Guest AndyJo

buying a house in Adelaide

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    Guest AndyJo

    Hi guys we are in the process of hopefully moving to Adelaide from the uk and was looking for some advise on buying a property in Oz. We are going on a state sponsership visa, and was hoping to rent for the first 6 months to a year and then buy. However a friend of my mother has told us she thought you could not buy a place until you have lived in Oz for 2 years, Is this true?

    Also does anyone know how easy it is to get a mortgage in Oz, we would be looking at putting down about 50 thousand (uk pound) as a deposit and was looking at places around the 400 to 450 thousand Australia dollors. Thanks for you help. Andy and Jo:unsure:

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    Guest kellyp

    Hi

     

    Unless things have changed in the last couple of years then you can buy whenever you want. We were temporary residents (had to get FIRB approval, paperwork that's all) and bought after 7 months of being here. With regards to the mortgage we had no problem either, however, they may now be more careful of what they lend due to the current financial concerns.

     

    Hope that helps.

     

    Kelly

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    No longer need FIRB approval for buying, and mortgage should be fine depending on work, if not PR then some lenders only do 80% mortgage, some do up to 90%.

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    Hi

     

    Obtaining a mortgage is not usually an issue. As mentioned above if you are a temp resident then usually only 80% lending will apply although 1 or 2 lenders may go higher.

     

    If you are Perm then you can borrow up to around 95%. You could also be entitled to the First Home Owner Grant which at the moment has been boosted until the end of September where they are reduced back slightly until the end of December. Then they are reduced back to usual $7,000.

    There is also the bonus grant of $4,000 if the property is under $400,000. The bonus grant reduces on a sliding scale up to property value of $450,000.

     

    In terms of how easy it is to get a mortgage, if you get a job here in Australia and you have been employed in that same industry/occupation for several years then this should be fine. If however you start a job here in a new industry/occupation then you will usually have to wait at least 3 months or until the probation period has ended.

     

    Andy

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    Guest Obedoh

    Are the First Time Owners Grant and Bonus Grants permanent ones. Are they available to people on Provisional or just PR.

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    Guest guest3462

    you can only get any financial bonuses from the government if you are permentant residents. We are on 457 visa and we're entitled to nothing!

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    you can only get any financial bonuses from the government if you are permentant residents. We are on 457 visa and we're entitled to nothing!

     

    This is correct. However, if you build or buy, and then become PR within 12 months, you are entitled to claim the grant, and it ia the amount that was applicable at the time of purchase. We are building our house, and signed the contract last November, the building has started, and we have 12 months from the final date of completion to obtain our PR and claim the $25,000 grant. I found this out by calling revenue SA who have all the details regarding it.

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    You can apply retrospectively for the first time buyers grant..............up to a year after buying the house, if you have applied for pr, or are in the process.

    Ask at the loan provider for information.

    You can buy a house on a temp visa, as long as you have more than 12 months left on the original approval; Firb approval isnt needed now with this restriction!

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    Guest AndyJo

    Thanks for the help everyone. Myself and Jo was slightly concerned about not actually being able to invested in a property. We both know having that kind of money in a bank will end up with it quickly being spent and we would never be able to replace it. Andy and Jo

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    Guest AndyJo

    Its also nice to see I wont be the only Andy Williams in Adelaide.

    thanks again Andy, Jo and Taylor Williams

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    Guest the dobsons

    hi just dont be taken in by the pictures of houses on the net as they all look twice as big as they realy are!

    my tip is to look at an object in the backround and you will see what i mean ( like a chair that looks 6 foot wide )

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    Guest redfoxy

    If you can stretch to puttin 40% down you can get a low doc mortgage, which is really easy, they dont even phone your employers ! Its called the Breakfree package at ANZ.

     

    Lyn

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