rochey

Does anybody know if you can buy proprty on the 457 visa? If anyone has info that would be great! We would prefer to but if we could instead of renting!
Kellie :

JAJ

http://www.firb.gov.au

What would be the plan if you have to leave at short notice?

rochey

Sell very quickly or rent it out? We just think that renting is dead money! And we understand we are not permanent residents, but thats our plan once we get there! Many Thanks for the link.
Kellie

jimbo_d

And so is interest paid to a bank

Red_V_Roger

The rules were changed in Februray/March this year. You have always been able to buy a house to be your main recidence on a 457 visit, but had to get FIRB approval before doing so/as part of the contract.

They removed the need to gain approval in February/March.

However, you can't buy investment property, second house, holiday home, etc.

We had been renting and decided to buy.

JAJ

Sell very quickly? At a loss, perhaps.

Rent it out? You may not be allowed to if you are not PR/citizen and even then, rental income may not cover your costs.


As is mortgage interest.

kar-kier

We have friends who are here on a 457 visa and they are in the process of building a house, purely to rent out for the next 2 years. They will be living about 150km away, are they not allowed to do this?

Red_V_Roger

I believe that this is the case, but I'm not a lawer....

Briar

Absolutely not. They need to check with the FRIB. On a 457 visa you can buy a house to live in, but cannot buy a property to rent out. Very strict rules and they need to look into it ASAP.!!!

kar-kier

Thanks for that! I thought it seemed a bit too good to be true! They have already signed for the land, and the company said it was fine - obviously lying then, just to get their money!

PAP01

They can only buy a house to live in on a 457 and not to rent out . Think they need to pull ont ASAP.

Rosscarbery

Yes they ARE allowed to do this - they would not however be allowed to buy an "established residence" purely to rent out. You can only buy property that is not brand new as your main residence. Check out www.firb.gov.au which states this clearly.

Dorothy

Link to eligibility to FIRB and building a house to rent out. http://www.firb.gov.au/content/real_...individual.asp

katietops01

Hi, in answer to your question, yes, you can buy on a 457 visa, but you need to have a minimum 20% deposit. In Australia, you have to take out an insurance policy if your mortgage is over 80%, but you can only get this policy if you are a permanent resident. We bought nearly three years ago on a 457 and had no problems getting a mortgage after we had been working for three months - we both bank and have our mortgage with ANZ. I believe that the FIRB rules have changed since then, so you need to check them out, but as long as the house is your primary residence, there should be no problem.

PAP01

Q49. My spouse and I are temporary residents and already own a home purchased with Government approval. Can we buy another property for investment purposes?

Yes, provided it is not a second-hand residential property. You do not need approval to purchase new dwellings or single blocks of vacant land (that is, a block of land suitable for building one residential dwelling). Approval is required if you wish to purchase other vacant land for development or property for redevelopment



Looks like i got that wrong