Australia is one of the most beautiful countries in the world with thousands of migrants heading Down Under every year.
Some people travel here for the love of adventure and to take in our many natural wonders but it’s no surprise that many choose to make the move for good and settle in Australia to start a new life.
Here’s what you’ll need to do to own your slice of the Aussie dream!
Can I apply for a mortgage?
The answer is yes!
Most lenders are willing to accept mortgage applications from people on a temporary spouse visa.
To get a loan:
- You, as the temporary spouse visa holder, must be buying the property with your Australian spouse. In most cases, lenders will not lend to you if you’re borrowing alone.
- De facto relationships, including same sex relationships, are also accepted by the banks.
- Most lenders require the relationship to have lasted for a significant amount of time before they can accept a loan application.
- Some lenders will only allow you to purchase the property as joint tenants. However, there are lenders who allow other legal ownership structures such as tenants in common.
Is my spouse visa acceptable?
For applicants who are married or in a de facto relationship with an Australian citizen or permanent resident, the banks will accept the following spouse visa subclasses:
- Partner Visa (Temporary or Permanent) (Subclass 309/100).
- Partner Visa (Temporary or Permanent) (Subclass 820/801).
- Other visa types – Spouses on other temporary visa such as a 457 Visa or 485 Visa, may also be accepted.
What do I need?
Temporary residents purchasing with an Australian spouse will require:
- A minimum deposit of 5% of the purchase price plus funds to cover other legal and government costs such as stamp duty.
- A clean credit history with no defaults or bankruptcies.
- A good asset position (a position where your assets exceed your liabilities).
- A good employment history.
Can I buy with my fiancé?
Your current visa status determines your eligibility to buy a property with your fiancé.
You may be able to buy a home together if you’re on a Prospective Marriage Visa (subclass 300) and being sponsored by an Australian citizen or permanent resident.
Not sure if you qualify for a mortgage in Australia?
Call us on 1300 889 743 or fill out our free assessment form to discuss your situation with one of our mortgage brokers.