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Agency Sponsored 457 Visa ?

Agency Sponsored 457 Visa ?

Old Jan 31st 2002, 3:52 pm
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I have found various Agencies in Australia, registered as a PQBS (Pre-Qualified Business Sponsor), who are willing to sponsor IT people on a 4 year Long Term Business Visa. Approval only takes about 2 months. This seems pretty easy & quick, and I am told that applying for PR after 1 year during the 457 is also easy.

Does anyone know of any downside to going this route ? I haven't seen any mention of these kind of Agencies on these forums before...
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Old Jan 31st 2002, 10:39 pm
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a few of my mates go through similar agencies. There doesn't seem to be any downside to this, in fact there is one upside that I don't get, being a permanent employee on a 457 visa, and that is if you are a contractor on a 457 visa, alot of agencies seem to be able to get you living away from home allowance, which means that something like the 1st $27000 of your earnings is tax free !! If you do come here on a temp visa, you will not be able to get things like mortgages (unless you have a lot of money to put down as a deposit) or car loans or social security etc.
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Old Jan 31st 2002, 10:45 pm
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Cheers for the reply. The only this that concerns me is the possibility of not getting a mortgage. Do you know any more details ? Is this a government stipulation, or just something the lenders do ?
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Old Jan 31st 2002, 10:54 pm
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It is partly government and partly banks.

1) As a temp resident you have to put down 30/33% deposit on any purchase. If you wanna live in Sydney, that will be around $150,000 for a small 2 bed flat that's not miles away from the city.

2) I was told I would also have to have 6 months mortgage repayments in the bank at any one time.

3) There are rules about what a temp resident can buy also.

see http://www.tresury.gov.au/firb

Cheers,

Dave
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Old Jan 31st 2002, 11:00 pm
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I found this on the website :

Quote:
Foreign nationals temporarily resident in Australia, holding a current temporary resident visa which permits continuous residence in Australia for a minimum further period of more than 12 months from the time of application, purchasing a dwelling for use as their principal place of residence (and not for rental purposes), subject to the immediate sale of that property if their visa expires, or if they no longer occupy the property or when they cease to reside in Australia. This latter category includes long-stay retirees, and students 18 years of age and over studying courses of more than twelve months duration at recognised tertiary institutions. A general limit of $300,000 applies to the value of properties acquired by students temporarily resident in Australia.
Unquote.

So do I take it that the government say I can buy a place up to a maximum of 300k, as long as I sell it if and when I leave ? And it's the lenders who stipulate the deposit and minimum 6 month's rent in the bank ?
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Old Jan 31st 2002, 11:10 pm
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Didn't see that before, so not sure. My bank were prepared to lend me well over that amount..even though I couldn't afford it !! Here's what I know..

As a temporary resident you may buy a second hand house with foreign investment approval. However, you cannot rent it out and you must live in the property as your principal place of residence. You would also require foreign investment policy approval to acquire a brand new property that has never been sold or lived in and you could use it as an investment.

[email protected] --> Warwick Walpole

This guy is very good and will answer all your questions, he did for me any how, good luck. And if you find out anymore please post it on here. Cheers. Dave.
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Old Jan 31st 2002, 11:51 pm
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Warkick Walpole of the FIRB has confirmed that minimum deposit requirement is between the lender and the borrower, and not a stipulation of the FIRB. The Citibank website states they will lend up to 75%, but for some reason I can't open the Commonwealth Bank of Australia's wesite, at http://www.commbank.com.au...
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Old Jan 31st 2002, 11:57 pm
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http://www.commbank.com.au
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