I jointly purchased my house with my wife in 2007 and also jointly enterred the mortgage. I'm pretty sure I was a temporary resident at the time while my wife was a citizen. I would have had a local driver's license.
I'm pretty sure the residency question only played a part because my wife had to produce her citizenship certificate to get the first home buyers grant and i remember i didnt qualify for the grant on my own.
The bank wouldn't have lent to my wife on her own and i made no effort to hide my residency status.
A lot of checks on applicants are done without the applicant necessarily being aware of it. Credit checks have past work history and past domicile history for a start. What sort of a history would a non-resident have? Do you think that a lack of history for a 40 year old might raise a few questions?
Any expressed market opinion is my own and is not to be taken as financial advice
It beats me what gunna is talking about. Certainly he didn't address the issue.
I was under the impression that 'Barista' was James (Gunnamatta) posting over here. I'd also thought, for a time, that 'Don't Buy Now' was the real Collyer, although it became clear it wasn't when the fringe lunatic impersonating him ended every sentence with an exclamation mark.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
I was under the impression that 'Barista' was James (Gunnamatta) posting over here. I'd also thought, for a time, that 'Don't Buy Now' was the real Collyer, although it became clear it wasn't when the fringe lunatic impersonating him ended every sentence with an exclamation mark.
I did tell you.
Any expressed market opinion is my own and is not to be taken as financial advice
A lot of checks on applicants are done without the applicant necessarily being aware of it. Credit checks have past work history and past domicile history for a start. What sort of a history would a non-resident have? Do you think that a lack of history for a 40 year old might raise a few questions?
But the point is that I wasn't a permanent at the time and, although the bank would have required my income to be included as part of the application, they weren't particularly worried about my residency status.
But the point is that I wasn't a permanent at the time and, although the bank would have required my income to be included as part of the application, they weren't particularly worried about my residency status.
As the spouse of an Australian citizen it's quite easy to obtain citizenship or permanent residency, but it's not guaranteed.
I can only assume the bank staff erred, but who knows.
The FIRB requirement shouldn't have been an issue as your other half had citizenship.
Hard to say. They obviously made a decision that they considered appropriate at the time.
Any expressed market opinion is my own and is not to be taken as financial advice
C’mon Aussie! Full retard! House prices to the moon! Don’t hold back now! You can do it, you little beauty!
Take every non-housing asset you’ve got, and borrow against it to invest in MORE HOUSING! Diversification is for wimps!
You can’t lose! House prices never drop! Betting the entire nation’s future on an unproductive asset class is a guarantee of riches and general prosperity forever!
Seriously, I’m quite enjoying this. I hope they bring it in. Australia has become a sad farce!
Maybe if the conveyencer were a solicitor. In general my conveyancers have not been solicitors though. They are hacks who are good at getting documents processed and getting searches done.
Its quite simple really. The FIRB does not really review anything. You either meet their criteria or you don't. There is absolutely no exercise of discretion. You talk to your client if its clear he doesn't meet the criteria for approval you caution him accordingly write a file note which he signs as accepting your advice or send him a letter advising of FIRB requirements and advise that he may wish to personally make further enquiries with FIRB. If he still wants to proceed it is on his head. Having said that I never found any case law where someone without FIRB approval was forced to sell at any time after purchasing.
Its quite simple really. The FIRB does not really review anything. You either meet their criteria or you don't. There is absolutely no exercise of discretion. You talk to your client if its clear he doesn't meet the criteria for approval you caution him accordingly write a file note which he signs as accepting your advice or send him a letter advising of FIRB requirements and advise that he may wish to personally make further enquiries with FIRB. If he still wants to proceed it is on his head. Having said that I never found any case law where someone without FIRB approval was forced to sell at any time after purchasing.
I haven't heard about it either, and to tell the truth I am not sure a conveyancer has any duty of care to even think about FIRB.
I have heard of immigrants who were required to live outside of capital cities being forced to sell when they bought and lived inside a capital city though, so It would not surprise me if people who bought existing properties without FIRB approval have been forced to sell. There is unlikely to be any case law created, because I doubt it would go to court unless the buyer was a nutter.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Does this mean Gunna was right and someone copies his posts over to here? I thought he was an ageing anarchist Putin loving nutter with an attitude and drug problem. Now I am wondering if people here are imposters.
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