renting house while on 457?

Closed Thread Subscribe

Thread Tools

Mar 18th 2007, 5:02 am

bushy

Forum Regular

Thread Starter

Joined: Mar 2006

Location: Iluka WA

Posts: 207

renting house while on 457?

We have just sold our house in the UK and wanted to buy a house in Perth and rent it out as we live in a company house in Karratha at the moment.
We are here on a 457 temp.visa and will be sponsored for PR in 2 yrs.
I know we will need FIRB approval to buy a house but will they they let us rent the house out or do they only give approval for a house for you to live in?
We're a bit bothered by the way house prices are rising and want to buy as soon as poss. before we are priced out of the market!

Mar 18th 2007, 5:09 am

northernbird

Gutter Gob!!

Joined: Feb 2005

Location: Perth

Posts: 13,098

northernbird has a reputation beyond repute

Re: renting house while on 457?

Quote:

Originally Posted by bushy

If you buy a house on a 457 it has to be your principle place of residence. As far as I am aware you are not allowed to rent it out.

Mar 18th 2007, 8:05 am

woody1cruiser

BE Enthusiast

Joined: Jan 2005

Location: Bunbury, WA

Posts: 541

Re: renting house while on 457?

Quote:

Originally Posted by northernbird

If you buy a house on a 457 it has to be your principle place of residence. As far as I am aware you are not allowed to rent it out.

We are on a 457 and when we applied for FIRB approval, we had to sign to say it would be us living in it.

Debs

Mar 21st 2007, 3:16 pm

sharon_gareth

SharonC

Joined: Jan 2005

Location: Perth

Posts: 142

sharon_gareth is an unknown quantity at this point

Re: renting house while on 457?

On a 457 you can buy an established property as long as you have more than a year to run on your visa. As noted above it does need to be your principle place of residence. An option you may want to consider is building a new place as an investment property, think you should be OK for FIRB approval then.