Work visa loan

Are you on a 457 Visa?

This page is for foreign citizens who currently hold a work visa and are living in Australia, the most common type of application we receive is for professionals who are 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 and how we can help.

How much can you borrow?

The amount that 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. You must also have been in your job for at least 12 months.
• 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 or Permanent Resident.
• 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 on a case by case basis.

Did you know that in Australia mortgage brokers do not charge any fees for most loans? 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.

Will I pay a higher interest rate?

As a foreign citizen residing in Australia on a working visa, you will not pay a higher interest rate than people who are Australian citizens.

In fact some of our lenders offer significant discounts below the Bank Standard Variable (BSV) rate if you are borrowing enough to qualify for a professional package.

If you are applying for a smaller amount you can still qualify for competitive basic mortgages.

Let us help you get mortgage approval!

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.

If you need mortgage financing, speak to us on 1300 889 743 or enquire online and we can help you with your loan application.

Did you know that we have made special arrangements with Australian lenders to enable us to obtain loan approvals for foreign citizens living in Australia? Even if your bank or mortgage broker has declined your application, please call us!

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)
• Temporary Business (Long Stay) – Standard Business Sponsorship (Subclass 457)
• Foreign Government Agency Visa (Subclass 415)
• Domestic Workers Visa (Subclass 426)
• Diplomats Visa (Subclass 995)
• Medical Practitioner (Temporary) Visa (Subclass 422)

In particular we receive many applications from Temporary Business (long stay) 457 visa holders who have been sponsored by their employer, who are looking to apply for a loan to buy a property in Australia.

How can I borrow more than 80%?

If you have spoken to another mortgage broker or a bank officer already then you may have been told that you are only eligible to borrow up to 80% of the property value.

We have made special arrangements with some of our lenders to allow for loans of up to 90% of the property value for work visa holders & temporary Australian residents who have been in their current job for at least one year.

This is designed to help you to buy a home with a smaller deposit. If you are borrowing 90% then you will typically need around 15% of the purchase price to cover the deposit, stamp duty (state government tax) & lenders mortgage insurance.

90% loans for work visa holders are not available through other mortgage brokers. Please enquire online to discuss your situation with one of our mortgage brokers who can let you know if you are eligible to borrow up to 90% of the property value.

Is Australian government approval required?

The Australian government has recently changed, and then rolled back the changes to our foreign investment laws. FIRB approval may be required depending on your situation.

If you are buying the property with an Australian citizen spouse and the legal ownership structure is joint tenants, then FIRB approval is not necessary.

You can also buy an investment property, and if it is a newly built dwelling, you usually will not 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 that they purchased while they were on their working visa.

Are first home benefits available?

No, you cannot apply for the first home owners grant and other government benefits unless you are buying jointly with an Australian Citizen or Permanent Resident.

Apply for a mortgage

We are mortgage brokers that specialise in helping people without Australian citizenship to apply for a loan in Australia. We regularly 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 need mortgage approval please enquire online or call us on 1300 889 743.