Help - need opinion on visa and loan

A friend of mine is having some troubles - thought that someone in this forum might be able provide some directions to take.

Her email:

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We came to Australia in Jan 2011 - I was granted 457 visa in March 2011 and it is due to expire Mar 2015.

Despite having been told by my current employer we can apply for PR visa the ENS 186 Direct Entry route they have since reneged and are now saying we can only apply down the ENS route via the transitional route so I have to wait another 16 months to apply (as you have to be with your employer 2 years)

We wanted PR so we could look to take out a loan to help renovate a property my father owns in the UK from commercial to flats. My father cannot fund this himself and is dire need to help - as we are on a 457 Aussie lenders will only lend us for the length of the visa and as we need $40k to invest this is not possible to pay back over 16 months, it will mean repayments of over $2500!! We are confident the flats will sell as the commercial market is none existent in the UK and the property is wasting money as is. Failure to help my father could result in his bankruptcy and we are keen to help especially knowing similar flats in the area are selling and we would make a good return in a matter of 9 months.

Ideally we would like to gain PR down another route but research has suggested we are not eligible on my husbands skills assessment even though he is in OH&S and this is on the skills list. The problem would be his degree is from the US but recognized as a degree for his employment but possibly not by immigration. His work will not lodge through ENS so we are looking at other options.

Can anybody help?

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even if they were PR, they cant borrow against an overseas security in another persons name.

Best bet is to try and find a JV partner in the UK.
 
even if they were PR, they cant borrow against an overseas security in another persons name.

Best bet is to try and find a JV partner in the UK.

I was thinking that they want to do personal loan? AS bank only lend for the length of the PR
 
even if they were PR, they cant borrow against an overseas security in another persons name.

Best bet is to try and find a JV partner in the UK.

Or get a loan in the country they originated from.

If they have assets/RE there and an income here it shouldn't be a problem.

A bit like lending to expats.
 
The asset is owned by her dad (currently not working)
And she said bank there won't led since she has no tax return, hence no income to service it there

I was thinking if she can prolong her visa, or get PR instead
 
I was thinking if she can prolong her visa, or get PR instead

Even if she brought the PR forward would the bank lend that kind of money without security??

Like tobe said, the property is in the UK under someone elses name.

If they are forced to sell the property as is, it may be worth selling it with council approved plans for a flats conversion.
 
its going to be dificult to get a personal loan more than 20 or 30k. Would that be enough to transform the dads property? Doubt it.

Dad is better off approaching jv partners in the uk. Or saving the money for these renovations, or simply selling.
 
its going to be dificult to get a personal loan more than 20 or 30k. Would that be enough to transform the dads property? Doubt it.

Dad is better off approaching jv partners in the uk. Or saving the money for these renovations, or simply selling.

They have put it in market for 2 years apparently :-/ she said people are not looking for commercial prop there. And bank already freeze the loan, so worst case scenario, bank will sell it at his lost and he doesn't have income to pay for the rest
 
Financial advice

A lot of people are providing financial advice - which needs a lot more information and detail - there is a strict law in place - penalty of jail term and $230k fine ....
 
They have put it in market for 2 years apparently :-/ she said people are not looking for commercial prop there. And bank already freeze the loan, so worst case scenario, bank will sell it at his lost and he doesn't have income to pay for the rest

It sounds like the opportunity for a reno has well passed.
 
She is quite confident that the property can be changed into residential - but it needs some fundings to do. His dad is an electrician, so he will do most work to keep the cost down.

On the side note, anyone know whether a UK citizen with UK passport can take IELTS to increase their points (to meet 60 pointsindependent permanent resident applications)
 
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