does anyone know about mortgages/visas??

[the fishers]

Hi everyone,

can anyone please tell us anything about visas/mortgages in South Australia. What we want to know is can we buy a "second hand" home with a business visa? If so, can we borrow 100% of the mortgage?

Unfortunately we rent here so we won't have much money if any at all :sad:so would need 100% mortgage and i'm sure i heard somewhere that you'd need a permanent residency visa to buy a second hand home, whereas the business visa you can buy new home/land packages but would need 20% deposit. Is this true?????????????

if anyone knows the answers to this great, please let us know so we can decide on what visa to get,:arghh:


many thanks
Hamish and Heidi

[soggy]

Hi everyone,

can anyone please tell us anything about visas/mortgages in South Australia. What we want to know is can we buy a "second hand" home with a business visa? If so, can we borrow 100% of the mortgage?

Unfortunately we rent here so we won't have much money if any at all :sad:so would need 100% mortgage and i'm sure i heard somewhere that you'd need a permanent residency visa to buy a second hand home, whereas the business visa you can buy new home/land packages but would need 20% deposit. Is this
true?????????????
if anyone knows the answers to this great, please let us know so we can decide on what visa to get,:arghh:


many thanks
Hamish and Heidi

Hi, the difference is whether your visa is temp of permanent, it it is temp you will need to get FIRB approval to buy a home, this will not be a problem, if it is to live in you can buy a new or old house, if it is for investment it must be new, if you are on a permanent visa you can do what you want.
If you are on a permanent visa you can get a 100% mortgage, subject to status, if you are on a temp visa some lenders only offer 60% some will lend more, one PIA member has got a 80% mortgage on a temp visa.
If you are in employment now you maybe able to get a mortgage based on your UK income now, but this will still be 80%.
If you are on a temp visa and can't get a 20% minimum deposit together you may have to rent here untill you become permanent, once your established it may be worth talking to banks and other lenders as they will look at things on a individual basis.
Are you going to be starting are buying a business in Adelaide ?

Simon

[the fishers]

HI,
Thanks for your quick reply..... very useful information !
Still not sure what to do for the best, scared to leave buying a house too long incase they rise too much in price then we might not be able to afford one!
Perm or temp??? that is the question xxxxx:wacko:

[cribber]

Hi,

Everything Simon says is correct from our experience.
We're here on a Temp Business visa and we've just arranged an 80% mortgage through the Commonwealth Bank on their wealth package.
We're just waiting to hear back about FIRB approval.

Paul.

[Roo1]

Drop this guy a line

greg@masonmanagement.com

he's on the ball about these things. :cute:Check out his website too if you like

www.masonmanagement.com.au (http://www.masonmanagement.com.au)

Judi x