A work visa for Australia is sufficient for you work in an Australian firm but if
you are looking for a 457 visa mortgage for real estate investment then you need to do some research. Your residency status will not allow you to become a real estate owner without Foreign Investment Review Board but you can buy a home once you obtain the approval.
Banks and financial institutions are normally willing to go up to an 80% loan to value ratio (LVR) to non residents depending on their conditions. You can get 80% LVR in a hassle free manner and those who are married to Australian citizens could expect to go up 97% LVR, if they fulfill certain conditions like proving Genuine Savings in an Australian bank and they have been with their employer for more than one year.
Getting a 457 visa mortgage can be a difficult job for temporary residents because banks normally have strict policies. They wont consider your application, if you go on your own. You need help. A reliable mortgage broker could provide real help and the good thing is that the broker wont charge for the financial service. He/she will search for a lender and also make sure that you get approval as early as possible.
An interesting fact is that there are a number of banks from where you can apply for home loans on attractive rate and also provide a wide range of features and benefits. The problem is that you dont know which lenders are sympathetic to 457 visa mortgage applications. A migrant mortgage broker can assist and provide valuable information during the whole process.
Getting FIRB approval is essential and normally takes a maximum of 30 days, this is another aspect a migrant mortgage manager can assist with.. The broker can prepare the papers, access the lenders and secure a 457 visa mortgage for you.
There are many financial companies that help real estate investors in finding the best lenders. You can find a reliable company by doing a little research on the web. See the assistance of a broker that has done enough work on the 457 visa mortgage and can also make sure that the broker has comprehensive knowledge of the rules governing the temporary residents home loans. One thing you need to keep in mind is that a non-resident should seek the services of a qualified broker that has experience of the whole 457 visa mortgage process.