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Moving to Australia on a 457 visa home loan - YouTube
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hello this is andrew with Australian
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expat loans and thanks for joining me in
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this video on moving to Australia and
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buying a home with a 457 visa I'd like
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to keep this video relatively short but
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I just like to be able to point out and
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share with you some of the common
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questions that I get asked about buying
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our home in Australia is a temporary
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resident and how much it will cost and
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so forth in terms of how much you will
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need to buy a property it is generally
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accepted that if you're buying a home in
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Australia that as a temporary resident
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on a 457 visa or some of the other
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classes that are accepted you'll require
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require around a 20-percent deposit so
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I've just thought I use an example just
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to make it easy if you're buying a home
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for five hundred thousand dollars in
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Australia as an established home you
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need about twenty percent deposit which
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is around a hundred thousand dollars and
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you should probably calculate another
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five percent so in this example of the
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twenty-five thousand dollars to cover
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stamp duty and legals lender costs etc
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so to make it very easy for yourself if
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you're looking at any type of property
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simply add twenty five percent of the
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purchase price and that's what you
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require so again in this example five
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hundred thousand dollar purchase price
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twenty-five percent is a hundred and
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twenty five thousand that will be
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sufficient to have a deposit and also
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cover your closing costs that would mean
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that a lender in Australia will advance
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you around four hundred thousand dollars
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as a home loan in terms of the procedure
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as a non-resident please be aware that
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there's only going to be a select number
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of major leading lenders that will
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preview finance for you every lender in
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australia's Got different criteria for
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resident and non-resident but if you
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search around you will find lenders that
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will fund you the eighty percent on the
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same terms as a resident so you won't be
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disadvantaged and you will get the same
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type of right and fees etc and
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conditions
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an Australian would living here you just
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need to value the research and find the
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one that will actually accept your
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financial situation and also being on a
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457 visa if you're not sure you know try
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and get in touch with a mortgage broker
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or you'll probably just have to be able
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to ring around all the different lenders
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until you find someone that will
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actually lend you the money I've also
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got to do numbers in terms of funds
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available purchase price how much you
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can afford year so again you need to be
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able to make sure that and understand
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that every different lender has got
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their own policies guidelines criteria
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so although you may speak with one
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lender that will not provide you with
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the money that you're seeking another
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lender may so again you need to be able
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to understand and know which lender will
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firstly provide you with the funds but
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also based on your income and expenses
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will give you the amount that you're
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seeking so again if you're not sure
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speak to professional in the field that
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will guide you there are plenty of
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mortgage brokers around like myself
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there are a few in this country that
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specialize in temporary residents or
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non-residents so seek them out and
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they'll be able to guide you into the
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right direction the other thing that's
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obviously really important to be aware
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of that we in Australia have a
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government agency which is a Foreign
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Investment Review Board also commonly
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referred to as Ferb so if you are a
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person that's on a temp that's a
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temporary Australian here on a 457 visa
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there's a few things you should be aware
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of first of all you can buy established
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or new property but it must be your
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principal place of residency so it must
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be bought as your home you must sell the
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property when you leave Australia unless
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of course you are applying to be a
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permanent resident and you don't need to
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you can't buy new existing so you cannot
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buy property that is established if
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you're not going to live in it so it
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must be for your home if it's an
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established property also be aware that
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if you applying to the Foreign
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Investment Review Board
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it is not the application it's based on
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your personal circumstances but it's
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based on the property you're buying so
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I've just put in here that in the
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contract of sale you need to have
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included that this contract is subject
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to foreign investment approval if such
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approval is not obtained within 40 days
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this contract is terminated and all
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monies deposited will be refunded so the
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procedure here is that if you as a
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temporary resident you can apply and get
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your finance approved if you're then
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looking around and you find a property
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that you'd like to buy you then
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negotiate with the real estate agents
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once you have an offer accepted then you
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need to have that clause stated within
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the contract of sale and you didn't then
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need to make an application to the
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Foreign Investment Review Board now it's
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very simple I'm just going to show you
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hear that that's not the form after this
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part first simply go online and go to
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Wi-Fi I big of a you and you'll see the
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their website you simply click on the
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real estate section such from there
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you've got the resident residential real
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estate I'm told that the how to apply
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tab you can get there either way but
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it's good to be able to read all these
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things so you get a good understanding
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of what's required if you buy an
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established I'm go into second hand and
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how to apply simply click here and as I
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said it it's the same way of getting
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there you'll see here that you can
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either apply by email online fax you can
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post and just come back to the other
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form it's a very simple form it's only
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three pages long another scroll down to
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give you some ideas personal information
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property details and declaration and you
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simply submit it through to the Foreign
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Investment Review Board and the
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applications based on the property once
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you obtain approval that goes to the
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lender as well and you then be able to
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purchase the property so it's not a
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difficult process is just knowing the
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steps that you need to go through
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the next step well you can do everything
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yourself as I've said in this video you
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can call around all the leading lenders
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and find out who will accept your
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financial situation and provide you with
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the loan and also the best deal and go
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through ferb and go through the whole
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procedure or you can engage a mortgage
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professional there as I said lots in
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Australia there are only a few though
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that actually specialize in
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non-residents like our company
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Australian expert loans Comte you so
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feel free to give us a call or contact
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us online we're here to help and if
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you're seeking further information also
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check out our free report on how to
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structure your finances correctly
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especially as a non-resident person has
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lots of great information and there on
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how to make some savings hope you
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enjoyed this video thanks for watching
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and I'll see you inside our next video
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