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Getting a Loan on a 457 visa.

Discussion in 'Property Finance' started by weejimmy, 1st Mar, 2016.

  1. weejimmy

    weejimmy Well-Known Member

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    19th Jun, 2015
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    Location:
    Perth
    Dose anybody know who can lend for a IP while on a 457 visa? ( Work sponserd )
    And is there usually extra requirements.
    Also how high a LVR can you get. 90% lend?
    Thanks
     
    weejimmy, 1st Mar, 2016
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Its' a temporary visa so most lenders would view you as a non-resident. That makes it harder as you'd be in the same category as a foriegn resident.

    I don't see a lot of that type of application, but my understanding is the Westpac group is one of the better ones at 70% LVR.
     
    Peter_Tersteeg, 1st Mar, 2016
    #2
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  3. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Adelaide, SA
    A lot of lenders don't want to touch it at all - but there are some niche lenders such as Homeloans Ltd who will, including up to the traditional LMI territory (though it will be paid through their own fee instead of Genworth/QBE etc). 90% is do-able.
     
    Corey Batt, 1st Mar, 2016
    #3
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  4. weejimmy

    weejimmy Well-Known Member

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    Perth
    Thanks guys
     
    weejimmy, 2nd Mar, 2016
    #4
  5. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Oz
    Often need to do a FIRB application too for temp work visas. They are taking up to 30 days turnaround recently so need a good subject to clause in your contract also.
     
    BuyersAgent, 2nd Mar, 2016
    #5
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    if the 457 has more than 12mths to run,90 is achievable

    ta
    rolf
     
    Rolf Latham, 3rd Mar, 2016
    #6
  7. JameZ

    JameZ Active Member

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    Location:
    Sydney
    ANZ/WBC - over 80% lend/LMI not available to 457 visas UNLESS you fit into their medico policy: can be as niche as physio or chiro.
     
    JameZ, 4th Mar, 2016
    #7
  8. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member

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    Location:
    Melbourne
    One of my clients just got an approval from WBC 85% lend (non-medico), visa 12+months to go.
     
    Mitesh Dedhia, 4th Mar, 2016
    #8