craigwills

I AM CURRENTLY LIVIN IN OZ ON THE SUBCLASS 457 VISA WHICH MEANS I HAVE TO WORK FOR 2 YEARS B4 I GET RESIDENCY, IS THERE ANYONE OUT THERE WHO HAS GOT A MORTGAGE ON THIS VISA AND CAN YOU POINT ME IN THE RIGHT DIRECTION.ALSO WHO IS THE BEST LENDER IN OZ?

THANKS

CRAIG

superchick

i think you can apply for residency after 6 months. With the 457 you can get an 8o% mortgage only.

northernbird

Yes you can get a mortgage but you will be need authorisation to purchase from FIRB and any offer such be subject to this approval. You will need a 20% deposit as lenders will not lend any more than 80%.

On a side issue you are not guaranteed PR after 2 years, the 2 year period just exempts you from doing the skills assessment. You can apply for a 136 (don't know the number of the new visa) or obtain ENS sponsorship right away you just have to have your skills assessed.

craigwills

THANKS SUPERCHICK

andrew63

I was on a 457 and got a mortgage within 1 month with NAB.

Andrew

Bix

Or an RSMS if in Regional Aus = no skill assessment.

In fact I believe you can apply for any visa type you qualify for at any time provided there are no restricting endorsements on your current visa.

furkew

We have been here 5 weeks, and we just need FIRB approval, and thats all.
I have only been working 9 days, but a letter of employment was enough, but you do need to have at least 20% equity, and the amount of lenders willing to lend can be limited. We have CBA, but they seem to be offering the best deal at the mo anyway.

Hope it helps.

Paul

steved01

What deposit did you put down?

andrew63

25% + letter from employer. FIRB required too!
Don't forget, in QLD, if you become PR within 12 months of contract exchange, you can get your FHOG of $7,000.
I was 24 hours late (366 days) and they still gave it to me!

Andrew

BullcreekBob

But Qld only pay FHOG if you've never owned a house anywhere else before. If you've owned in the UK, you will not get FHOG in Qld.

Bix

Sorry, but that is not correct.

QLD qualification is that you cannot claim the FHOG if you've held an interest in, or owned a property in Australia.

You must be at least PR status though so you cannot get it whilst on a 457 visa. Although I believe if you later obtain PR you MAY be able to claim it.

andrew63

Bix is right (as per) and you are wrong!
You are perfectly legally entitled to the FHOG if you are a PR and it is your first house in Australia (other countries are not relevant).

However, you are NOT entitled to first-home owners stamp duty discount if you have bought a house anywhere on the planet.

Andrew