Hello Abby. Welcome to the forums.
A temporary resident
in a de facto relationship with an Australian permanent resident
or citizen can borrow up to 95% of the property value, regardless of your visa status.
When buying with a temporary resident as a permanent resident you would have to consider FIRB approval
and foreigner stamp duty surcharge
- You can avoid the surcharge as well as FIRB approval by having both you and your partner on the mortgage but only the Australian PR holder on the property title. This means for all intents and purposes, the property is solely owned by an Australian who is exempt from both.
- This way both of your incomes can be used when assessing your borrowing power allowing you to borrow the amount you need.
- You may even qualify for the first home owners grant and stamp duty concessions this way.
Keep in mind that lenders prefer that the main income earner be an Australian permanent resident or citizen. They will look at your ties to Australia, your relationship, and if you have children or relatives here, as having stronger ties to Australia is considered lower risk. That is to say, the choice of lenders is critical.
Our mortgage brokers specialise in temporary resident mortgages.
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a home loan with a temporary visa holder.