Temporary visa loan

Are you a foreign citizen holding a temporary visa?

Woman on a temporary residence visaThis page is for foreign citizens / temporary residents (TR) who currently hold a temporary visa and are living in Australia.

If you would like to buy a property while living in Australia then this page will help explain the qualifying criteria & how to apply for a home loan.

How much can you borrow?

The amount that you can borrow depends on the type of visa that you are on and the way that the lender that you are applying with views your visa status:

  • 80% of the property value: All temporary visa holders can apply for a mortgage for up to 80% of the property value. In many cases these applications are from international students.
  • 90% of the property value: We know a lender that can consider a loan for up to 90% of the property value, if you have been in your current job for more than 12 months.
  • 95% of the property value: If you are married to an Australian citizen or permanent resident and on a Interdependency Visa (subclass 310/110 and 826/814) or spouse visa / partner visa (subclass 309/100 and 820/801) then you may be able to borrow up to 95% of the property value.

Did you know that mortgage brokers are free to use in Australia? Please call us on 1300 889 743 or enquire online to have an obligation free discussion with one of our mortgage brokers that specialises in lending to temporary residents living in Australia.

Which temporary visas will Australian banks lend to?

The Australian government does not restrict particular visa types from borrowing money, however the Australian banks and other lenders may not approve loans for some temporary residents (TR).

The list below includes visa types that Australian lenders tend to consider as “Australians citizens”. These visa holders may be entitled to borrow up to 95% of the property value:

The below list includes visa types that Australian lenders tend to consider as “non-residents” and will restrict the loan to 80% of the property value unless you are married to an Australian Citizen or have been in your job for 12 months:

  • Temporary Business (Long Stay) – Standard Business Sponsorship (Subclass 457, loans available to 90% of the property value)
  • Working Holiday Visa (Subclass 417)
  • Business Owner (Provisional) Visa (Subclass 160)
  • State or Territory Sponsored Business Owner (Provisional) Visa (Subclass 163)
  • Senior Executive (Provisional) Visa (Subclass 161)
  • State or Territory Sponsored Senior Executive (Provisional) Visa (Subclass 164)
  • Investor (Provisional) Visa (Subclass 162)
  • State or Territory Sponsored Investor (Provisional) Visa (Subclass 165)
  • Business Visitors Visa (Subclass 456)
  • Visiting Academics Visa (Subclass 419)
  • Sport Visa (Subclass 421)
  • Entertainment Visa (Subclass 420)
  • Skilled Exchange Visa (Subclass 411)
  • Film, Media, Actors and Support Staff, Photographers and Journalists Visa (Subclass 423)
  • Emergency Visas (Subclasses 302 & 303)
  • New Zealand Citizen’s Family Members Visa (Subclass 461)
  • Religious Worker Visa (Subclass 428)
  • Special Program Visa (Subclass 416)
  • Medical Treatment Visa
  • Medical Practitioner Visa (Subclass 422, loans available to 90% of the property value)
  • Sponsored Family Visitors Visa (Subclass 679)
  • Special Category Visa (Subclass 444)
  • Contributory Temporary Parent Visa (Subclass 173)
  • Contributory Temporary Aged Parent Visa (Subclass 884)
  • Student Visa (Subclass 572, 573, 574, 575 & 576)
  • Student Guardian Visa (Subclass 580)
  • Holiday and Visiting Visas (Subclass 976)
  • Short Validity Business ETA Visas (Subclass 977)
  • Long Validity Business ETA Visas (Subclass 956)
  • Bridging Visas (A, B, C, D & E)

If you are a temporary resident, please call us on 1300 889 743 or enquire online to find out how much you can borrow.

Spouse visa / Partner visa holders

If you are married to or in a relationship with an Australian citizen, New Zealand citizen or Australian permanent resident then the banks will see you as a lower risk than other visa holders.

As a result, some lenders will assess your mortgage application as if you were an Australian citizen. For more information please see our spouse/partner visa loan page.

Want to apply for a home loan? Please call us on 1300 889 743 or enquire online to discuss how we can help you to get approved!

Student visa holders / International students

Most banks will allow student visa holders to borrow funds to purchase a property in Australia.

However, your ability to get approval for a loan largely depends on whether you have a stable job and a solid income. If you are working, most banks will lend you 80% of the property value.

If you are not working then your parents may be able to purchase the house for you. Please see our student visa holders / international students loan page for more information.

To discuss your situation with one of our mortgage brokers that specialises in student visa loans, please call us on 1300 889 743 or enquire online today!

Is Australian Government approval required?

If you are staying in Australia for less than 12 months than Foreign Investment Review Board (FIRB) approval will be necessary in order to purchase a property. Most people on these types of temporary visa’s buy investment properties.

If you want to buy a home to live in then this may be acceptable as long as you sell the property when you leave Australia. If your apply for permanent residency and stay in Australia indefinitely then you can keep your home.

If you are buying a property with your Australian spouse then FIRB approval will not be required.

Are first home benefits available?

No, as a temporary resident you cannot apply for the first home owners grant and other government benefits.

If you are on a spouse visa / partner visa and are buying with your spouse who is either an Australian citizen or permanent resident then you can qualify for the First Home Owners Grant (FHOG). You must buy the property together as “joint tenants” not as “tenants in common”, please refer to your conveyancer for more information.

Other Australian government benefits such as welfare and medicare (public health cover) are not available to temporary residence visa holders.

Temporary Residents with a foreign income

It is quite common for temporary residents of Australia to have either a business, investment property or pension that provides them with an income from outside of Australia. They often use this income to help them to pay their mortgage in Australia.

Not every lender will accept your foreign income in their assessment! Others will only accept your income if you are an Australian resident for tax purposes and have declared your foreign income on your Australian tax returns.

However, some lenders have a simplified income verification process and can accept foreign tax returns, foreign pension statements or rental income receipts, as evidence of your income. They will usually use 80% of this income in their assessment to allow for exchange rate fluctuations.

Apply for a loan

We are mortgage brokers that specialise in helping people without Australian citizenship, apply for loans in Australia.

If you would like to buy a property in Australia or would like to know more about how we can help then please call us on 1300 889 743 or enquire online.