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mortgages for permanent residents only?

mortgages for permanent residents only?

Old Jun 1st 2004, 1:45 pm
  #16  
 
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Originally posted by 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
Hi T&P,

Can you give me some details of how you went about getting a mortgage as non-residents?

I'm heading for Adelaide in September, already have my PR visa(validated in February 2004) and will be looking to buy a home asap, at the same time as looking for work. However I'll have current payslips from my UK employer (will go on unpaid leave from about 24 September) and about 40% deposit.

I emailed Westpac to ask about getting pre-approval based on my UK salary and the reply is unclear but seemed to be saying that I would need a salary/income in Aus before final approval would be given.

Any advice or contacts would be really appreciated as I'm desperate to slot this piece of the jigsaw into place!

Elaine M
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Old Jun 1st 2004, 1:47 pm
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If you have a PR visa, how long do you have to wait before you can apply for a mortgage?

I have heard that you have to rent for the first year, is this true??

Cheers
Richie
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Old Jun 1st 2004, 2:04 pm
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Originally posted by RichyT23
If you have a PR visa, how long do you have to wait before you can apply for a mortgage?

I have heard that you have to rent for the first year, is this true??

Cheers
Richie
Nope you don't - you can get a mortgage before you turn up if you want, it is a question of maths and risk!

The banks/lenders/shysters will charge you accordingly depending on their risk of getting your money!

Like most mortgage lenders world wide, they assess your ability to pay back any money loaned to you. If you turn up on day one with your PR and put down a deposit of 50%, then chances are some will lend you money, cause they have 50% of your money they can get at if you default on the loan.

Under normal circumstances (not so much deposit), depending on the lender, they like to see an income, usually proved by a period of employment, in Aus lots of employment comes with a three month probation period and the mortgage lenders like to see you out of this period before taking the income into account.

There is no period of waiting to get a mortgage, it only depends on your circumstances and the lender.

Cheers
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Old Jun 1st 2004, 2:25 pm
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Originally posted by 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.
Yes you are wrong

Please check out the FIRB website

http://www.firb.gov.au/content/appli...m.asp?NavID=46

there is plenty of information avaliable if you look for it, sorry if I am sounding sarky, but if people do basic searches on this site or on the web they will get plenty of links to real government information.

http://www.firb.gov.au/content/_downloads/r2_form.pdf

read the whole form and it gives you details about existing residential property - some minor points, your temp visa usually must be valid for more than 12 months and you must be willing to state you are going to live in the house as your main residence.

The reason for most peoples confusion about buying on temp visas is Aus has the FIRB to try and avoid load of foreign investors buying up property and land and living on the income outside of the country, so the rules tend to get a bit confused via chat websites and message boards.

Another point, Elaine M had no issue buying a property cause the FIRB do not care whether her husband lives in or outside Aus, he as an Aussie has the right to buy without government approval regardless of living elsewhere, Mortgages of course are another point entirely

Anyway ignoring my tone I hope I have provided some information

Cheers
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Old Jun 1st 2004, 4:49 pm
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Pity you didn't take the time to see if your link worked!!! sorry about the tone!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Old Jun 1st 2004, 4:58 pm
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Originally posted by Sandra

Another point, Elaine M had no issue buying a property cause the FIRB do not care whether her husband lives in or outside Aus, he as an Aussie has the right to buy without government approval regardless of living elsewhere, Mortgages of course are another point entirely

Cheers
Sorry Sandra but you've awarded me a husband I don't have!

That was T of T&P who posted that she and her husband had no problem getting a mortgage.

Are you saying that as a PR it's less likely that I'd get a mortgage approved before I've cleared the probation period in an Aus job?

How come some people have posted that they've done this - no mention of Aussie citizenship (they may have an Aussie spouse but not said so I guess)?

Sounds like I'm back to square one

Elaine M
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Old Jun 1st 2004, 5:04 pm
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Originally posted by mampq
Pity you didn't take the time to see if your link worked!!! sorry about the tone!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Both work for me from the site - anyone else having difficulty?
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Old Jun 1st 2004, 5:16 pm
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Originally posted by Elaine M
Sorry Sandra but you've awarded me a husband I don't have!

That was T of T&P who posted that she and her husband had no problem getting a mortgage.

Are you saying that as a PR it's less likely that I'd get a mortgage approved before I've cleared the probation period in an Aus job?

How come some people have posted that they've done this - no mention of Aussie citizenship (they may have an Aussie spouse but not said so I guess)?

Sounds like I'm back to square one

Elaine M
Sorry Elaine M - I did give you an Aus Husband! My apologies

No I meant you have a wide range of Aus Mortgage lenders to choose between, and a lot of them have different criteria for lending money.

Some lenders do not count income while in a probation period of a job, others do. Lots of it depends on your initial investment in the property you are buying. Try using a mortgage broker like aussie mortgages, make sure you can chat to who ever you choose free of charge first to get an idea.

You will have load of choice about getting a mortgage here, the main thing is to work hard to ensure you are getting the best deal for yourself! If a main mortgage dealer says no - ask them why first - do not worry about it. Criteria is everything like insurance and you have to check round for the best deal to suit YOU not them!

email me or send a PM and I can go into more detail if you want.

Cheers
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Old Jun 1st 2004, 10:52 pm
  #24  
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I have an Aussie mortgage

I got my mortgage before I came out to Oz, while still in the UK

I'm STILL on a (2 year) 457 visa and am increasing my mortgage for a construction loan

I'm with Commonwealth Bank, who have a special department specifically for UK expats to get Oz mortgages, while still in the UK

As Sandra said, you need to get FIRB permission to buy, if you don't have PR

You will be expected to have at least 20% deposit, more is better

This issue has been discussed several times over the last 9 months or so, and no doubt before that as well, so a search would bring up more detail

CommBank contact is john-dot-tacey-at-cba-dot-com-dot-au. He's a really nice, helpful bloke (I've substituted for the 'at' and the 'dots' to avoid web robots trawling his email address and spamming the poor bugger to death! ) Please treat this information as confidential. and only contact him if you're serious
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Old Jun 1st 2004, 10:55 pm
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Oh yeah, one of the FIRB restrictions on buying vacant land is that you start 'continuous construction' of a dwelling (for your own use) within 12 months of completion. The cost of the build has to be a minimum of half of the cost of the land.

There are other requirements as well, before they'll allow you to buy
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Old Jun 2nd 2004, 12:15 am
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Thanks DUP,

Will check out Comm Bank.

Elaine M
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Old Jun 2nd 2004, 12:22 am
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Originally posted by Elaine M
Thanks DUP,

Will check out Comm Bank.

Elaine M
No worries, mate!
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Old Jun 2nd 2004, 12:25 am
  #28  
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Originally posted by downunderpom
No worries, mate!
Hello old man - u still alive and kicking then
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Old Jun 2nd 2004, 12:34 am
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Originally posted by Bix
Hello old man - u still alive and kicking then
PM'd yer! (Hope it didn't hurt! )
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Old Jun 2nd 2004, 12:44 am
  #30  
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Similar situation to downunderpom.

We got an Australian Mortgage whilst still on a 457IE visa and bought an established home with approval from FIRB.

The mortgage was through WestPac and we needed a min of 20% deposit, but we actually put down a bit more.

Once we got PR we just sent a copy of the visa to FIRB and are now no longer under their restrictions.

Mortgage hasn't changed at all. We got the same rates when on a temp visa as we would have got had we been on a PR visa.
 

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