# 457 visa holder - can i buy a house in Oz?



## wesleynicks (Jun 2, 2012)

Hi everyone,

Can anyone help me out with this one:-

Can people like myself who are on a 457 Visa buy a property here in Australia and be able to get a mortgage even buy an investment property to rent out? Anyyyy

Any advice did

A


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## wesleynicks (Jun 2, 2012)

Sorry, my computer kind of went a bit crazy. What I meant to say was that any advice you can provide me would be much appreciated! It would be great to even hear from anyone who has actually enquirer or done this. 

Thank you!!

Regards

W


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## Guest (Oct 13, 2012)

Yes you can if you can manage to persuade the bank to lend you money. Though many won't or will limit what you can borrow based on the length of your visa.


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## Maz25 (Jul 6, 2008)

Hi there

I think you should shop around and find a good mortgage broker - there are a few of them around who deal with temporary visa holders. Do bear in mind though that your choices of lenders will be limited and the conditions imposed would be a lot more stringent than those imposed on permanent residents and citizens. The first hurdle that you would need to cross is to have a big enough deposit so that you would have a fair bit of equity in the property. 

From the bank's perspective, they need to make sure that if your visa is not renewed for whatever reason, they can recover the mortgage on the house and not be left out of pocket. Even with a hefty deposit, they may force you to take out mortgage insurance and if this is the case, your fate lies in the hands of the insurer - if they reject your application, the bank automatically rejects your mortgage application.

You would also need to have passed your probation already and most likely have a fair few years left on your visa. I guess where they would just check your salary if you were a permanent resident, they probably would be asking your employer a bit more questions, particularly with respect to the stability of your job and their long term plans for you just to make sure that they do not encounter any nasty surprises.

But as I said, speak to a mortgage broker - you need to make sure that you get proper professional advice in such circumstances rather than going on hearsay and people's opinion.
Also, make sure than you speak to a good tax accountant to make sure that you understand the tax implications of owning an investment property.

Best of luck.


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