), if we have to go home, we sell, simple really. Sounds great but lets say you lose your job and the market goes down at the same time, then you are stuck with a property at the other side of the world renting at a loss for a long period or sell and lose your equity. Quote Link to comment Share on other sites More sharing options...
Shirley Wilson Posted January 29, 2014 Author Report Share Posted January 29, 2014 Thank you all so much, think everyone just confirmed all the pros and cons we were already thinking. Think we'll look a bit further into it when we arrive. Roll on Friday! Bye for now...!, xxx Quote Link to comment Share on other sites More sharing options...
Daveakaginge Posted January 29, 2014 Report Share Posted January 29, 2014 Sounds great but lets say you lose your job and the market goes down at the same time, then you are stuck with a property at the other side of the world renting at a loss for a long period or sell and lose your equity. Life is a gamble, better to stay indoors if I were you Seriously, age was taken into account here, we couldn't play 'dead money' games at our age, sure, it could all go wrong, then again, the world could end tomorrow. Quote Link to comment Share on other sites More sharing options...
verystormy Posted January 30, 2014 Report Share Posted January 30, 2014 A 457 visa is a temporary visa. You should only every think of it as such. So, in your decision making process you need to consider if you are happy to buy a property for the duration of your visa. You also need to consider the possibility of if you were to lose your job - your visa means you only have 90 days to find another sponsor. Quote Link to comment Share on other sites More sharing options...
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