Re: Obtaining mortgage without PR
 

I know!!! but if you form a company with a Pr it all seems legit- unless somebody can prove me wrong

Re: Obtaining mortgage without PR
 

Sounds rather underhand to say the least :sneaky:

Re: Obtaining mortgage without PR
 

It is possible for temporary residents to get a mortgage but as mentioned generally the Banks/lenders require a minimum of a 20% deposit.

Most Banks/lenders will lend to temporary residents and the reason that a 20% deposit is required is that any mortgage over 80% requires lenders mortgage insurance (LMI) and the lenders mortgage insurer's policy is that they will not accept temporary residents.

Recently Commonwealth Bank stopped lending to temporary which was a big suprise as they were always a strong candidate in this space.

Also re the FIRB, as someone mentioned it is once again a requirement to obtain permission to buy if you are a temporary resident even if the property is to be used a the main residence. This isn't too much of an issue though as it is usually just a tick box exercise.

Regards


Andy

Re: Obtaining mortgage without PR
 

Thanks Andy, I wasn't aware that the FIRB requirement had been brought back, so gave the wrong advice.

Re: Obtaining mortgage without PR
 

dont worry. I did the same a couple of days ago as well :o

But also as Andrew Williams mentions, its mostly a case of tick the boxes and wait 30 days, so its not a real big drama.