mortgages while on 457 visas
Feb 10th 2006, 9:45 am
#1
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
mortgages while on 457 visas
Hi
We are trying to buy a house, but as we dont have much of a deposit we are having problems getting a mortgage on 457 visas. We would need 100% mortgage and have been told commonwealth bank do them, but only for PR's.
It will take us forever to save up 5% plus $15,000 in stampduty, has anyone had experience with this??
Laura
We are trying to buy a house, but as we dont have much of a deposit we are having problems getting a mortgage on 457 visas. We would need 100% mortgage and have been told commonwealth bank do them, but only for PR's.
It will take us forever to save up 5% plus $15,000 in stampduty, has anyone had experience with this??
Laura
Feb 10th 2006, 9:54 am
#2
birmingham to brisbane
Joined: Sep 2005
Posts: 330
Re: mortgages while on 457 visas
Originally Posted by lauralollipop
Hi
We are trying to buy a house, but as we dont have much of a deposit we are having problems getting a mortgage on 457 visas. We would need 100% mortgage and have been told commonwealth bank do them, but only for PR's.
It will take us forever to save up 5% plus $15,000 in stampduty, has anyone had experience with this??
Laura
We are trying to buy a house, but as we dont have much of a deposit we are having problems getting a mortgage on 457 visas. We would need 100% mortgage and have been told commonwealth bank do them, but only for PR's.
It will take us forever to save up 5% plus $15,000 in stampduty, has anyone had experience with this??
Laura
www.wizard.com.au wll give you up to 105% even on a 457 as long as your visa is over 2 years
you will still need to get goverment approval to buy on your 457 tho
Feb 10th 2006, 9:58 am
#3
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
Re: mortgages while on 457 visas
Originally Posted by cam_uk
www.wizard.com.au wll give you up to 105% even on a 457 as long as your visa is over 2 years
you will still need to get goverment approval to buy on your 457 tho
you will still need to get goverment approval to buy on your 457 tho
thanks I'll check that out. Yea I have the FIRB forms and will tie that into my contract, but need the dosh, i'll check them out and see......but we have only been here for a year and 1 week so far
Any other ideas welcome.... i need to explore all avenues!
Laura
x
Feb 10th 2006, 10:01 am
#4
birmingham to brisbane
Joined: Sep 2005
Posts: 330
Re: mortgages while on 457 visas
Originally Posted by lauralollipop
thanks I'll check that out. Yea I have the FIRB forms and will tie that into my contract, but need the dosh, i'll check them out and see......but we have only been here for a year and 1 week so far
Any other ideas welcome.... i need to explore all avenues!
Laura
x
Any other ideas welcome.... i need to explore all avenues!
Laura
x
Feb 10th 2006, 10:03 am
#5
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
Re: mortgages while on 457 visas
Just checked out wizard and will lend 100% but need to be PR - its not fair 
- its not fair
Feb 10th 2006, 10:04 am
#6
surfer chic from Teesside
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Joined: Mar 2004
Location: Halls head, WA
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Re: mortgages while on 457 visas
Originally Posted by cam_uk
i meant two years left on your visa
How did you find this out, as on website says you need to be PR to apply?
Laura
Feb 10th 2006, 10:15 am
#7
birmingham to brisbane
Joined: Sep 2005
Posts: 330
Re: mortgages while on 457 visas
Originally Posted by lauralollipop
How did you find this out, as on website says you need to be PR to apply?
Laura
Laura
I phoned them and they said they could help ... we decided against it for now but the person i spoke to assured me they COULD help
Feb 10th 2006, 10:18 am
#8
surfer chic from Teesside
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Joined: Mar 2004
Location: Halls head, WA
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Re: mortgages while on 457 visas
Originally Posted by cam_uk
I phoned them and they said they could help ... we decided against it for now but the person i spoke to assured me they COULD help
I will call them then - I also found this - www.depositpower.com.au just incase anyone else in same boat as us. I dont really understand it but I might be able to use both and work something out - Ill call them tomorrow...
Thanks
Laura
x
Feb 10th 2006, 11:57 pm
#9
surfer chic from Teesside
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Joined: Mar 2004
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Re: mortgages while on 457 visas
Called Wizard and women is calling me back at 12 today, just checked tho and interest rate for the 105% home loan is 8.94 and you are tied in for 5 years.....need to decide how much I really want this house or shoud I just lose it and wait 
Feb 11th 2006, 3:35 am
#10
birmingham to brisbane
Joined: Sep 2005
Posts: 330
Re: mortgages while on 457 visas
Originally Posted by lauralollipop
Called Wizard and women is calling me back at 12 today, just checked tho and interest rate for the 105% home loan is 8.94 and you are tied in for 5 years.....need to decide how much I really want this house or shoud I just lose it and wait
Feb 11th 2006, 6:20 am
#11
Forum Regular
Joined: Dec 2004
Location: Gurt Bristol before, now Gurt Freshie innum!
Posts: 94
Re: mortgages while on 457 visas
Originally Posted by cam_uk
the interest rate is one of the things that put us off .. plus the fact that we can rent a much nicer house than we could addord to buy and still save for a deposit ..
Feb 11th 2006, 7:12 am
#12
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
Re: mortgages while on 457 visas
After speaking to Wizard, they said that their policy was PR and 2 years employment, so that you must of been wrongly advised. I also looked at the interest rates and where 8.94!!! So decided to let the house go, as much as it kills me and just wait for our PR to come....... at least then we have time to save more of a deposit and can get home buyers grant to top it up......
Laura
Laura
