Tellyaddict

Well we finally arrived in Australia last Tuesday morning and so far are enjoying everything about it. The only problem we have is finding a rental in the Langwarrin area as there is not a lot about. We have tied ourselves to this area as our son starts at Langwarrin Park Primary tomorrow.

My question is, is it possible to get a mortgage when you are on a 457 visa and have only been in the country for 7 days? I understand that you have to get a certificate from the FIRB which we are about to apply for but after speaking to ANZ we were advised that we could not apply for a loan until we had been here for 3 months.

Please could you let me know if you bought a house on this visa straight away or if you are aware of any lenders that do not stick to the 3 month rule.

Thanks
Nikky

raven

you should be ok just get permision off the firb first

jayr

As you know you must get FIRB permission, this will not be unreasonably withheld even if you are buying an established property (but be aware of your obligation to resell if you depart).

The rest is down to lender's policies. Many lenders have an increasing preference for 20% deposits from temp residents. Also, not suprisingly , many have a prefernece to see some demonstrated employment stability.

The days have gone when there were lots of indpendents (Aussie etc) as these are now mostly bought up by the big four banks. Lending criteria is tightening so you may have some difficulty in getting a loan until you can demonstrate some length of emplyment and proof of income stability.

stevemich

Also be aware you may have to leave the country within 28 days if your employment ends, and having a mortgage etc will be an added burden when back in the UK...

FrankB

well said! And keep in mind that economy slows down dramatically even here in Australia. You will find articles in the newspaper every day.
Apart from 'official' regulations in terms of minimum stay, 20% own capital, etc. if you can't find anything in your preferred area ... go for another area but wouldn't recommend to buy anything these days on a temporary visa like 457.

big_matt

I agree. I wouldnt buy on a 457. I know a few people that have and were asked for 40% deposits. Thats a lot when the housing market could perhaps slow considerably next year. Get a rental (if you can find one) and see how you settle in over the next year is my advice.

elaine67

Please be aware that you cannot claim the first time homeowners grant if you are on a 457 visa. At least one of the purchasers needs to be a permanent resident or an Australian citizen.

yanH

We bought on a 457 and had to pay a 20% deposit. Agree that buying in the early weeks is probably not a good idea. Best to get a rental and see how how you like the place. We bought as we had decided that we wanted to stay long term (have since switched to PR) and our rental was being sold from under us and didn't want to have to move again.

Tellyaddict

Thank you for all of the advice. We have managed to secure rental and although it is only a unit it is brand new. We have taken it for 12 months to give us time to apply for permanant residency and will wait until then to buy.

Thanks again
Nikky

Jacque

Unless you've been to the area before and know it well enough to buy, I'd always recommend renting first and then deciding where to buy 6-12mths later. Too many variables to consider. Best of luck with it all

thlo

That's prudent, compared to all the conditions that would have been placed on you by FIRB and the banks. As a permanent resident you not only qualify for the First Home Owners Grant but also in NSW you are exempt from Stamp Duty.