jofun

Hi...has anyone got any idea about buying a house on a 457 visa...I know you need FIRB approval prior to buying..but what i would like advise on is whether you can get a mortgage from any of the banks with only being Temp?? If you can get a mortgage what are they normally looking at for deposits??

Any help/advise would much appreciated

lele.juggins

We got a mortgage on a 457 - had 60% to put in though. In respect of the time frame - don't think it's an Issue - if you have to go back, you have got to sell up and mortgage is repaid anyway. Are mortgage is with Police and Nurses.

givemecoffee

Hi

We were told we would need to put down a 20% deposit being on a 457 visa. None of the banks would touch us otherwise, so we have a very nice rented house!

MartinH

There are lots of threads on this:

1. 20% deposit (usually).
2. Three months proof of income.
3. FRIB approval

stevemich

and add loss of LAFHA (if you are getting it) as you are showing you intend to settle in Aus.

Stephen

Hi jofun

Yes you can get a mortgage on a 457 visa. No problems
I am a mortgage broker and it has been stated already that the more of a deposit to put into the deal you have, the more willing the lenders will be to take you on.

Cheers

Steve

longreach

You will need a 20% deposit as you will not be able to get mortgage insurance on a 457 visa (mortgage insurance is mandatory on anything greater than an 80% loan).... unless you are in certain medical professions.

Also, you can get away with less than 3 months payslips under certain circumstances.

Cheers.

jofun

Hi All

Thanks for all the info....looks like we will have to save a few more pennys before we can look at buying..but great to know where we stand and what we have to do...

jo