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Buying a House on a 457 visa..Did you expereince any problems??

Buying a House on a 457 visa..Did you expereince any problems??

Old Oct 31st 2007, 12:05 am
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Default Buying a House on a 457 visa..Did you expereince any problems??

Hi

We're hoping to buy a house end of Feb 08, we are currently on a 457 visa with PR visa application lodged (but it could take a while).

We are aware that we would have to ask premision to purchase but have heard that in some case when an offer is initially accepted and then the buyers hear that we have to apply for premision (which we have heard can take 21 days) the buyers then turn down the offer.

Has anyone run in to any prolems with this one.

Any info most welcome.

Cheers
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Old Oct 31st 2007, 12:15 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Originally Posted by smoggieswilltravel
Hi

We're hoping to buy a house end of Feb 08, we are currently on a 457 visa with PR visa application lodged (but it could take a while).

We are aware that we would have to ask premision to purchase but have heard that in some case when an offer is initially accepted and then the buyers hear that we have to apply for premision (which we have heard can take 21 days) the buyers then turn down the offer.

Has anyone run in to any prolems with this one.

Any info most welcome.

Cheers
I am sure it is no different over in QLD but any offer you make here in WA has to be subject to FIRB approval. if the vendors accept your offer with these conditions then once that condition is met then the offer goes through. As I said that is how it works here in WA but I can't imagine it being any different over east.
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Old Oct 31st 2007, 12:19 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Hi Sarah

I was aware of the FIRB but its the waiting for the FIRB to approve the purchase that seems to be the problem. Sellers don't want to wait to see if we get approval. It may not be a problem but it was someting that someone who works with my OH has come across when he was buying (on a 457) and the only way round it was to offer over the asking price, not someting I really want to do.

Just wnat to see if people had run into the same problem.

Cheers
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Old Oct 31st 2007, 12:22 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Originally Posted by smoggieswilltravel
Hi Sarah

I was aware of the FIRB but its the waiting for the FIRB to approve the purchase that seems to be the problem. Sellers don't want to wait to see if we get approval. It may not be a problem but it was someting that someone who works with my OH has come across when he was buying (on a 457) and the only way round it was to offer over the asking price, not someting I really want to do.

Just wnat to see if people had run into the same problem.

Cheers
If the vendors accept the offer subject to FIRB approval which any good agent will explain how long it can take then the vendors have to wait. This condition is no different to waiting for finace approval. If they don't want to wait then they don't accept the terms of the offer.
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Old Oct 31st 2007, 12:43 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Is it possible to get approval before you put a contract on a house? I'm guessing not since you didn't mention it, but it could be worth looking into.

I have no idea how it works, I just think that would be unfortunate if you couldn't get approval first.
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Old Oct 31st 2007, 12:45 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Originally Posted by comet555
Is it possible to get approval before you put a contract on a house? I'm guessing not since you didn't mention it, but it could be worth looking into.

I have no idea how it works, I just think that would be unfortunate if you couldn't get approval first.
Unfortunately it isn't as its done on the property. If the OP makes an offer subject to FIRB approval and the vendors accept it then as far as I am aware they have to wait. If they don't want to wait for the approval they simply don't accept the offer with those conditions.
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Old Oct 31st 2007, 1:30 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

We had no problems with the vendors, offer was subject to finance, building and pest as well. There are many things that can delay or cancel an offer not just FIRB approval. However make sure to use the the phrase 'subject to FIRB approval - 30 days from receipt of application'.
We had allowed 30 days from contract date, but this wasn't long enough. The date I submitted the aplication and the date FIRB had for reciept was about a week later! (even though it was done online!) They did give approval, but 30 days after their date not mine (and that was with some pleading phone calls made). The vendors allowed us an extension, but they didn't have too.
I think you may be able to make the FIRB application prior to offer, which would help. People buying at auction have to do this. The approval does have to be for a specific property though, it is not just a general approval.
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Old Oct 31st 2007, 1:42 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Ok, that makes sense.

I agree about the contract. If they've agreed to that condition then they have to wait.
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Old Oct 31st 2007, 1:54 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Hi,

Just to confim what everyone else has said. It is really down to the vendors if they wish to accept your offer subject to FIRB approval.

Also note that you will need a minimum of 20% on your mortgage to qualify (although it sounds like you have this sorted).

Cheers,
Mark.
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Old Oct 31st 2007, 8:38 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Hi

Just be aware that if you move to Perth on a 457 visa yes you do have to get FIRB approval which our estate agents forgot to tell us but also you dont get the first time buyers grant of $7000 and also expect to pay stamp duty on the price of your house which is about 4-5% of the asking price even under $500 000. As we are on a temp visa we are not classe as first time house buyers work that one out. So in our case we are renting just now until we get perm visa & saving ourselves $40 000 in stamp duty.

Janette
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Old Oct 31st 2007, 8:44 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Originally Posted by smoggieswilltravel
Hi

We're hoping to buy a house end of Feb 08, we are currently on a 457 visa with PR visa application lodged (but it could take a while).

We are aware that we would have to ask premision to purchase but have heard that in some case when an offer is initially accepted and then the buyers hear that we have to apply for premision (which we have heard can take 21 days) the buyers then turn down the offer.

Has anyone run in to any prolems with this one.

Any info most welcome.

Cheers
Why not rent until you get PR. Could work out cheaper in the long run
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Old Oct 31st 2007, 9:04 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Hi,

We will be arriving on a 457 visa in January and have the buy/rent dilemma.

I know that buying with PR has it's advantages, but these could be outweighed by being priced out of the market while we wait.

If we sell our UK home in December and wait for our employer sponsored PR visa to come through 10/12 months later to buy a house, prices could have risen out of our reach

Any thoughts on this welcome!

Ren
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Old Oct 31st 2007, 11:15 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

We are in Melbourne, and have just moved in recently.

The vendors insisted on 42 days settlement when they accepted our offer, but we insisted that the FIRB approval & obviously finance approval was included in the contract. We started with 14 days needed for the required paperwork, finance was sorted in 5 days, FIRB in 30 days.

We asked for an extention after 14 days, and most real estate agents will talk to vendors about FIRB to assure them, and in very,very few cases is it turned down.

We where ready in 42 days with all the paperwork. The vendors wheren't



Didnt get first time buyers, but makes no difference with the Stamp duty in Vic.

Paperwork is very easy. Sign on the dotted line, and just wait till settlement.
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Old Oct 31st 2007, 11:20 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

Originally Posted by RenShen
Hi,

We will be arriving on a 457 visa in January and have the buy/rent dilemma.

I know that buying with PR has it's advantages, but these could be outweighed by being priced out of the market while we wait.

If we sell our UK home in December and wait for our employer sponsored PR visa to come through 10/12 months later to buy a house, prices could have risen out of our reach

Any thoughts on this welcome!

Ren
House prices are rising all the time, but you can earn 6% plus in a savings account on a monthly basis.

We decided to buy ASAP, and are glad we did, but that depends on location. In our area prices are rising quite rapidly, and we got a good deal (after looking at other property locally) but its a difficult call in general.

Mortgage rate is high, which "might" slow prices, but personally I think, if you find the right place, why wait ?
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Old Oct 31st 2007, 11:51 am
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Default Re: Buying a House on a 457 visa..Did you expereince any problems??

We had intended to rent for the first 6-12months, but found it very difficult to find anywhere decent. Ended up buying a place within the first few weeks.
It meant we were in furnished temporary accomodation for 10 weeks, but at least now we are not looking at moving again for a while. It is easier to settle in your own place as opposed to a rental.

Property prices are definately on the up too here in Brisbane.
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