Can 457 visa holders buy a house?

Hi there,

I am currently in Australia on a 457 work visa. I am looking at buying a house but am unsure if I will be able to.

Due to a work agreement, I have all my expenses paid for including accommodation; so I am looking to purchase an investment that can pay itself off.

My job is very stable. I have a been with my same company for 4 years and am able to have my 457 visa re-approved with the same company again.

What I would like to know:
Are 457 visa mortgages available?
How do I go about getting a mortgage on a 457 visa?
How much deposit will I need?

Thanks for your help!

[Otto Dargan]

Hi Mochi,

We are able to help those looking for a loan while on a 457 visa. Our 457 visa home loan page will help you to get a better understanding of buying a property in Australia.

Buying a house on a a 457 visa in Australia is a lot easier than you think! Most banks will not accept those who are on 457 visa for a home loan, or if they do they will only lend a maximum of 80% of the property value. Some banks are more restrictive than others because they see temporary residents such as 457 visa holders as non residents as well.

However with our help you will be able to borrow up to 90% of the property value! This is because we have made special agreements with certain banks to lend more than they usually would. This is exclusive to our company and not available through the banks directly or through other mortgage brokers.

In your situation a minimum 10% deposit will be required to complete your purchase. For example if you are buying a $300,000 you will need a $30,000 deposit.

Note that in Australia banks have a fee called lenders mortgage insurance or LMI. This fee is a one off fee paid by the borrower to insurance high risk loans. High risk loans are usually catagorised as loans over 80% loan to value ratio or borrowers who have impaired credit history.

Hi Otto,

Thank you so much for your information! I am glad to know I can get a morgage on a 457 visa.

Cheers.

Moochi