Pommy Dan

Hi All

Tried a search, but nothing was immediately obvious.

I have temporary perm residency through my de facto

I have applied for, and received a conditional approval for a mortgage, but they asked me for a copy of my visa which states that i am a TEMPORARY permanent resident.

They stopped reading at the TEMPORARY bit and are now saying i cant get a mortgage.

What do i do now?

Do i go to the FIRB? Or is that just for permission to purchase?

Any advice most warmly received...

goldchoccycoin

Hi Dan, if you are on the 'temp' part of the spouse visa then you are a temp resident - until the 2 years are up and you apply for the perm part!

The FIRB only give permission to purchase they have no say in the mortgage part.

Try explaining to the bank or try a different bank.

Best of luck.

Antney

We got a mortage through Westpac when we were on a temporary visa, give them a try.

It is harder to secure a mortage whilst on a temp visa, but not impossible.

Pommy Dan

Thanks, yeah - i am in the process of explaining it to the bank.

Caught in the temp / perm trap.

Can't claim LAFHA cos i am perm , cant get a mortgage cos i am temp... GRR!

Burbage

One of the issues I ran into was insurance. The bank were happy to give me a loan, but the insurance company wouldn't give me insurance.

asprilla

If your defacto is an Australian citizen, and you are purchasing the property as a "joint tenancy" (50/50 man & wife type arrangement), then you do not need permission from the FIRB....its all on their website.

Irrespective of the above, some banks might not lend to a couple if one person is a temporary resident. They all have their own lending requirements. You could try having a conversation with them to try and understand exactly why they won't approve your loan...but if that doesn't work, just go to another bank and get a better deal elsewhere...its their loss not yours !

Pommy Dan

this is a good point. I will make sure they understand that when i talk to them later, thanks...

medwaymark

Probably worth talking to a mortgage advisor....they could then do all the explaining to several banks on your behalf. They may well know which lenders are more likely to listen too!

lonndongeek

As others have said, if you're buying the house with an Australian citizen or perm resident, you don't need FIRB approval.

Most banks were happy to lend to us so long as we had at least a 20% deposit. The mortgage insurers don't like temporary residents irrespective of how temporary they are.

In the end, we got a mortgage through Bank SA (St George) in mid july with me part way through my 2 years as a provisional resident on a de-facto spouse visa. Apparently St George self-insure if you're borrowing over 80% of the house's value, so they can be more lenient with lending terms.

Cheers

Steve

Willin

This might be right for some insurance companies but I am an underwriter with a Reinsurance company and we allow Life Insurance companies to cover temporary residents on professional visas 457 or similiar provided they make it clear there intention is to keep permanent Australian domicile.
Applying for a mortgage is pretty clear...
This is the market trend for the last 3-6 months.