Lenders may be willing to approve a loan for people on a 457 visa to get a home loan in Australia. The amount that you may be able to borrow depends on your circumstances such as your employment history and marital status. You may be able to borrow:
- 80% of the property value with select lenders who are comfortable with working with temporary residents.
- 95% of the property value as an exception to the normal lending guidelines.
- Special loan packages if you are a medical professional.
If you are borrowing more than 80% of the property value then you may need to pay a one-off fee for Lenders Mortgage Insurance (LMI). This means that if you get approved for a 95% home loan then you will need to have around 13% of the property value with you.
Please keep in mind that you must have at least a year remaining on your visa and most of your savings are already in Australia to get the home loan approved.
You’ll get the same standard rates available to Australian citizens. Some lenders even offer substantial discounts and rates lower than the Bank Standard Variable (BSV) rate if you qualify for a professional package.
As a foreigner buying a property in Australia, you may have to get a Foreign Investment Review Board (FIRB) approval. You will not need such an approval if you are buying together with an Australian spouse as joint tenants.
You can enquire online or give us a call on 1300 889 743 if you want to know more.
Cheers,