Morriliz

Sorry if this is a stupid question! I am thinking of going out to Oz on a working holiday visa or a study visa and residing with my partner who is a skilled migrant (I can't go out as his dependent as we don't live together etc). However, when we go out, we hope to buy a property together and when it comes to the end of the year, I will apply to remain in Oz as his dependent at that stage. Is this possible or will they have a problem with me buying a property when I only have a working holiday visa?

Liz

louie

Your partner will be able to buy (assuming he has permanent residency) but I don't think you will, unless you are buying the sort of property (generally new build) which foreigners are able to buy. Have a look at this http://www.firb.gov.au/content/real_...esidential.asp and on the various headers at the top of that page.

si.young

A mate of mine has bought his property on a 457 Temporary long stay business visa, so you dont need to be on a PR visa. But he had to get written approval from the Foreign Investment Review Board (FIRB) first.

lesleys

You don't need any visa! Only FIRB approval if you are not PR.

PaulandNic

And I know a bloke on a temp (Student) visa who got FIRB approval for something like $750k! ...

Morriliz

Ah that's good then! Thanks guys xx

Stephen

As a skilled migrant I assume he is on a PR visa so he should have no problems there.

The problems migrants face is with the lenders own lending criteria.
I checked with a major bank yesterday for a client of mine and the only visa's they were accepting were PR plus business (132,160-165,890-893 and 457) visas.

The only advice I can give people is not to take anything you hear or see at face value. Get a broker to represent you and make a case.

I spoke to another lender a few days ago who have a 12 month employment rule: but on presenting a scenario with an attractive low LVR (Loan to Value ratio) and a history of similar employemnt in the UK, the loan suddenly became green for go.

Best thing to do is not to worry to much about mortgages until you get here as the lending criteria changes so much (daily) amongst lenders: what you may have thought was hopeful or hopeless suddenly is the opposite

Good luck.

louie

Yes you need FIRB approval. But only a very limited range of people/types of property would receive it. Look at the FIRB website and it explains it.

jellibaby

We were told that it didn't matter about VISAs or PR status (we are on provisional VISAs which should roll in to PR in about 18 months). We are lucky we had the cash in hand so didn't need a mortgage or loan. We were also advised by a VERY knowledgeable estate agent to get a solicitor with s history of applying to the FIRB. It was written into our house offer that we would proceed with the purchase pending approval by the FIRB. The solicitor allowed 42 days in the contract for approval to come through ~ at actually came through in two weeks. We bought a NEW house ~ already built but not previously lived in however, the solicitor said that second hand houses were not a problem had we chosen one its simply a matter of seeking approval.

What they are after is a background in the finances rather than anything else. If bringing money in they can ask for evidence of where you got it from. Basically its to stop money laundering and the like.

The solicitor charged us an extra $200 for the FIRB bit out of a total bill of $1300 for the house purchase which was 600k.

lesleys

We bought land and built a house whilst still living in the UK, rented it out and eventually sold.

Now we live here on 410 visas (temp) and built a couple of years ago with FIRB approval. We did the application ourselves - very easy and not very restrictive.

louie

Which is completely the opposite of what our solicitor told us and what we have been told by buyers agents - and what the FIRB website says. The reason for it is supposedly to stop foreigners buying homes and thus reducing the supply of homes available to Oz citizens and PRs, although the rules are relaxed for temporary residents.

Has anyone ACTUALLY bought an existing house without either PR or temporary residence with FIRB approval? I'd be interested to hear how.

lesleys

That's illegal. Has anyone?

ROSEBABE

hi jellibaby, we are coming back to port macquaire this year, we lived there 10yrs ago on a PR visa. we r returning on a 496 3yr temp visa. we are hoping that port hasnt changed too much, we still have friends out there. whats it like there now? crime? weather? cost of living? jobs? my hubby is a painter & decor, can you tell me roughly how much stamp duty we would pay if we only needed to borrow $150,000. any information you can give us would be a big help, which schools have you used? if you can PM me that would be great and easier for me to find on here. thanks alot, hey maybe we might see you over there, where do you work? i used to work in horton street in the travel agents and we lived in waugh street. we only rented when we were there before so buying in oz is new to us. we went back to the uk in 1998. thanks

jellibaby

Stamp Duty is only payable on property OVER $500,000 ~ which is total value nothing to do with amount borrowed, its amount paid for property. On $600,000 we paid $22,500 (roughly). A quick calculator - use http://www.macquarie.com.au/au/mortg...alculators.htm hope it works! Also if you are a PM you get about $8000 back from the government as a first time buyer! Doesn't apply to temporary / provisional residents.