Visa subclass 457 - buying a house?

[bebe]

Hello,
My understanding that with a subclass 457 visa, I must apply to the government for permission to buy a home... I'll be moving to Brisbane in June & would like to know how long I have to wait until I can apply, as well as how long it takes to get the application approved?

What's the housing market like in Brisbane? Are values increasing/decreasing/stable?

Thanks for your help!

[kaz101]

Hi Bebe,

When you say apply to the government do you mean FIRB? You can find their application page at FIRB: How to Apply but it doesn't say how long it takes.

I've always had property pre-approved before I bought it as an investor so I can't help you with this one.

There are several people here who live around Brisbane and they may be able to help with the house prices (or check out the property links in the "Please read.." post).

Regards,
Karen

[RichardK]

I'm a mortgage broker - I did a FIRB app last month - we got FIRB approval on same day as applying.

Banks will loan maximum 80% LVR for FIRB applicants.

The Brisbane market as a whole is at the top of the price cycle. There are some areas still growing, others starting to drop slightly. I can list stats & sales reports for specific suburbs - tell me what suburbs you are looking at.