Work Visa loan

Are you on a 457 Visa?

Young businesswoman working in AustraliaThis page is for foreign citizens who currently hold a working visa and are living in Australia, the most common type of application we receive is for people on a 457 visa. If you would like to buy a property while living in Australia then this page will help to explain how to apply for a home loan.

How much can you borrow?

The amount you can borrow depends on your situation, your employment history and your marital status.

  • 80% of the property value: Anyone that is in Australia on a work visa can borrow 80% with select banks that are happy to work with foreign citizens living in Australia.
  • 90% of the property value: Mortgage loans for up to 90% of the property value are available if you have saved part of the deposit yourself in either a savings account, term deposit or shares. These funds can be in Australia or overseas.
  • 95% of the property value: Home loans for up to 95% are only available if you are married to or in a de facto relationship with an Australian Citizen.
  • Medical professionals such as Doctors of Medicine (eg Anaethetist, Dermatologist, Gynaecologist), Dentists, Vets, Chiropractors, Optometrists, Surgeons, Physiotherapists, Radiologists, Osteopaths, Psychiatrists, Radiographers and Pharmacists may be eligible for special loan packages. These loans have additional discounts and waived lenders mortgage insurance.

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 foreign citizens living in Australia.

Is the interest rate higher?

As a foreign citizen residing in Australia on a working visa you will not pay a higher interest rate than people that are Australian citizens. In fact discounts below the Bank Standard Variable (BSV) rate are available if you are borrowing enough to qualify for a professional discount package.

Should I use a mortgage broker?

In Australia mortgage brokers are paid by the lender for introducing loans, so you can take advantage of a wide selection of loans from over 30 lenders without it costing you a cent! We are mortgage brokers that specialise in lending to people living in Australia on a 457 visa or other type of work visa and can quickly find you the most suitable loan.

In addition to this we offer you the choice of applying through us as a mortgage broker or we can put you in touch with a local bank manager for the lender we believe to be the most suitable for your situation. Please call us on 1300 889 743 or enquire online to have an obligation free discussion with one of our mortgage brokers.

Which work visa types will the banks lend to?

The Australian government does not restrict particular visa types to borrowing money, however the Australian banks and other lenders tend to prefer the below working visa types:

  • Investor Retirement Visa (Subclass 405)
  • Business Employment Visa (Subclass 457) including employer sponsored visas
  • Foreign Government Agency Visa (Subclass 415)
  • Domestic Workers Visa (Subclass 426)
  • Diplomats Visa (Subclass 995)

In particular we receive many applications from Temporary Business (long stay) 457 visa holders looking to apply for a loan to buy a property in Australia.

Is Australian Government approval required?

Recent changes to Australia law mean that in most cases FIRB approval is not required. Usually the government will allow you to buy a property to live in as long as you sell it when you leave Australia. Alternatively, you can buy an investment property and as long as it is a newly built dwelling you will not usually be required to sell the property when you leave Australia.

Many people who buy a home here eventually decide to apply for permanent residency and do not end up selling the home they purchased while on their working visa.

Are first home benefits available?

No you cannot apply for the first home owners grant and other benefits.

Apply for a loan

We are mortgage brokers that specialise in helping people without Australian citizenship to apply for loans in Australia. We commonly help people on working visas, in particular 457 visas, to buy real estate in Australia.

If you would like to buy a property in Australia and would like to know more about how we can help then please enquire online.