Re: Will my home loan be approved? I’m a UK citizen.
Posted: Fri Nov 01, 2019 7:35 pm
Hello Victoria. Welcome to the forums.
Even on PR visa, you can get a mortgage. Permanent residents living in Australia can borrow up to 95% of the property value, provided you have an acceptable PR visa.
Generally, to avoid paying Lenders Mortgage Insurance, you will require at least 20% deposit of the property value. Assuming your property is worth $500,000, then the deposit you need will be $100,000.
You can get a home loan even with lower deposits, but you might have to pay higher interest rates and LMI.
Also, as a permanent resident, you do not need Foreign Investment Board Review approval and you might even qualify for First Home Owners Grant (FHOG).
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.
Cheers,
Even on PR visa, you can get a mortgage. Permanent residents living in Australia can borrow up to 95% of the property value, provided you have an acceptable PR visa.
Generally, to avoid paying Lenders Mortgage Insurance, you will require at least 20% deposit of the property value. Assuming your property is worth $500,000, then the deposit you need will be $100,000.
You can get a home loan even with lower deposits, but you might have to pay higher interest rates and LMI.
Also, as a permanent resident, you do not need Foreign Investment Board Review approval and you might even qualify for First Home Owners Grant (FHOG).
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.
Cheers,