Which visa types will the banks accept?
To all foreign citizens planning to live and work as a permanent resident in Australia, heads up!
The Australian government has just released the list of skilled professions that will be accepted for a permanent resident visa status in its 2016/17 Skilled Occupations List (SOL) and Consolidated Sponsored Occupations List (CSOL).
Whether you’re arriving to Australia as a permanent or temporary resident, you can actually qualify for a mortgage but it all comes down to your visa type so read on to find out more.
Which occupations are on the skilled migration list?
Some of the professions that have been listed on the SOL
- Engineering Manager
- Project Builder
- Accountant (General)
- Veterinarian
- Early Childhood (Pre-Primary School) Teacher
- Secondary School Teacher
- Optometrist
- Surgeon (General)
- General Practitioner
- Barrister
- Solicitor
- Electrician (General)
Skilled occupations included on the CSOL
- Dentist
- Beef Cattle Farmer
- Dairy Cattle Farmer
- School Principal
- Commissioned Police Officer
- Hotel or Motel Manager
- Musician (Instrumental)
- Actor
- Print Journalist
- Web Designer
- Chemist
For a complete list of professions, check out Migration Regulations 1994.
Golden tip
Banks prefer doctors and certain professionals and will offer amazing mortgage discounts just to get your business.
This includes the ability to borrow more than other borrowers, waived Lenders Mortgage Insurance (LMI) and heavily discounted interest rates.
Can I get a mortgage?
Recently, there were major changes to foreigner investor lending which limited the amount that banks would allow you to borrow.
Luckily, these changes haven’t affected Australian permanent residents and temporary residents.
The following visa holders relate to the SOL and CSOL and can borrow up to 95% of the property value or 95% LVR (Loan to Value Ratio) as a permanent resident:
- Employer Nomination Scheme (subclass 186): This allows you to work in Australia via the Temporary Residence Transition stream, the Direct Entry stream, or the Agreement stream.
- Skilled Independent visa (subclass 189): For those selected by the government on a point-tested basis rather sponsored or nominated by a family member, employer or state government.
- Skilled Nominated Visa (subclass 190): Points-tested skilled worker who has been nominated by a state government.
The following visas are also classed as permanent resident but your LVR may restricted because of the time limits imposed forcup you to live and work in Australia:
- Skilled – Regional Sponsored visa (subclass 487): A 3-year visa that then allows you to apply for permanent residency. You can borrow up to 80% LVR.
- Skilled Regional (Provisional) visa (subclass 489): A 4-year visa most similar to a 457 visa. You can borrow up to 90% LVR.
What about temporary residents?
Certain professions on list on the SOL and CSOL relate to Temporary Graduate visa (subclass 485).
The visa allows eligible international students who have recently graduated from an Australian educational institution to live and work in the country after they’ve finished their studies.
Generally speaking, temporary residents can borrow up to 80% LVR or up to 95% if you have a strong income and employment situation.
Golden tip
If you’re married to an Australian citizen or permanent resident, you may be able to borrow up to 95% LVR.
Do you need help qualifying for a mortgage in Australia?
Our mortgage brokers can make your dreams of property ownership a reality so call us on 1300 889 743 or complete our free assessment form today.