Are you on a 457 work visa or have Permanent residency and not sure how this affects you?
Good news – you are able to buy a house in Australia!
Permanent residents are treated the same as Australian citizens so there are no restrictions and you can claim the First Home Owners Grant which is not available for 457 Visa Holders.
If you are currently working on a 457 work visa, there are some restrictions you will need to work through. Here are the main points:
If you are a 457 visa holder you will also need to get approval from the Foreign Investment Review Board (FIRB) before purchasing either an established or new dwelling. These applications are quite straightforward and easy to go through. If you are going to be buying an established dwelling through auction you may need to seek approval to bid at each auction you attend. Laws have recently been changed in regards to FIRB approvals however it may still be required for your situation. If you are buying with a spouse or partner who is a Citizen or permanent resident, then you will not need approval. You can check this at: http://firb.gov.au/
NAB (National Australia Bank) has a Health Division specialising in the needs of Medical Professionals. We have a contact in the Health Division, Cathy Williams who specialises in assisting doctors from overseas obtain bank accounts, credit cards and working through the home loan application process.
Please feel free to contact Cathy to discuss all of your banking needs on +61 467 706 879 or via email at firstname.lastname@example.org
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