Buying a house?
 

Hi

I am moving to sydney on a 4yr sponsorship visa, can i buy a house in that 4 yrs or do i have to become a resident? Whilst i am on this visa will i be classed as a resident or what????

Any help will be much appreciated.

Thanks

Re: Buying a house?
 

If you are coming on a 457 visa you are classed as a
temporary resident and if you want to buy property
you have to have it authorised by the Foreign Investment
review board.

Here is a link which will hopefully explain a bit more
http://www.australia-migration.com/p..._Australia/178

Also I think you have to be able to show 3 months payslips
to get a mortgage, so thats another consideration.

I hope thats helped Karen.

Re: Buying a house?
 

Hi Michaela,
On a 457 you are definately a temp resident and as such have little rights.

As said above you can buy a house or even land on which to build but do need prior agreement from the OZ government as you are looked upon as a foreign investor. They may also lay down some conditions. For example if you are building they may stipulate the timeframe in which it is done.

There is a reciprocal agreement between Britain and OZ meaning you can sign on for Medicare (OZ Nat Health Service) as a 457 visa holder providing you are a UK National. This covers most if not all things - need to clarify "most things" myself. If you are in a high pay bracket though there is extra tax taken so it may be more beneficial to arrange private medical cover. I think this kicks in at AUD50k.

If you have children you may have to pay full overseas student fees for education but that depends which state you are going to.
Sydney is one that do charge.

Any family or dependants travelling with you share the same visa. This means if they become non dependants their visa is revoked. All have the right to work but children only outside of education time.

If you have any children whilst in OZ they take the parents nationality and not that of OZ even if born in OZ.

The sponsorship ties you to that company only. If it is terminated you only get about 30 days to leave OZ or to transfer it to another company - quickly !

So some of above depends on your family set up and ages but I think that covers the main things.

Hope it helps.

:) :)

Is it possible to change from a 457 visa to PR once there, if so how long do you have to wait etc.?

I think also, from my investigations, that if you do not have full residency of over 12 months you are limited to the type of house you can buy. ie, you can only buy a new house or land to build a new house.

Yes you can but not sure of how long it would take.
Guess it depends which type of PR you are applying under.

I am hoping to go on sponsored 457 and changing to PR under regional sponsor basis. It's supposed to be better doing it that way in my case cos i'm over 45.

Re: Buying a house?
 

Bix pretty much has it covered (excellent info Bix, I think you can get a star on the star chart for being so helpful :) ), you can buy property, but you must go through the Foreign Investment Review Board.

http://www.firb.gov.au/content/real_...esidential.asp

BTW, just FYI, you are classified as a resident for tax purposes, but not for anything else ;) .

Re: Buying a house?
 

Mrs D,
I think the taxation is on all your wordly wealth too isn't it ?
ie not just on what you earn or own in OZ.

Re: Buying a house?
 

Bix, I believe so, we sold our house in the UK & have to declare the CGT implications on Dagboys aussie tax return.

Re: Buying a house?
 

[QUOTE]Originally posted by Bix
Hi Michaela,
On a 457 you are definately a temp resident and as such have little rights.

As said above you can buy a house or even land on which to build but do need prior agreement from the OZ government as you are looked upon as a foreign investor. They may also lay down some conditions. For example if you are building they may stipulate the timeframe in which it is done.

There is a reciprocal agreement between Britain and OZ meaning you can sign on for Medicare (OZ Nat Health Service) as a 457 visa holder providing you are a UK National. This covers most if not all things - need to clarify "most things" myself. If you are in a high pay bracket though there is extra tax taken so it may be more beneficial to arrange private medical cover. I think this kicks in at AUD50k.

If you have children you may have to pay full overseas student fees for education but that depends which state you are going to.
Sydney is one that do charge.

Any family or dependants travelling with you share the same visa. This means if they become non dependants their visa is revoked. All have the right to work but children only outside of education time.

If you have any children whilst in OZ they take the parents nationality and not that of OZ even if born in OZ.

The sponsorship ties you to that company only. If it is terminated you only get about 30 days to leave OZ or to transfer it to another company - quickly !

So some of above depends on your family set up and ages but I think that covers the main things.

Hope it helps.

:) :) Am i being thick coz i keep reading about a 457 visa, is this a 4yr temp thing like im getting (form 1066)

Thanks

Re: Buying a house?
 

Michaela, a 457 visa is a 4 year business visa so yes, its temporary. There are different subclasses of 457 such as Employer sponsored & one for setting up your own business etc.

How about this? I bet some have been through this one before.
Present thoughts...
457 visa and job offer - OK.
Will rent initially, but looking to buy asap subject to above posts/ regs.
Looking to convert to PR as soon as poss too.

Only half understand tax breaks discussed elsewhere if renting, so instead of selling up here and buying there asap as I am thinking now, would I be better renting out UK house for up to 3 yrs and renting in Oz due to tax breaks.

Again don't really understand tax rules if I sell here before emigrating , and take a few quid to Oz(<£80K). I can't see any reason for someone (UK or Oz) to take any of that away?

From what I understand there may be CGT (UK) if I sell after renting for up to 3 yrs, but as it was my home before renting the property it would only be on the difference between 'todays price' and eventual sale price.


So the question / options are:
1) Sell up here and take a few quid to use as house purchase deposit there.
2) Sell up here and take a few quid for rainy day account, using salary to rent a property for as long as poss with associated tax breaks.
3) Rent out UK home whilst renting in Oz using salary.
4) If converting to PR after 2/3/4 yrs, sell UK home at that point, then buy in Oz using proceeds as house deposit, minus any CGT payable in UK

I'd be surprised if everyone agrees on the answer, but lets have your thoughts please!! Or indeed if there are further options I haven't thought of...

Anyone with any thoughts on this please?