Can I Buy A House In Australia On A 457 Visa?

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alexjong
Posts: 60
Joined: Wed Jun 17, 2009 5:21 pm

Can I Buy A House In Australia On A 457 Visa?

Post by alexjong »

Hey there,

My name is Alex and I am currently living and working in Australia on a 457 Work Visa. I am employed as a Heavy Vehicle Mechanic. I am two years into my 4 year 457 visa and have applied for Permanent Residency in Australia.

I am single and currently renting a house through a real estate agent in Sydney (Dee Why). I am sick of wasting money renting and want to purchase a house in the Sydney region.

I am after some general information in regards to whether I would be eligible for a home loan in Australia. I also want some advice on what kinds of policies banks have in relation to getting a mortgage on a 457 Visa.

Any information you can provide me would be appreciated.

Have a nice day,

Alex Jong

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Can I Buy A House In Australia On A 457 Visa?

Post by Otto Dargan »

Hi Alex,

I can confirm that most people on a 457 Work Visa are eligible for a Home Loan in Australia. Your application for permanent residency also helps build a stronger case to the banks.

Those on 457 Visa’s that have a formal spouse of Australian citizenship are eligible for a standard 95% loan. Unfortunately applying on your own, you would only be entitled to an 80% LVR (Lenders Mortgage Insurance) lend from most lenders that accept 457 Visa applicants.

The basic requirements to start your home loan application with the banks would be:
  • Evidence of your employment and income.
  • Evidence of your deposit/savings. This should show the bank you have genuine savings.
  • Evidence of any other debt e.g. a credit card or personal loan.
  • A copy of your Visa approval.
  • Identification (Usually just a passport).
We can lend you up to 90% of the property value. With this offer you will only require a 10% deposit plus Stamp Duty funds as well as other general costs e.g. solicitor fees and loan set up fees. This is not available through the banks directly or through other mortgage brokers, this has come from special agreement we have with specific lenders.

For more information about 457 visa and our 90% lend offer please click here.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

alexjong
Posts: 60
Joined: Wed Jun 17, 2009 5:21 pm

Re: Can I Buy A House In Australia On A 457 Visa?

Post by alexjong »

Hey,

Thank you for getting back to me.

The pages you have linked were very useful in answering some of the questions I had. Your information was a great help as well.

I have 70k AU savings from a sale of the house I had in Germany before I moved to Australia. I am looking to buy a property in the Sydney metro area with a purchase price of roughly 400k. Would my deposit be sufficient? With the funds coming from a sale of an asset would my deposit be considered genuine savings?

Cheers,

Alex Jong

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Can I Buy A House In Australia On A 457 Visa?

Post by Otto Dargan »

Hi Akex,

For a 90% lend on a property of 400k your deposit should suffice.

Most lenders are happy to accept a deposit that has come from a sale of another asset as Genuine Savings.

With the above information you should qualify for a loan with one of our lenders who accepts 457 Visa loans. If you would like to discuss your enquiry any further please feel free to Enquire Online with us and a mortgage broker will get back to you.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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Otto Dargan
Mortgage Specialist
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Re: Can I Buy A House In Australia On A 457 Visa?

Post by Otto Dargan »

Hi Alex, you may not know this but there has been some changes in the policy regarding home loans for 457 visa holders. Now you may even be able to borrow up to 95% of the property price!

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

benty
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Joined: Thu Dec 25, 2014 4:31 pm
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Re: Can I Buy A House In Australia On A 457 Visa?

Post by benty »

Hi Otto Dargan,My native is india...I like to shift Australia.It's possible to buy house in Australia ????I am waiting for your reply..Keep in touch with us..Thanks for your information :D

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Otto Dargan
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Location: Sydney, Australia
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Re: Can I Buy A House In Australia On A 457 Visa?

Post by Otto Dargan »

Hi benty,

It is not clear from your post whether you are currently in Australia or not. If you are a temporary resident in Australia then you may be able to buy a new or an old house in Australia. It is possible for you to borrow up to 90% of the property value if you meet the standard lending criteria.

However, if you do not have a visa then you may be allowed to buy only a new piece of property as a foreign investor. You cannot buy a house where someone has lived before.

In both cases, you would need FIRB approval from the government. This is because the government monitors all property investment from foreigners to ensure that the investment is not against the national interests of Australia. Getting this approval is a short and simple process that takes about two weeks. The majority of FIRB approval applications are approved by the government.

If you would like more help with buying a house then you can call us on 1300 889 743 (+61 2 8668 2257 for callers outside Australia) or fill out our free assessment form to discuss your situation in detail.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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