can you buy on a 457 visa?

[kealeyjay]

So, after my post on renting. My husband and I have decided to think about buying a lot quicker than we expected. literally due to not being able to decorate and make house rented house a home. We want to make out children feel as normal as possible so think buying will help us be able to do this. we are on a 457 visa and hope to become citizens in 18 months. x

[verystormy]

Yes you can, but the interest rate may be higher and you will need forighn investment review board approval. That though should just be a formality. You will almost certainly need a bigger deposit than a PR.

 

However, you should be cautious. You are only on a temp visa and until you have PR you should assume you are only here for the duration of the visa - maximum. You also need to consider what you would do if you were to be forced to leave earlier. You are stuck with a house and mortgage on the opposite side of the world.

[elfie]

I was also told its harder regarding selling when not in the country regarding taxation laws

[Home Loan Experts]

So, after my post on renting. My husband and I have decided to think about buying a lot quicker than we expected. literally due to not being able to decorate and make house rented house a home. We want to make out children feel as normal as possible so think buying will help us be able to do this. we are on a 457 visa and hope to become citizens in 18 months. x

Hi Guys,

 

We consider ourselves 457 Visa specialist =D

 

On a 457 Visa status (Employer Sponsored Visa) you can still purchase a investment or a home while living and working in Australia.

 

There is one lender who will assist up to 95% lend on a higher rate just short of 6%

There are two lenders that we deal strongly with who can lend up to a maximum 90% lend at a normal rate (at the moment under 5%) which a Australian citizen would receive. These lkenders understand that most 457 visa holders are here to create a life and are here for the long term.

With a larger deposit we have a handful that will approve at a 80% lend.

 

So as above dependent on your deposit size we can obtain decent rates and product which a Australian Citizen would receive and not be penalise due to not being a "Aussie".

 

Things we have to consider:

- You will need to be in your first 3 years of your visa (being in the last year will not work)

- You will need to obtain Foreign Investment Review Board (FIRB Approval)

- In most cases if you leave the country you will have to sell but in the past we were able to help clients convert the loan to a non resident investment loan which meant you would not have to sell the security

- If there are two applicants both do not have to be on a 457 visa only one is needed

- At 90% it is inclusive of the Lenders Mortgage Insurance so it is really a 88% lend + LMI

 

Hope the info helps =D

 

Home Loan Experts - Hanky

[ali]

Hi Guys,

 

We consider ourselves 457 Visa specialist =D

 

On a 457 Visa status (Employer Sponsored Visa) you can still purchase a investment or a home while living and working in Australia.

 

There is one lender who will assist up to 95% lend on a higher rate just short of 6%

There are two lenders that we deal strongly with who can lend up to a maximum 90% lend at a normal rate (at the moment under 5%) which a Australian citizen would receive. These lkenders understand that most 457 visa holders are here to create a life and are here for the long term.

With a larger deposit we have a handful that will approve at a 80% lend.

 

So as above dependent on your deposit size we can obtain decent rates and product which a Australian Citizen would receive and not be penalise due to not being a "Aussie".

 

Things we have to consider:

- You will need to be in your first 3 years of your visa (being in the last year will not work)

- You will need to obtain Foreign Investment Review Board (FIRB Approval)

- In most cases if you leave the country you will have to sell but in the past we were able to help clients convert the loan to a non resident investment loan which meant you would not have to sell the security

- If there are two applicants both do not have to be on a 457 visa only one is needed

- At 90% it is inclusive of the Lenders Mortgage Insurance so it is really a 88% lend + LMI

 

Hope the info helps =D

 

Home Loan Experts - Hanky

 

Thanks for your information - as you seem to be a business user - could I draw your attention to our business rules http://www.perthpoms.com/forum/welcome-perth/3491-forum-rules-guidelines.html. We do ask that our business users (unless paying for specific advertising), also contribute to the general forum

[Druid]

So, after my post on renting. My husband and I have decided to think about buying a lot quicker than we expected. literally due to not being able to decorate and make house rented house a home. We want to make out children feel as normal as possible so think buying will help us be able to do this. we are on a 457 visa and hope to become citizens in 18 months. x

 

Renting is not as bad as it seems, every question or request we put to the agent they passed on to the owner and our owner was ok with it, in that he just said, put it back the way it was when you leave, we also viewed a few rentals where the owners had small kids and there rooms were still decorated for kids, I'm sure if you want to decorate someone else's at your expense they won't mind.

 

To get citizenship you need at least one year on a PR visa, it's 3 years on a 457 and the final year on a PR visa