Guest Prickles83 Posted September 16, 2009 Share Posted September 16, 2009 We are looking at moving very soon on a 457 visa. We will rent for a while ( few months) but want to buy fairly soon. As 457 is a temp visa can you buy a house? is there restrictions? can you only buy new? what about the first time buyers grant? We will be able to provide a 10% deposit from money from the sale/ savings from the UK. Originally we wanted to build a new house but don't know if this will still be possible> We also need to make a decision about the job in the next 4 days and will move over 28th December as flights are booked (originaly for a holiday but things change!!!) :huh: Link to comment Share on other sites More sharing options...
Ratchet Posted September 17, 2009 Share Posted September 17, 2009 Im interested to hear too as ive just got here and want to buy. Many people will suggest caution as a 457 is a temp visa and your not a permenant fixture here, but im going with the risky attitude that im a nurse, im in demand, im likely to find another job unless i really mess up..........you have to take these risks sometimes. I have discovered that you may be able to afford to rent in an area, but you cant neccessary afford to buy in the same area. Its really frustrating me as it makes it really difficult to find somewhere nice to live. Link to comment Share on other sites More sharing options...
Guest tracynben Posted September 17, 2009 Share Posted September 17, 2009 we looked into it while on a 457 visa, we are now perm residents, and you will find it very hard for any bank to lend you the money whilst on a temp visa, you will prob need a minimum of 20% deposit, it would also be very expensive to build, as you would have to pay a mortgage for the land, and rent at the same time, on a 200k mortgage for land plus rent, you would be looking at something like 3k a month depending on where you living. And you also have to apply to the FIRB as a temp resident to get approval to buy a house, check there website out heres the website FIRB: Foreign Investment Review Board - Home Also you cant claim the first time home buyers grant, until you have PR, personally what i would do, is save as much as you can whilst renting and waiting to get PR, then get a house when you have PR. Hope that helps tracy Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted September 17, 2009 Share Posted September 17, 2009 We bought a house while on our 457 visa. (Back in 2006). We had to get approval from the FIRB - Foreign investment review board. That was one form and back within a week. We found there were very few banks that would lend to temp residents but Bankwest was one of them. You can NOT claim the FHOG until you are PR. If you get PR within one year of buying your property you can still claim it. Thats how we did it in 06 anyway. Bankwest were brililant to the point that we are still with them now and changed everything else we had over to them! Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 17, 2009 Share Posted September 17, 2009 Just to clarify this. You can buy on a temporary resident visa but as mentioned generally you will only be able to borrow up to 80% (although in some cases you can go higher with 1 or 2 lenders), however this might not be a bad thing as you will have to pay lenders mortgage insurance for any borrowing over 80%. You no longer require FIRB approval if you are buying the property to use as your main residence as there is now an exemption for this situation. You do not get the First Home Owner Grants as mentioned. In terms of building, whislt the property is being constructed the mortgage will go on interest only so that the payments are reduced whilst you also have to pay rent. Also if you do build you only have to pay stamp duty on the land value and not the full house value unlike established, this can save quite a lot of money. It is of course swings and roundabouts as there can be lots of extra costs involved when building. Regards Andy Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted September 17, 2009 Share Posted September 17, 2009 You do not get the First Home Owner Grants as mentioned. Applying for the grant —Office of State Revenue, Qld You wont get it if you are a temp resident but as I said in my last post.....If for example you buy a property on 2 Jan 2009 and you become PR within 12 months you CAN get the FHOG. The application has to be in before that 12 months is up. This is what we did. We bought a property June 2006. We didnt get PR until Jan 07. Filled in our FHOG application adn we were paid the $7000 a month later. We also were offered a 95% mortgage as a temp resident. We were in the position that we didnt need it so didnt take it. Link to comment Share on other sites More sharing options...
Guest Posted September 17, 2009 Share Posted September 17, 2009 Hi. As a mortgage broker, I can confirm that: you only receive the grant if you are on a perm visa (or claim it back within 12 months). on a temp visa, you require a 20% deposit (is possible to get more if you have a security guarantor) you pay stamp duty on the purchase price of the established property or land. you no longer need FIRB approval if the property is going to be your residence not all lenders will lend to temp visa holders. I hope this helps. Thanks Link to comment Share on other sites More sharing options...
Guest Khadinoz Posted September 17, 2009 Share Posted September 17, 2009 Hi, Interesting thread. I am a little confused. I currently hold a spouse visa (subclass 820). Is it considered to be a permanent or a temporary visa, i.e am I eligible for the FHOG? Link to comment Share on other sites More sharing options...
Guest Posted September 17, 2009 Share Posted September 17, 2009 It would depend on your spouses visa. Link to comment Share on other sites More sharing options...
Guest Khadinoz Posted September 17, 2009 Share Posted September 17, 2009 Thanks David, what would be the dependencies? Link to comment Share on other sites More sharing options...
Guest Posted September 17, 2009 Share Posted September 17, 2009 as far as I know - if he is on a perm visa - so are you and if he is on a temp - then you are also. Link to comment Share on other sites More sharing options...
Guest Khadinoz Posted September 17, 2009 Share Posted September 17, 2009 I just found the info I was looking for: You will generally be eligible for the grant if you satisfy the following: Neither you nor your spouse/de facto has previously received the grant. Neither you nor your spouse/de facto must never have owned a residential property, either jointly or with any other person, before 1 July 2000. You or your spouse/de facto must never have owned and occupied a residential property, either jointly or with any other person, after 1 July 2000. Each applicant must be a natural person (i.e. not a company or trust). At least one of the applicants must be a permanent resident or citizen of Australia. Minimum age requirements have been introduced by all States and Territories. The criteria concerning occupancy of the purchased property as a principal place of residence varies slightly between each State and Territory. Please refer to www.firsthome.gov.au for criteria of each State and Territory. We would therefore be eligible for the grant. Phew :biggrin: Link to comment Share on other sites More sharing options...
Cob Posted September 25, 2009 Share Posted September 25, 2009 we are 457 holders. bought a house in april this year. 20% deposit mortgage through commonwealth bank full stamp duty (killer in vic) no grant Link to comment Share on other sites More sharing options...
Ratchet Posted September 25, 2009 Share Posted September 25, 2009 thanks for all the replies, its help loads:cute: Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted September 25, 2009 Share Posted September 25, 2009 we are 457 holders. bought a house in april this year. 20% deposit mortgage through commonwealth bank full stamp duty (killer in vic) no grant If you get PR within a year of buying you can claim the grant Link to comment Share on other sites More sharing options...
Cob Posted September 25, 2009 Share Posted September 25, 2009 if only........ no chance because of job and age. Link to comment Share on other sites More sharing options...
Guest Prickles83 Posted September 25, 2009 Share Posted September 25, 2009 What is the stamp duty like in Victoria? Link to comment Share on other sites More sharing options...
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