How do I qualify for a home loan with a TSS/work visa?

[Chanchai]

Hi, I’m a Thai chef working for a 2-star Michelin restaurant. I’m here on a MLTSSL (subclass 482) visa previously on a 457 work visa. I found a house that’s perfect and I’m currently looking at my options. I make 90k a year and have saved up about 50k in a savings account and have another 20k in fixed long-term deposits. In light of recent changes, how do I qualify for a home loan?

[Otto Dargan]

Hello Chanchai. Welcome to the forums.

A few things have changed with visa schemes, however, the good news is that you may still be able to secure a mortgage with select Australian lenders.

As a general rule :

• With a Medium and Long Term Strategic Skills List (subclass 482) visa, you may be able to borrow up to 90% of the property value as a special exception to standard lending policy with a couple of our lenders.
  
• Visa expiry: Your visa must have over 12 months remaining, however, there are certain exemptions.

We’re mortgage brokers specialising in securing home loans for temporary residents in Australia, particularly borrowers on TSS and 457 visas.

Please call us on 1300 889 743 or you can fill in our free assessment form to see if you qualify for a mortgage.

Cheers,

[Chanchai]

Ok. I had another question. What are the interest rates like? Since I’m on a temporary work visa, will I be paying a higher interest rate?

[Otto Dargan]

Hi Chanchai,

Although there are only a few lenders operating in this space, TSS visa holders won’t necessarily have to pay higher interest rates.

As long as you’re in a good financial position, with a stable job and a good deposit, you might even be eligible for interest rate discounts.

Cheers,

[Chanchai]

Ok, I’ve filled up the enquiry form. I just wanted to clarify whether I’ll have to pay any foreign stamp duty surcharge?