You and your husband can apply for a partner visa mortgage and might even be able to borrow up to 95% of the property value if you fulfil the following lending criteria:
- The person on the temporary spouse visa must be buying the property with an Australian citizen.
- The relationship is legitimate and continuing and may reject applications if you have not been together for a significant time period.
- Some lenders require couples to purchase a property as ‘joint tenants,’ not ‘tenants in common '. However, not all lenders have this policy and may allow other legal ownership structures. If you are purchasing the property with your Australian citizen spouse, as ‘joint tenants’, then you will not be required to seek Foreign Investment Review Board (FIRB) approval.
If you do not meet any of the criteria, then your mortgage will be limited to 80% of the property value.
If you are borrowing over 80%, then you will have to pay Lenders Mortgage Insurance (LMI).
Please go through our buying property in Australia for non-resident for more information.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a temporary resident home loan.
Cheers,