Buzzy--Bee

Hi, I was just wondering if anyone has obtained an Ozzie mortgage while on temporary residency?

We will be going on subclass 444/461 which is long term TR with no work restrictions.

Cheers

Buzzy

NickyP

We are on a temporary 457 visa and can get a mortgage as the decision is based on having permanent employment more than anything. The restrictions that we have been told of are that you often have to find more of a deposit, you have to apply through the government for permission to buy and you don't get the first time buyer grant; there may be more that we haven't been told about as we have decided to wait for PR.
Enjoy.
Nicky

JAJ

If one partner is a New Zealand citizen (as is the case in the original post) then they ought to check if there are any special rules applying to them:
http://www.firb.gov.au
http://www.firsthome.gov.au



Jeremy

Paul2004

DON'T quote me on this, but I was told by a Mortgage Broker in Oz that if you buy a house as a temp resident and get PR later on, you can get apply for the first time buyers grant after! ...

I don't know for sure if true, and as I say don't quote me on this, but maybe check with the FIRB and see what they say.

Gotta be worth checking out tho if your considering.

ABCDiamond

It may be related to the following rules:

1: Application for the grant must be made within 12 months of completion of construction or settlement of the home. (Therefore you have 12 months after the event in which to apply)

2: Eligible applicants must be natural persons who are Australian citizens or permanent residents (It says Applicants, not buyers, therefore if PR at time of applying, within 12 months, see above)

? It "sounds" feasible

It wouldn't surprise me if this gets done away with eventually, after all it was brought in to help offset the extra GST costs, when that was brought in. There will come a time when they deem it no longer appropriate.

Buzzy--Bee

Thanks everyone, I have checked the first time buyers grant rules and TR 444/461 holders are elegible, just wasn't sure about mortgages.

Cheers

Buzzy

NickyP

Unfortunately not in Victoria where you have to be PR at settlement of the property (ie completion of purchase). I checked

Nicky

Buzzy--Bee

Or TR 444/461

Cheers

Buzzy

NickyP

Glad that you can get the grant as it makes a big difference. I am just going on what the helpline told me when I called and asked whether you could get the grant while on a temporary visa; they told me no. They didn't ask which visa so it is probably best for people to be careful of the information given on the helpline. We have decided to wait for our PR before buying as with the expensive stamp duty in Victoria it makes sense to wait for the extra help. I know that some of the states are allowing you to claim it within a certain period after buying; friends did that in Canberra, which was why I called to check here.
Nicky