Mortgage on a Permanent Resident Visa

Any general questions you might have in regards to loans and finance.
Buster
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Joined: Fri Jul 19, 2019 7:00 pm

Mortgage on a Permanent Resident Visa

Postby Buster » Fri Jul 19, 2019 7:04 pm

Hi, I am currently living and working in Canberra and I have a Permanent Resident (PR) Visa with subclass 186. I was thinking of buying a home. Am I eligible for a mortgage?

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Otto Dargan
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Re: Mortgage on a Permanent Resident Visa

Postby Otto Dargan » Fri Jul 19, 2019 7:28 pm

Getting a mortgage as a permanent resident should not be an issue. Since you are a PR holder, you can get a Permanent Resident Mortgage.

  • Since you are currently living in Australia as well, you can borrow up to 95% of the property value which is significantly higher than permanent residents living outside of Australia.
  • FIRB approval is not required.
  • As a permanent resident, you qualify for the same discounted interest rates as Australian citizens.
  • First Home Owners Grant (FHOG) and other benefits are also available.

Our award-winning mortgage brokers are experts in getting you a home loan. If you need any help, call us on 1300 889 743 or complete our free online assessment form so we can go through your options.
Otto Dargan
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P | 1300 889 743
Home Loan Experts

Buster
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Joined: Fri Jul 19, 2019 7:00 pm

Re: Mortgage on a Permanent Resident Visa

Postby Buster » Fri Jul 19, 2019 8:10 pm

Fantastic, thank you for letting me know about the extra benefits I’ll get for being a Permanent Resident living in Australia. Could you elaborate more on FHOG?

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Otto Dargan
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Re: Mortgage on a Permanent Resident Visa

Postby Otto Dargan » Fri Jul 19, 2019 8:13 pm

Hi Buster,

Glad to know we could be of help.

First Home Owners Grant (FHOG) was introduced in July 2000 as a one-off grant that is payable to homeowners. It is a scheme funded by the state government to incentivise Australians to make their first home purchase.

Besides being a permanent resident living in Australia, the other criteria you need to meet are as follows:

  • An applicant is a person and not a company or trust.
  • You are at least 18 years old and above.
  • On or after 1 July 2000, you have not owned a residential property, occupied a property jointly or separately in any state or territory of Australia for a continuous duration of 6 months.
  • The total value of the property does not exceed the cap amount (Cap amount varies between states. The ACT Government is currently providing a $7000 grant for people purchasing their first home. This grant is only available on new properties and not established properties.
  • This is the first grant you or your spouse/de facto is receiving a grant under the First Home Owners Act 2000.
  • You will occupy the principal place of residence for a continuous period of at least six months, commencing within 12 months.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Buster
Posts: 3
Joined: Fri Jul 19, 2019 7:00 pm

Re: Mortgage on a Permanent Resident Visa

Postby Buster » Fri Jul 19, 2019 8:35 pm

I think I fulfil all the criteria that you have outlined for FHOG. What documents do I need?

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Otto Dargan
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Re: Mortgage on a Permanent Resident Visa

Postby Otto Dargan » Tue Jul 23, 2019 12:37 pm

That’s great to hear Buster.

The following documents are required to apply for an FHOG.

A Contract of Sale
Identification and /or additional supporting documents that must all be certified.

A contract of sale is required by all states and territories with each application form. Depending on the state you are in, the contract of sale must be signed accordingly
In Victoria (signed by all parties)
In New South Wales (signed by a vendor)
Australian Capital Territory (signed by a vendor) and must be a certified copy.
* Note that other states do not require the contract to be certified.

If your application is being processed by a bank, then the documents required for identification differs from what is listed below:

If you are an Australian citizen:
  • Australian birth certificate issued by the Registry of Births, Deaths & Marriages, OR
  • Australian citizenship certificate, OR
  • Australian Passport (not accepted by NSW if you were born in Australia).

If you are a New Zealand citizen:
Current passport (NOTE: New Zealand citizens must be living in Australia upon completion of the eligible transaction)

If a citizen of another country:
  • Current Passport – Photo page, AND
  • Evidence of permanent residency or permanent residence visa such as the page of your passport showing your PR.
NOTE: At least one applicant must have Permanent Residency Visa or Citizenship of Australia

Additional supporting documents
All additional documents must be certified!

You may require additional certified documents in the following situations:

  • Married – a certified copy of your marriage certificate
  • Divorced – a certified copy of your divorce certificate
  • Widowed – a certified copy of the death certificate of your spouse/partner
  • Separated – a statutory declaration with the following information:
    - The name of your former spouse/partner
    - Former spouse/partner’s date of birth
    - The date you were married or commenced your domestic relationship
    - The date you separated
    - Your former spouse/partner’s current address (if known), and
    - A statement to the effect that you do not live together and have no intention of resuming cohabitation.
  • If you have changed your name – a certified copy of the change of name certificate,

To make sure you get the best deal on your home loan, give us a call on 1300 889 743 or complete our free online assessment form so we can go through your options.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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