457 Visa Mortgage
Are you on a 457 work visa?
This page is for foreign citizens who currently hold a work visa and are living in Australia. The most common type of work visa 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 mortgage and how we can help.
How much can I borrow?
The amount that you can borrow depends on your situation, your employment history and your marital status:
- 80% of the property value: anyone who is in Australia on a work visa can borrow 80% with select banks who 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 or permanent resident.
- Medical professionals: such as Doctors of Medicine (e.g. 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 who 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 and rates 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 who 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 enabling 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!
Contact us on 1300 889 743 or enquire online to discuss applying for a 457 visa mortgage.
Which work visa types will the banks lend to?
The Australian government does not restrict particular visa types when it comes 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.
Not all mortgage brokers have experience dealing with temporary residents and they may not know which lenders can help.
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 and 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) and Lenders Mortgage Insurance (LMI).
Please call us on 1300 889 743 or 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 a spouse who is an Australian citizen 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, usually you 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.
Will I lose my property if I am made redundant?
If you are on a 457 visa and lose your job it does not immediately impact the property that you own.
Once you have been made redundant you have two options available:
- You can find another employer to sponsor you.
- You can apply for another visa such as a bridging visa.
The Department of Immigration and Citizenship (DIAC) will monitor your activities if you have recently had your employment terminated. DAIC will take note of any other visa applications you make or if you are taking action towards gaining further employment.
After twenty-eight days, DIAC may issue you a letter notifying you that they intend to cancel your visa. You have seven to eight days to reply to this letter stating why they should not cancel your 457 visa.
If you do lose your 457 visa then you are no longer able to live in your property and must leave the country. If the property is an older residence, then it must be sold.
However, if the property was bought brand new, or is vacant land that you have built a residence on, then you are able to keep the property as an investment.
Do I need to notify DIAC?
You do not need to notify the Department of Immigration and Citizenship (DIAC) of your property purchase in Australia. Also we do not believe that owning property in Australia will alter any decision made by DIAC.
You should refer to your migration agent for more information regarding this.
Are first home benefits available?
No, you cannot apply for the First Home Owners Grant (FHOG) and other government benefits unless you are buying jointly with an Australian citizen or permanent resident.
Apply for a 457 working visa mortgage
We are mortgage brokers who 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.