buying a property in Adelaide

[Guest barry family]

We have a 489 Visa and I would like to know would we be allowed to buy a property as soon as we get to Oz or will we have to rent?

 

Thanks

Amanda

[Bal67]

Amanda, we too are coming to Adelaide on a 489 visa and we fly out on Sunday and we too would like to know the answer to this question as we have sold our house here and would like to buy ASAP in Adelaide as renting is dead money as far as I am concerned, but not sure if we can on a 489 visa too.

 

When are you planning on coming out?

 

Bal

[Guest Claire-n-tel]

Morning Ladies!....

 

Ok temp residents can get mortgages there are rule about it though, i dont know the ins and outs but i know it has to be approved by the foreign investment review board, you generally have to been in permanent employement for last 6 months (or 3 months?) mortgages here are calculated on you disposable income not on your salary. There is more but i'm sure someone more in the know will tell you soon!

[Bal67]

Thanks Claire, hope your well and will have to investigate further when we get there I think!!

 

catch up with you soon.

 

Bal

x

[byrash]

Hello,

 

I live in Adelaide on the same Visa and fortunately, I just had the discussion with comm bank Loan lender yesterday night.

 

May be my experience helps you

 

1) Comm bank does not have 489 in their list of visas for Home loan (I have my colleague who got loan with 489 from home side (nab)). Of course the lender said he will check on it once again. Iam very much positive that other banks provides that.

 

2) We will not be eligible for First home loan grants (http://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners). If you buy another home when you become PR then you can avail First home loan grant if you buy another property(Provided if Gov provides that at that time).

 

3) Amount of loan we get also varies as we are temporary residents. i.e we need to have 20% funds + fees. Banks can offer at most 80%

 

4) As loan is possible with some banks, and if you are okay with funds then you have to get your FIRB approval letter (http://www.firb.gov.au/content/default.asp) . My colleague said we can apply for that for free and will get in nearly 3 weeks.

 

Good luck

[Andrew from Vista Financial]

Good morning

 

It has been covered quite well but just to clarify.

 

Generally temporary residents are able to buy newly built property and if they are going to be using it as their main place of residence then established is also allowable.

 

For these situations FIRB permission is required and if the property is to be used for the main residence it is really just a formality. The last few times we have arranged mortgages for temp residents FIRB approval has come through in less than a week!

 

In relation to mortgages most banks/lenders will lend to temporary residents however CBA (Commonwealth) ceased lending to certain temporary resident visa holders a few years ago.

 

Generally banks/lenders will lend up to 80% of the property value however there are a number of lenders now that can lend up to 90% for temporary residents in certain cases.

 

To obtain a mortgage there is no set time that you have to be in employment here in Adelaide, it will depend on your employment history and if you have been in the same occupation/industry for a number of years and secure employment in the same occupation/industry in Australia it may be possible to secure a mortgage almost immediately.

 

Hope this helps.

 

Regards

 

Andy

[Bal67]

Thanks Andrew for all the information we will be getting in touch with you as soon as we are ready to buy, hopefully within next few months.

 

Bal

[Guest barry family]

Hi thanks for the reply`s everyone

 

When we come over we will be able to buy our property without a mortgage

So with that said would I be correct in thinking we would be able to buy a property?

 

Hi Bal67 you must be exited to fly out on Sunday. We have just accepted an offer on our house and we were hoping to fly over May but my husband might need an operation on his back and we will not find out until may 19th. If he does we will be coming over Sept/Oct if he does not it will be May.

 

Where about are you going? have you got a short rental sorted for you getting there?

 

We were last over in October 2013 and we liked a lot of areas so have not pin pointed exactly where we want to be.

 

We have 2 boy`s aged 12 & 13 and need to find an area with a good school for them.

We liked Flagstaff Hill, Glenelg, Hallet Cove, Murino, Aberfoyle Park, Semaphore Park, Port Norlunga, West Lakes.

 

Good luck with you move, would love to know how you get on. xx

[Andrew from Vista Financial]

Hi barry family

 

As above.

 

Generally temporary residents are able to buy newly built property and if they are going to be using it as their main place of residence then established (property) is also allowable.

 

For these situations FIRB permission is required and if the property is to be used for the main residence it is really just a formality.

Edited April 10, 2014 by Andrew from Vista Financial