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Buying property in Australia

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  • 16-11-2009 2:24pm
    #1
    BossArky
    Moderators, Arts Moderators, Recreation & Hobbies Moderators, Sports Moderators Posts: 9,523 Mod ✭✭✭✭


    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?


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    #2
    hussey
    Registered Users Posts: 6,240 ✭✭✭hussey


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


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    #3
    Mahatma coat
    Banned (with Prison Access) Posts: 6,869 ✭✭✭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


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    #4
    ballooba
    Registered Users Posts: 6,315 ✭✭✭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


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    #5
    Zambia
    Closed Accounts Posts: 7,333 ✭✭✭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


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    #6
    ballooba
    Registered Users Posts: 6,315 ✭✭✭ballooba


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


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    #7
    BossArky
    Moderators, Arts Moderators, Recreation & Hobbies Moderators, Sports Moderators Posts: 9,523 Mod ✭✭✭✭BossArky


    Thanks for the info and links.

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


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    #8
    Traumadoc
    Registered Users Posts: 2,523 ✭✭✭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


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    #9
    ballooba
    Registered Users Posts: 6,315 ✭✭✭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.


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    #10
    res ipsa
    Registered Users Posts: 692 ✭✭✭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.


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    #11
    BossArky
    Moderators, Arts Moderators, Recreation & Hobbies Moderators, Sports Moderators Posts: 9,523 Mod ✭✭✭✭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.


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    #12
    Traumadoc
    Registered Users Posts: 2,523 ✭✭✭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


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    #13
    PhiliousPhogg
    Registered Users Posts: 288 ✭✭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.


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