DougsYute

does anyone know if it is possible to take out a mortgage in Oz when not on a permanent residents visa? i will be on an long stay employee sponsored temporary buisness visa which lasts 4 years. will i be able to get a mortgage, and if so, is the deposit (i.e 5% min) similar to this country?
Cheers.

mumomonty

I dunno but I know someone who was daft enough to be there when their 2 yr bus. visa expired and went and bought a house. Low and behold they check it all out then and they got deported in 4 weeks with no chance to appeal. So suss it out first.

DougsYute

yeah absolutely. just that if i am there for several years minimum then i don't want to be renting. but you're right, could easily be caught out so its a bit dodgy - I have been warned, cheers!

irishmolly

As you are on a long term 4-year sponsorship, surely you can apply for Oz citizenship after 2 years enabling you to get a PR visa and then you get a mortgage ?

From previous posts I believe you can't get a mortgage unless you have a PR visa which is checked by the mortgage lender.

Still, renting for 2 years and applying for PR is better than renting for 4 years.

Just my thoughts

NealMartin

I am in the same boat as you - leaving for Brisbane in August, renting initially for 6 months or so until we can find somewhere to buy. We are hoping to get PR using the Employer Nominated Sponsorship which can follow after the temp visa.

I don't believe the temp visa gives you any method or right to gain citizenship after 2 years.

I was hoping the banks would be prepared to lend even with a temp visa - will have to do some further research. Let me know if you find anything out.

Cheers

Billabong

As far as I understand you cannot get a mortgage without PR (could be wrong though )

maxpaxx

email this fella he will know:- [email protected]

His name is Todd O'Neil

Sandra

Those not on PR can buy over here (AUS) but have to submit an application to FIRB - cannot be arsed to find website at the moment. But put search in on this site or whatever your web search engine is.

Foreign Investment Review Board = FIRB

This is the only criteria to buying here that a 457 has to go through that a PR does not. Basically if you are planning to be here for your 4 year term and can prove the property you are buying is for your family residence then it is a shoe in.

Mortgage - that is another matter, depends on the deposit etc and which bank is willing to back you, much liake anywhere else in the world.

As far as the four weeks to leave the country is concerned, yes it is true, but if coming over on a company sponsorship then get it written into terms and conditions of transfer about the buying and selling of accommodation.

PS.....has not been mentioned on the site for a while remember LAFHA = Living Away From Home Allowance, for those on 457s might be a possible source of gaining tax free income, again do a search on this site.

Cheers

The Bloke

Anybody without at least PR would find it difficult to get a mortgage with most institutions as Pollyana and I have found out recently, even though I am Australian.

At the mere mention of not having PR, the result so far has been sorry, don't lend to migrants, try again when she gets PR. I was even told that the institution did not give loans to migrants until they had full citizenship, but that was later changed when I asked a more senior person.

We will see what a mortgage-broker can do for us though as there has to be some places that do lend, but at the prices as they are now, well?

whisky

We are on a temporary visa and have just put in an application to buy some land to build a house.
The banks did not want to know as we didn't have enough time in our business for any paperwork, but we didn't give up and tried Wizard Home loans. They have found us a lender through St Georges. Of course we have got to apply to the FIRB first, but at the moment, things are going in our favour.
I will let you know how we get on.

Whisky

PS Just to say, the girl in the Mandurah office is brilliant - no - Sh*t Hot. :scared:
Whooops sorry

andrew63

I am in a very similar situation to NealMartin - coing over on 3/4 year ENS but my employer and agent both reckon they can make me PR within that time.
Putting that aside, I have been over to Brisbane numerous times over the last few years and befriended some estate agents and bankers who reckon I won't have a problem getting a mortgage or temp. visa. They and my employer will vouch for me. I intend to make a 20% deposit and have regular income so why should the bank worry! Worse case scenario is the bank gets the houe if I default.
Just like very other country - it is down to "who you know" so try and make those contacts!
Just my opinion!

DougsYute

blimey, i post a question, go away for a few days, come back, and have all the info i need! thanks all!

mampq

correct me if i am wrong. But is it not true that anyone holding a Temp visa is not allowed to buy an established house. They can buy land and build or they can buy, say a show home, something that has not been lived in. If you have a decent enough deposit you should not have any problem with the banks.

T&P

Hi,

Just thought I would give my tuppence worth!!!

I am married to an Australian.

I am in the process of getting my papers together for a visa and planning (praying) to move out in October.

We visited family in Oz in Feb and did a recky for houses etc and lo and behold fell in love with a house.

No prob whatsoever getting a mortgage - that said we did have a good deposit - about 30%. And we explained that we would be moving out end of the year to live in the house.

We also managed to get $7,000 grant as we will live in the house within 12 months of purchase.

We are now the proud owners and I don't even have a visa and neither of us are residents. We didn't have to do any extra form filling etc either.

Anyway so long as you have a good deposit you will be ok methinks.

Good luck!!

T

Pollyana

If you're married to an Aussie, you can buy without having to go through the FIRB thing, and there are no restrictions on what/where you buy. The only thing is - as T & P said, and as we have found - you need a hefty deposit. No probs if you had something to sell when you came over, not all of us were that lucky though.