An Australian 457 visa holder can search for a friendly lender by doing a little research. There are lenders that are ready to provide home loans to temporary residents and your job is to locate these sympathetic lenders.
Could an Australian 457 visa holder buy a property? A temporary resident can become a homeowner only after obtaining FIRB approval. FIRB stands for Federal Investment Review Board and that is a government body. It looks into the housing requirements of people staying in Australia on temporary visas. The board takes a maximum of 30 days in approving a case. One has to wait for the approval because it is only after obtaining approval, one can finalize their purchase.
A home loan is normally required for buying property and a temporary resident can apply for a home loan but they will also need to apply for their FIRB approval. It is easy to apply for the approval and there are low chances of the board turning down an application. Everything seems easy except borrowing the home loan. Banks and financial institutions avoid lending money to temporary residents as each lender has their own policies.
Availability of many banks and financial institutions should be a matter of joy for temporary residents as one could take the opportunity to shop around and get a quick home loan approval at competitive rates.It is true that many lenders avoid dealing with temporary residents but it is also true that there are lenders that have special policies for these applicants.
An Australian 457 visa holder can search for a friendly lender by doing a little research. There are lenders that are ready to provide quick home loans to temporary residents and your job is to locate such friendly lenders. A temporary visa holder can get up to 90% of the value of the property if he is working in a professional field. There are some conditions that a non-resident needs to meet to get this amount.
Generally a non-resident can easily get up a 80% LVR but he should try to get the maximum loan possible.
Many things go in the favor of Australian 457 visa holders, who want to make real estate investments. They might face complications but the complications could be solved by doing some research and finding a 457 visa mortgage broker. There are mortgage brokers that can help temporary residents in everything from applying for FIRB approval to finding a lender. A broker charges nothing from his clients as he is paid commission by the lenders. Taking help would only simplify the procedure for temporary residents.
Could an Australian 457 visa holder buy a property? A temporary resident can become a homeowner only after obtaining FIRB approval. FIRB stands for Federal Investment Review Board and that is a government body. It looks into the housing requirements of people staying in Australia on temporary visas. The board takes a maximum of 30 days in approving a case. One has to wait for the approval because it is only after obtaining approval, one can finalize their purchase.
A home loan is normally required for buying property and a temporary resident can apply for a home loan but they will also need to apply for their FIRB approval. It is easy to apply for the approval and there are low chances of the board turning down an application. Everything seems easy except borrowing the home loan. Banks and financial institutions avoid lending money to temporary residents as each lender has their own policies.
Availability of many banks and financial institutions should be a matter of joy for temporary residents as one could take the opportunity to shop around and get a quick home loan approval at competitive rates.It is true that many lenders avoid dealing with temporary residents but it is also true that there are lenders that have special policies for these applicants.
An Australian 457 visa holder can search for a friendly lender by doing a little research. There are lenders that are ready to provide quick home loans to temporary residents and your job is to locate such friendly lenders. A temporary visa holder can get up to 90% of the value of the property if he is working in a professional field. There are some conditions that a non-resident needs to meet to get this amount.
Generally a non-resident can easily get up a 80% LVR but he should try to get the maximum loan possible.
Many things go in the favor of Australian 457 visa holders, who want to make real estate investments. They might face complications but the complications could be solved by doing some research and finding a 457 visa mortgage broker. There are mortgage brokers that can help temporary residents in everything from applying for FIRB approval to finding a lender. A broker charges nothing from his clients as he is paid commission by the lenders. Taking help would only simplify the procedure for temporary residents.