Work Visa loan

Who is this page for?

Attractive Young BusinesswomanThis 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?

As a general rule everyone can borrow up to 80% of the value of the property using a mortgage.

If you are married to an Australian citizen and you are in a strong financial position then you may be able to borrow up to 90% or even 95% of the property value.

If you are not married to an Australian Citizen then you may be eligible to borrow up to 90% of the property value if you are in a strong financial position.

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, waived lenders mortgage insurance and allow working visa holders to borrow up to 90% of the property value even if they are not married to an Australian Citizen and have not lodged tax returns in Australia.

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 contact us or enquire online.