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Mortgage on a 457

Mortgage on a 457

Old Oct 17th 2006, 8:36 am
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Default Mortgage on a 457

I know I am being lazy and there is probably a thread here somewhere on this very subject but.....

..........I am on a 457 and I seem to hear lots of different conflicting things when it comes to mortgages so what is the deal? Do I have to put down a 40 percent deposit or can I actually get a mortgage?

I don't have 40 percent to put down but equally, if I wait until I get PR (which will be a year as my employer will sponsor me after a year which is how long it has to be for employer sponsored) then I will likely have to wait 2-3 years to buy with the current Perth property market, so it either has to be pretty much nowish or waiting years :scared:

Does anyone know of mortgage companies who will lend to 457 holders?
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Old Oct 17th 2006, 8:41 am
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Default Re: Mortgage on a 457

Originally Posted by amanda34
I know I am being lazy and there is probably a thread here somewhere on this very subject but.....

..........I am on a 457 and I seem to hear lots of different conflicting things when it comes to mortgages so what is the deal? Do I have to put down a 40 percent deposit or can I actually get a mortgage?

I don't have 40 percent to put down but equally, if I wait until I get PR (which will be a year as my employer will sponsor me after a year which is how long it has to be for employer sponsored) then I will likely have to wait 2-3 years to buy with the current Perth property market, so it either has to be pretty much nowish or waiting years :scared:

Does anyone know of mortgage companies who will lend to 457 holders?
When I went to a broker he said that it didn't matter which visa you had as long as you could provide the necessary pay details.

Incidentally, he also said that any overseas debt was neither here nor there for home loan purposes too ... well, it's actually "there" ...
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Old Oct 17th 2006, 8:43 am
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Default Re: Mortgage on a 457

Originally Posted by Deadmeat
When I went to a broker he said that it didn't matter which visa you had as long as you could provide the necessary pay details.

Incidentally, he also said that any overseas debt was neither here nor there for home loan purposes too ... well, it's actually "there" ...
Same happened when we looked into buying on a 457. We have chosen to wait but could have bought as soon as Ian started work if we had wanted to.
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Old Oct 17th 2006, 8:49 am
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Default Re: Mortgage on a 457

Originally Posted by Deadmeat
When I went to a broker he said that it didn't matter which visa you had as long as you could provide the necessary pay details.

Incidentally, he also said that any overseas debt was neither here nor there for home loan purposes too ... well, it's actually "there" ...
Great, I was all irresponsible in the UK and never bought and now I am 34 and starting afresh, I want to buy and be all civilised and adult like

Thats fabulous news
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Old Oct 17th 2006, 9:49 am
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Default Re: Mortgage on a 457

We put down 21% deposit. HSBC is our lending bank. I can PM you our financial advisors details if would like them.

Originally Posted by amanda34
I know I am being lazy and there is probably a thread here somewhere on this very subject but.....

..........I am on a 457 and I seem to hear lots of different conflicting things when it comes to mortgages so what is the deal? Do I have to put down a 40 percent deposit or can I actually get a mortgage?

I don't have 40 percent to put down but equally, if I wait until I get PR (which will be a year as my employer will sponsor me after a year which is how long it has to be for employer sponsored) then I will likely have to wait 2-3 years to buy with the current Perth property market, so it either has to be pretty much nowish or waiting years :scared:

Does anyone know of mortgage companies who will lend to 457 holders?
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Old Oct 17th 2006, 3:07 pm
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Default Re: Mortgage on a 457

Originally Posted by amanda34
I don't have 40 percent to put down but equally, if I wait until I get PR (which will be a year as my employer will sponsor me after a year which is how long it has to be for employer sponsored)
Where on earth did you hear that you have to wait a year?
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Old Oct 19th 2006, 8:10 am
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Default Re: Mortgage on a 457

Originally Posted by amanda34
I know I am being lazy and there is probably a thread here somewhere on this very subject but.....

..........I am on a 457 and I seem to hear lots of different conflicting things when it comes to mortgages so what is the deal? Do I have to put down a 40 percent deposit or can I actually get a mortgage?

I don't have 40 percent to put down but equally, if I wait until I get PR (which will be a year as my employer will sponsor me after a year which is how long it has to be for employer sponsored) then I will likely have to wait 2-3 years to buy with the current Perth property market, so it either has to be pretty much nowish or waiting years :scared:

Does anyone know of mortgage companies who will lend to 457 holders?
On a 457 and here for less than a month and took a mortgage with the National. Put 20% deposit down.
Note, not sure about WA, but here in QLD, you get a First Home Owners Grant of $7k but ONLY if a PR. You can back track so if you become a PR within 12 months of buying your house on a 457, you can claim your FHOG. Incidentally, we did this and missed the deadline by exactly one day! They still gave us the FHOG! Can't be bad.

Andrew
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Old Oct 19th 2006, 8:48 am
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Default Re: Mortgage on a 457

This is no longer the case according to one of the financial adivsors we spoke to. Does anyone have anything official on this?

[QUOTE=andrew63]You can back track so if you become a PR within 12 months of buying your house on a 457, you can claim your FHOG. /QUOTE]
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Old Oct 19th 2006, 9:28 am
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Default Re: Mortgage on a 457

Originally Posted by andrew63
On a 457 and here for less than a month and took a mortgage with the National. Put 20% deposit down.
Note, not sure about WA, but here in QLD, you get a First Home Owners Grant of $7k but ONLY if a PR. You can back track so if you become a PR within 12 months of buying your house on a 457, you can claim your FHOG. Incidentally, we did this and missed the deadline by exactly one day! They still gave us the FHOG! Can't be bad.

Andrew
It's also worth noting that if it is a joint loan application then only one of the applicants need to have PR.
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Old Oct 19th 2006, 11:23 am
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Default Re: Mortgage on a 457

We have been here a year and we bought our house 2 months ago, we had to put a 20% deposit down and the bloke we dealt with was from England and he started on 1 457 and now has pr, so he knows all the ways to getting a mortgage if you need advice, you don't have to put down 20% but if you don't you have got to pay mortgage insurance which adds a bit on the monthly payments.
Hope this helps
cheers
Suzanne
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Old Oct 19th 2006, 8:40 pm
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Default Re: Mortgage on a 457

Originally Posted by svinnes
We have been here a year and we bought our house 2 months ago, we had to put a 20% deposit down and the bloke we dealt with was from England and he started on 1 457 and now has pr, so he knows all the ways to getting a mortgage if you need advice, you don't have to put down 20% but if you don't you have got to pay mortgage insurance which adds a bit on the monthly payments.
Hope this helps
cheers
Suzanne
Hi Suzanne,

Please could you PM me his contact details.

Ian
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Old Oct 20th 2006, 8:11 am
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Default Re: Mortgage on a 457

All purchases in Australia from non PR have to obtain FIRB approval. Do not enter into any contract without speaking to a solicitor. Do not accept any advice from a mortgage broker or any financial adviser , if the FIRB catches you in the net they will force you to sell the property and you could end up losing thousands of dollars. The website is www.firb.gov.au and there is a contact number for enquiries.
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Old Apr 6th 2007, 2:15 pm
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Default Re: Mortgage on a 457

Andrew,

Was there any hassles getting approvals from the "Foreign Investment Review Board" (www.firb.gov.au) while on 457? Am currently on 457 and have
applied for PR 8 mths ago and now at the final stage of the waiting process.

We would like to start looking for houses now and just wanted to know the requirements for getting a mortage in case we need to make an offer before our visa is granted. Hoping to back claim our FHOG within the next 12mths provided our PR is granted.

Any insights from you would be much appreciated !

Cheers,
`

Originally Posted by andrew63 View Post
On a 457 and here for less than a month and took a mortgage with the National. Put 20% deposit down.
Note, not sure about WA, but here in QLD, you get a First Home Owners Grant of $7k but ONLY if a PR. You can back track so if you become a PR within 12 months of buying your house on a 457, you can claim your FHOG. Incidentally, we did this and missed the deadline by exactly one day! They still gave us the FHOG! Can't be bad.

Andrew
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