Welcome to the forums.
Although the Australian government and the Foreign Investment Review Board (FIRB) don't restrict temporary residents from getting a home loan, some banks and lenders may not lend to them.
Since you're on a 489 visa, most Aussie lenders will consider you as a "non-resident" and limit the amount you can borrow. However, you may still be able to borrow up to:
- 80% of the property value: You'll need a 20% deposit to borrow at 80% and avoid paying Lenders Mortgage Insurance (LMI). Lenders generally charge LMI when you borrow more than 80% of the property value and it can amount to several thousands of Australian dollars.
- 90% of the property value: You'll basically need to have a clean credit history and a strong income with a stable employment to qualify for a home loan at this LVR (including LMI) with most lenders.
Cheers,
Otto