I’m new to this forum and was hoping for some advise / assist with my query. I’m in Australia on a 4-year 457 Business Visa, work full time, have a salary of $150k+, have a property back in the UK with tenatns leased up for the next 2-years, have 80% LTV for a Aus property circa $350k.
Can I apply for a loan on my 457 Visa?
Thanks in advance.
Cheers
Mike
Hi Mike,
I’m currently on a student visa which will soon become a temporary resident type visa while I apply for full PR. I recently asked ANZ if I’m able to apply for a mortgage or large personal loan but they said I’d have to wait until I achieve full residency status before they would even consider it.
You may be in a much better position with your business visa, decent wage and already owning an IP so it would be worth setting up a meeting with your banks financial advisor to find out what they’re able to do for you.
I have 3 friends on the same visa but 2 of them lost their jobs due to cutbacks and had to leave Aus so I think this type of unforeseeable circumstance highly affects the banks decision to loan to non-residents.
If the banks say no, there’s always other companies that may be more willing to help you out but of course this usually comes at more of cost to you.
Let me know how you go either way.Regards,
Derekhi mike
i know someone who is on a similar visa and has got a loan for his home. so i think it is possible, i will ask him and confirm
regardsDerek,
Thanks for your response. I'll move this forward over the next couple of weeks. Where are you located?
Mike
Here's what you're looking for;
http://www.homeloanexperts.com.au/non-resident-home-loans/work-visa-loan/
Just moved to Kensington, Sydney.
Regards,
DerekDerek,
This is great information, thanks.
I've recently moved to Perth from Darwin.
Cheers
Mike
Hi Dloy,
Thanks for the plug
Lately i have been able to help 457 Visa holders who have been in the country and in work for a week, as long as i get one pay slips we can go up to a 90% lend. This is with competitive rates and with well known Australian banks.
Also if the funds were overseas and were from sales from home then there is no need for genuine savings.
Always here to help.
Mike,
Perhaps a mortgage broker could help you out?
Find a good one to give you good advice about getting a loan in Australia.
Yes we are doing loans to 90% for 457 Visa holders on a fairly regular basis from our UK Client bank.
Did a loan for a UK forum member only last week.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Strange, was only looking at this thread this morning to see if the OP had followed up with an outcome.
What are the chances like for someone like myself on a 485 visa? Is 90% still a possibility?
Hank, I've always read that the minimum amount of time you should be in a job before applying for a mortgage is at least 6 months. How did you manage to work off just the one pay slip?!
Hi Dloy
Would need to now about the rest of the application but initially a 90% lvr maybe possible on a 485 visa.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard, it's quite a relief to know that it's possible as I was unable to apply for the 457 as originally planned.
I'll be looking for a mining job for the cash (along with half the country by the sounds of it!) pretty soon so should be able to obtain at least a $70k+ wage and already have some cash for deposits. No debt or credit cards either.
I will contact you once I actually have the job and see what is possible at that time.
Kind regards,
Derek
Hi
For potential home owners or investors who are on a 457 or 485 VISA there are some good options for you as per the above posts there are competitive rates out there. 457 VISA applicants we regard as excellent clients as they are sponsored from overseas to Australia by a employer usually with a skill set which is in demand there is usually a fast track process into becoming PR once you have been in Australia for 2 years. A lot of people in the engineering, IT or medico field.
There are two major banks in Australia who will assist with up to a 90% lend for applicants who are in their first 3 years of their 4 year visa. You will need to obtain FIRB approval as well which is quite simple and done online.
This helps when you have funds overseas which you do not want to bring into Australia due to the high exchange rate. Main thing you need to come up with is 10% deposit + Lenders Mortgage Insurance + Stamp Duty for the purchase of your property.
There are actually more than 2 lenders who take applications from purchasers on a 457 Visa and 1 that will allow the LMI to be capitalised.
FIRB may limit the type of property you can buy but then at least it is a foot in the market.
I return to the UK every year and usually do a talk or two at the Britishexpats.co.uk forum.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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