Obtaining mortgage without PR
#1
Forum Regular
Thread Starter
Joined: Jan 2007
Posts: 89
Obtaining mortgage without PR
Just wondering has anyone obtained a mortgage without permanent residency or citizenship,thanks
#3
BE Forum Addict
Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Obtaining mortgage without PR
The best thing is to find a mortgage broker with experience in mortgages for temporary residents. It is possible but there isn't as much choice as there is for PRs or citizens
#4
Re: Obtaining mortgage without PR
We went with Westpac (as we had been banking with them) whilst on our 457 and they never asked about visa status, nor did we we have to sign anything about visa status.
We did have a very big deposit, so may be they thought it was low risk and and the Westpac mortgage woman just wanted her easy commission.
We did have a very big deposit, so may be they thought it was low risk and and the Westpac mortgage woman just wanted her easy commission.
#5
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: Obtaining mortgage without PR
We went with Westpac (as we had been banking with them) whilst on our 457 and they never asked about visa status, nor did we we have to sign anything about visa status.
We did have a very big deposit, so may be they thought it was low risk and and the Westpac mortgage woman just wanted her easy commission.
We did have a very big deposit, so may be they thought it was low risk and and the Westpac mortgage woman just wanted her easy commission.
#6
Forum Regular
Joined: Sep 2007
Posts: 65
Re: Obtaining mortgage without PR
Yes,
we went with HSBC - you need a 20% deposit which I think is the same across all banks.
we went with HSBC - you need a 20% deposit which I think is the same across all banks.
#7
Re: Obtaining mortgage without PR
Our first mortgage we had at least 20% deposit - the second (as we were waiting to sell the first when we moved interstate) we didn't - they were still happy but we had to pay the mortgage insurance.
#8
Re: Obtaining mortgage without PR
Dont want to be the party pooper but could something like Duty of disclosure present a problem if the shite hit the fan, as the question is asked on most applications for almost any credit or insurance ,
#9
Simply happy in Sydney!
Joined: Nov 2007
Location: Woronora Heights, NSW
Posts: 274
Re: Obtaining mortgage without PR
We went through a broker for our mortgage (on a 457), and went with ANZ. We had a big deposit (50%) and they wanted all of our visa details etc. Maybe it varies from bank to bank.
#10
Re: Obtaining mortgage without PR
No question on the Westpac forms. Wouldn't have tried to hide truth if I had been asked or needed to sign otherwise.
#11
Re: Obtaining mortgage without PR
The bank knew our migrant status, it just wasn't any kind of issue for them.
#12
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: Obtaining mortgage without PR
Yep, they don't care. It's harder to get a personal loan or credit card than it is a mortgage. I assume the banks work on the basis that you can't really run off with the house, so if you can't pay or do a runner, they still have the asset.
#13
Re: Obtaining mortgage without PR
Backpacker finance what next i would say more of a loophole I wonder if
it could be said to be in some cases an overseas investment ????????
it could be said to be in some cases an overseas investment ????????
#14
Re: Obtaining mortgage without PR
Temp visa holders buying a second property or investment home is a whole other issue under FIRB rules.
#15
BE Forum Addict
Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Obtaining mortgage without PR
I think this requirement was reinstated last year and temporary residents have to again get FIRB approval