Guday everyone,
I need advise on how I can start investing on property even I'm a migrant with 457 visa. I already have
enough money for deposit and just not sure what to start. Below is a list of what I'm thinking to do.
– Put up a Trust (Dont know how to)
– Start by making lump sum cash via renovation strategy.
– No idea on financing especially on migrants.
Hi Friend,
if you want to invest, invest, dont think.
jiya
You havent' provided a lot of information but from the information you have provided – you can borrow if you have a 457 Visa. Renovation strategy is good in principle but speak to several investors who have done/do this regularly for specific advise, tips, pitfalls, etc. Which area are you looking to buy?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks for the replies,
@The Financeshop, I'm looking to invest in suburbs down in Perth, I'm still working on my feasibility and now focusing
on finance. Are you from a finance company? I really need some more info regarding financing stuffs, can you give me
more details on how things work regarding borrowing, interest rates, etc. here's my email, [email protected].
Cheers
Jayr as has been mentioned borrowing on a 457 Visa can be done and in fact just settled a loan for a forum member on the same only last week.
Interest rates are the same as normal so at the moment you are looking at around 6.00% variable although as i have started in another forum post fixed rates are starting to fall.
Maximum borrowing will be depend on a couple of factors but all in all with a saved deposit certainly possible.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi jayr_gwaps
For potential home owners or investors who are on a 457 VISA there are some good options for you as per the above posts there are competitive rates out there. 457 VISA applicants we regard as excellent clients as they are sponsored from overseas to Australia by a employer usually with a skill set which is in demand there is usually a fast track process into becoming PR once you have been in Australia for 2 years. A lot of people in the engineering, IT or medico field.
There are two major banks in Australia who will assist with up to a 90% lend for applicants who are in their first 3 years of their 4 year visa. You will need to obtain FIRB approval as well which is quite simple and done online.
This helps when you have funds overseas which you do not want to bring into Australia due to the high exchange rate. Main thing you need to come up with is 10% deposit + Lenders Mortgage Insurance + Stamp Duty for the purchase of your property.
You are able to setup a trust for this purchase by speaking with your accountant, the type of trust is best discussed with them to suit your ideal situation. A lot of people in the Medico field have a trust setup even if they are on a 457 Visa status.
Thanks everyone for the inputs, very much appreciated!
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