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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

    Joined:
    19th Jun, 2015
    Posts:
    52
    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
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
    Melbourne, Nationwide
    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.
     
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  3. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Location:
    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.
     
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  4. weejimmy

    weejimmy Well-Known Member

    Joined:
    19th Jun, 2015
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    Location:
    Perth
    Thanks guys
     
  5. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Location:
    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.
     
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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
     
  7. JameZ

    JameZ Active Member

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    18th Jun, 2015
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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.
     
  8. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member Business Member

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    19th Jun, 2015
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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.