Home loan for Indian citizen with MLTSSL visa

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Home loan for Indian citizen with MLTSSL visa

Post by Otto Dargan »

Hi Anupam.
As of March 2018, the 457 visa got replaced by the Temporary Skill Shortage (TSS) visa which means there’s a slight change in banking policies as well. Getting approved on a TSS visa depends on the time remaining on your visa.
As a Medium and Long-term Strategic Skills List or MLTSSL stream borrower (more than 4 years remaining in your visa), you may be able to borrow up to 90% of the property value. However, since you only have a deposit of 8.5%, it's advisable that you wait until you save at least 10% of the property value.
Also, remember, as a foreigner buyer you need Foreign Investment Review Board (FIRB) approval and may be hit with excess stamp duty (conditions apply).
To find out how you’re likely to be affected by the TSS visa, call us on 1300 889 743 or enquire online.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Home loan for Indian citizen with MLTSSL visa

Post by Otto Dargan »

Hey Anupam
Buying with an Australian partner can help you qualify for up to 95% LVR. You don’t need to be married either. However, you need to prove that your relationship is legitimate and continuing.

If this is your partner’s first home, you may also qualify for a first home owners grant (FHOG).

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Home loan for Indian citizen with MLTSSL visa

Post by Otto Dargan »

Hi Sunny,
Lending policies for non-resident borrowers are complicated compared to standard home loans for Australian citizens or PR holders. A number of factors including, but not limited to, your mortgage repayment ability to your employment history, affects your approval possibilities. To improve your chances at approval, ensure that:
  • You have at least a year remaining on your visa.
  • Most of your savings are already in Australia.
  • You have stable employment in a sought after profession.


    Speak with one of our expert mortgage brokers to discuss your situation on 1300 889 743 or fill our assessment form. We can connect you with a specialist lender or suggest further steps to improve your chances.

    Cheers,
    Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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