Student visas and mortgages
 

Are there any resitrictions on purchasing a house when we get to Perth if only on a study visa for 2 years? We don't intend coming back to the UK but the capital we will take from our home in the UK to Oz is not going to earn much if we are only in rented so thinking of buying. Is there anything else I should be aware of?

Re: Student visas and mortgages
 

Hi there, We went to Oz on a student visa a few years ago before getting a P.R. In Queensland you could buy an established house up to $300,000 or if you where going to build you could apply to local gov. and get permission to spend more. The problem comes when your visa comes to an end. Some states will make you sell your property when your visa expires. From memory I think Queensland made you put your house up for sale 3 months before expiry. I'm sure though if you are intending on applying for a P.R. visa they would review this as you get extentions on your student/ bridging visa.
But from memory if your visa expires and you leave/ get deported the gov. will sell your house at auction. Hope this helps.
Also the only bank which would give us a mortgage was the Commonwealth Bank of Australia. And that was because I could prove I had a substantial income from the U.K. and a large amount of equity from my last home in the U.K. We had arranged for my U.k. income and equity to come out to Oz via the Australian Commonwealth bank in London, so they had our financial records already.
Most banks/mortgage companies won't give you a mortgage unless your a P.R. or citizen:thumbsup:Davy:thumbsup:

Re: Student visas and mortgages
 

Cheers for that info.

Re: Student visas and mortgages
 

You don't have to get permission any more, and I 'think' the $300k thing may have been scraped too (it all changed in Feb).

One main thing to think of is your income, assuming you are not doing a masters you will be restricted to 20 hours a week work, so one full time wage towards the mortgage, assuming you can both find work, and at the full 20 hours for the student (quite hard sometimes what with school times).

Commonwealth told me that if you are working as a casual (which as a temp resident you are more than likely going to be) you need 3 months worth of pay slips before they will give you the mortgage.

And lastly, you would not get the first home owners grant.

We are here on a student visa and I am counting the days until we can both work full time and get a proper mortgage.

Re: Student visas and mortgages
 

Oh right, thats changed too then. When we were there on my student visa both myself and my wife could only work 20hrs a week each except for college holidays. Then you work what you want. She was not on a student visa but as a dependant mine so my terms and conditions covered her also.:thumbup:Davy:thumbup:

Re: Student visas and mortgages
 

Been given a link to this which is pretty good:

http://www.firb.gov.au/content/policy.asp

We will have investment income from the UK which will cover our mortgage and utilities each month so our 20 hours per week will be for general living.