Buying property in Australia

BossArky

I'm going to Australia soon on a temporary business long stay visa (subclass 457 - 4 years).

Can I buy a property in Australia with this visa or do I need to be a citizen or have a permanent residency visa?

hussey

you can buy .. but I think you need to go through certain channels.

Mahatma coat

Depends, i you want to buy a shack in the Ouback for about $5K cash, then no bother.

you may find that you run into trouble if you want to buy something that requires a loan or a mortgage tho.

the govt wont be near as much hassle as the banks

ballooba

Why on earth would you want to do something like that? Have you learned nothing from what happened in Ireland?

When a shack of a tram shed is valued at AUD 5,000,000 there is something seriously wrong. Rent a place and let some Aussie sucker investor subsidise your housing to the tune of a few grand a month.

http://www.news.com.au/business/money/story/0,28323,26352439-5013951,00.html
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=5208113

Zambia

BossArky wrote: »

I'm going to Australia soon on a temporary business long stay visa (subclass 457 - 4 years).

Can I buy a property in Australia with this visa or do I need to be a citizen or have a permanent residency visa?

Yes you can, its harder but yes

ballooba

http://www.pomsinoz.com/forum/money-finance/68999-457-visa-buying-house-can-you-restrictions.html

BossArky

Thanks for the info and links.

You're all invited to the house warming :pac:

Traumadoc

Essentially its nearly impossible to buy at auction as you have to apply to Canberra for permission to purchase. Before you go ahead with a purchase.


try www.realestate.com.au

ballooba

Traumadoc wrote: »

Essentially its nearly impossible to buy at auction as you have to apply to Canberra for permission to purchase. Before you go ahead with a purchase.

From the comments on my link it appears that this is no longer the case.

res ipsa

I opened an account with Commonwealth, and am on 457, they told me I could apply for a mortgage up to 1/3rd of after-tax income after 3 months, & I can get up to 95% of purchase price with mortgage insurance or 80% without.

BossArky

res ipsa wrote: »

I opened an account with Commonwealth, and am on 457, they told me I could apply for a mortgage up to 1/3rd of after-tax income after 3 months, & I can get up to 95% of purchase price with mortgage insurance or 80% without.

Good info. Thanks.

Traumadoc

ballooba wrote: »

From the comments on my link it appears that this is no longer the case.

Sorry I did not read them all through, it has changed since I returned to the old sod.

http://www.firb.gov.au/content/Exemptions/exemptions.asp

PhiliousPhogg

res ipsa wrote: »

I opened an account with Commonwealth, and am on 457, they told me I could apply for a mortgage up to 1/3rd of after-tax income after 3 months, & I can get up to 95% of purchase price with mortgage insurance or 80% without.

It's the same with NAB, you'll have no problem getting a morgage with that visa. Try ringing a broker, here's some of the bigger ones:

http://www.aussie.com.au/
http://www.afgonline.com.au/
https://www.mortgagechoice.com.au/default.aspx
http://www.choicehomeloans.com.au/

As far as I know, you should qualify for the first home owners grant too, even if you already own property outside Australia. It's about $7k for a single person.