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Buying a house on 457 visa

Buying a house on 457 visa

Old Sep 5th 2007, 7:13 pm
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Smile Buying a house on 457 visa

Does anybodt know if you can buy a house ona 457 and can you buy a newbuild
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Old Sep 6th 2007, 1:03 am
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Default Re: Buying a house on 457 visa

Yes, you can buy a house on 457 visa.

But you need to apply for FIRB approval, this is usually ok. But has clause eg you have live in the property yourself and not rent it out. You must sell it if you leave Australia.

If you get Permanent Visa withing 12 months of purchase you can claim the $7000 first time buyers grant. After 12months of purchase if your still on 457 you can not get it.

I think you can only get 80% mortgage with a 457 visa.

Others on here have bought on a 457, so it is possible.

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Old Sep 6th 2007, 1:17 am
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Default Re: Buying a house on 457 visa

Originally Posted by Gems
Yes, you can buy a house on 457 visa.

But you need to apply for FIRB approval, this is usually ok. But has clause eg you have live in the property yourself and not rent it out. You must sell it if you leave Australia.

If you get Permanent Visa withing 12 months of purchase you can claim the $7000 first time buyers grant. After 12months of purchase if your still on 457 you can not get it.

I think you can only get 80% mortgage with a 457 visa.

Others on here have bought on a 457, so it is possible.

GEMS
That is actually incorrect. To obtain the FHOG you have to be a PR or citizen at the time of contract signing. I think in QLD you can do this but it isn't the case in WA.
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Old Sep 6th 2007, 1:40 am
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Default Re: Buying a house on 457 visa

The easiest link is FAQ's from FIRB itself as there is some confusion about when you need it and when you don't. All property purchased by temp residence needs FIRB approval but those buying 'second hand' property have a restriction on this, in that they have to live in the property (ie. main residence) and have to sell it when they leave)

Also you will see that you have to make an offer on a property 'Subject to FIRB approval' otherwise you will be in breach of the Act.

http://www.firb.gov.au/content/faq.asp#real_estate
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Old Sep 6th 2007, 2:35 am
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Default Re: Buying a house on 457 visa

Originally Posted by northernbird
That is actually incorrect. To obtain the FHOG you have to be a PR or citizen at the time of contract signing. I think in QLD you can do this but it isn't the case in WA.
In NSW you can get the $7000 if you get PR within 12 months of purchase.
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Old Sep 6th 2007, 4:11 am
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Default Re: Buying a house on 457 visa

Originally Posted by northernbird
That is actually incorrect. To obtain the FHOG you have to be a PR or citizen at the time of contract signing. I think in QLD you can do this but it isn't the case in WA.
Bummer I was told you could get the grant in WA if you got PR within 12 months. Thanks for clearing that up.

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Old Sep 8th 2007, 5:36 am
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Default Re: Buying a house on 457 visa

Originally Posted by kerrylana
Does anybodt know if you can buy a house ona 457 and can you buy a newbuild
G'day

Yes, you can buy (if you apply for FIRB permission) a newbuild. The house can be used as a residence or as an investment and rented out.

You can also buy (if you apply for FIRB permission) an established house but only if it is used as your principal place of residence and you have more than 12 months reamaining on your visa and you agree to sell it to a PR when your visa expires.

As has been said, you can not borrow more than 80% of the property's value.

In some states you might be able to get the $7,000 First Home Owners Grant if you get PR withing 12 months. Bear in mind though that the FHOG is a national grant but administered by the various state governments. The rules for it, are *meant* to be the same nationally but some states have implemented it slightly differently due to wording of the actual FHOG application form. In some states the form asks if you are a citizen or have PR at the time of lodging the application. In some states the form asks if you are a citizen or have PR at the time of the *eligible transaction* ie when the house was purchased. WA has recently changed its FHOG form to clarify things and conform with the apparent intent of the national legislation.

So I guess it might be best not to rely on the FHOG but treat is as a bonus if you get it. I have copies of the application forms for each state if anyone wants one - just PM me,
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