Thursday, June 7, 2012
House Hunting With A 457 Visa
By Antonio Suarez
Now you're living here, you are wanting to buy a property and make this beautiful country seem more like home - am I right? Well guess what - you can! You don't have to wait until you apply for your Permanent Residency before buying a home, and you won't have to pay a cent more in interest than an Australian Citizen!
In most states of Australia you should allow around 5% of the purchase price to go towards government taxes (such as stamp duty), solicitors fees and Lenders Mortgage Insurance (LMI), if applicable. Your deposit or down payment is the difference between the loan amount and the purchase price plus fees and charges.
If you are buying with an Australian Citizen or Permanent Resident and you are eligible for the First Home Owners Grant (FHOG) then you may also receive a stamp duty concession. In this case please discuss the required deposit size with your mortgage broker. In QLD stamp duty is a little lower than other states, whereas in Victoria it is a little higher.
Non-resident borrowers should use a mortgage broker that specialises in this area. This is because most lenders will not consider applications from foreign citizens.
You don't have to wait until you apply for your Permanent Residency before buying a home, and you won't have to pay a cent more in interest than an Australian Citizen! Now you're living here, you are wanting to buy a property and make this beautiful country seem more like home - am I right? Well guess what - you can!
Should I use a Mortgage Broker, or apply directly with a Bank?
Below is a brief outline as to the amount you may be able to borrow:
* 95% of Property Value: If you are in a defacto relationship, or married to an Australian Citizen, New Zealand Citizen or Australian Permanent Resident, then you will be able to obtain a 95% LVR loan from a a couple of specialist financial institutions.
* 80% of Property Value: A number of Financial Institutions are willing to lend up to 80% LVR (Loan to Value Ratio) to those on a Work Visa living in Australia.
Yes, you will need to obtain Federal Investment Review Board (FIRB) approval to purchase a home in Australia; this normally takes no more than 30 days. Which means you can apply for FIRB approval at the same time you apply for a Pre Approval for your Mortgage.
How much can I borrow?
I'm glad you asked. The amount you can borrow while on a 457 visa does depend on your situation, such as your employment history, asset position and marital status.
Yes, you will need to obtain Federal Investment Review Board (FIRB) approval to purchase a home in Australia; this normally takes no more than 30 days. Which means you can apply for FIRB approval at the same time you apply for a Pre Approval for your Mortgage.
Your deposit or down payment is the difference between the loan amount and the purchase price plus fees and charges. In most states of Australia you should allow around 5% of the purchase price to go towards government taxes (such as stamp duty), solicitors fees and Lenders Mortgage Insurance (LMI), if applicable.
In QLD stamp duty is a little lower than other states, whereas in Victoria it is a little higher. If you are buying with an Australian Citizen or Permanent Resident and you are eligible for the First Home Owners Grant (FHOG) then you may also receive a stamp duty concession.
In this case please discuss the required deposit size with your mortgage broker.
For everyone else a good rule of thumb is to have 25% of the purchase price in savings if you qualify for an 80% loan, 15% if you qualify for a 90% loan and 10% if you qualify for a 95% mortgage.
In most states of Australia you should allow around 5% of the purchase price to go towards government taxes (such as stamp duty), solicitors fees and Lenders Mortgage Insurance (LMI), if applicable. Your deposit or down payment is the difference between the loan amount and the purchase price plus fees and charges.
If you are buying with an Australian Citizen or Permanent Resident and you are eligible for the First Home Owners Grant (FHOG) then you may also receive a stamp duty concession. In this case please discuss the required deposit size with your mortgage broker. In QLD stamp duty is a little lower than other states, whereas in Victoria it is a little higher.
Non-resident borrowers should use a mortgage broker that specialises in this area. This is because most lenders will not consider applications from foreign citizens.
You don't have to wait until you apply for your Permanent Residency before buying a home, and you won't have to pay a cent more in interest than an Australian Citizen! Now you're living here, you are wanting to buy a property and make this beautiful country seem more like home - am I right? Well guess what - you can!
Should I use a Mortgage Broker, or apply directly with a Bank?
Below is a brief outline as to the amount you may be able to borrow:
* 95% of Property Value: If you are in a defacto relationship, or married to an Australian Citizen, New Zealand Citizen or Australian Permanent Resident, then you will be able to obtain a 95% LVR loan from a a couple of specialist financial institutions.
* 80% of Property Value: A number of Financial Institutions are willing to lend up to 80% LVR (Loan to Value Ratio) to those on a Work Visa living in Australia.
Yes, you will need to obtain Federal Investment Review Board (FIRB) approval to purchase a home in Australia; this normally takes no more than 30 days. Which means you can apply for FIRB approval at the same time you apply for a Pre Approval for your Mortgage.
How much can I borrow?
I'm glad you asked. The amount you can borrow while on a 457 visa does depend on your situation, such as your employment history, asset position and marital status.
Yes, you will need to obtain Federal Investment Review Board (FIRB) approval to purchase a home in Australia; this normally takes no more than 30 days. Which means you can apply for FIRB approval at the same time you apply for a Pre Approval for your Mortgage.
Your deposit or down payment is the difference between the loan amount and the purchase price plus fees and charges. In most states of Australia you should allow around 5% of the purchase price to go towards government taxes (such as stamp duty), solicitors fees and Lenders Mortgage Insurance (LMI), if applicable.
In QLD stamp duty is a little lower than other states, whereas in Victoria it is a little higher. If you are buying with an Australian Citizen or Permanent Resident and you are eligible for the First Home Owners Grant (FHOG) then you may also receive a stamp duty concession.
In this case please discuss the required deposit size with your mortgage broker.
For everyone else a good rule of thumb is to have 25% of the purchase price in savings if you qualify for an 80% loan, 15% if you qualify for a 90% loan and 10% if you qualify for a 95% mortgage.
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