Is my immigration visa going to affect what kind of home loan I qualify for?

Any general questions you might have in regards to loans and finance.
Stefan
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Joined: Thu Mar 21, 2019 5:31 pm

Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Stefan » Thu Mar 21, 2019 5:33 pm

Hi, I’m a music composer looking to settle in Sydney permanently and buy an apartment here.
I’m here on a DTS Subclass 124 visa. Is my immigration visa going to affect what kind of home loans I qualify for?

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Otto Dargan
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Re: Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Otto Dargan » Thu Mar 21, 2019 7:03 pm

Hello Stefan. Welcome to the forums.

The Distinguished Talent visa (Subclass 124) or DTS visa is one of the handful visas that Australian lenders will consider under their Permanent Resident (PR) home loan policy.

By choosing the right lender, you can qualify for the same home loan products and interest rates as an Australian citizen.

You can even borrow up to 95% of the property value with some of our lenders.

Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a permanent resident home loan.
Otto Dargan
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P | 1300 889 743
Home Loan Experts

Stefan
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Joined: Thu Mar 21, 2019 5:31 pm

Re: Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Stefan » Thu Mar 21, 2019 7:43 pm

That sounds promising. Although, I’m not quite sure if the foreign citizen stamp duty surcharge applies in my case as well.
Does it?

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Otto Dargan
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Re: Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Otto Dargan » Fri Mar 22, 2019 12:32 pm

Hi Stefan,

Normally, foreign stamp duty surcharge only applies to foreign citizens living overseas. It currently applies in all states except for Northern Territory (NT).

Keep in mind that if you’re purchasing in Sydney NSW, you’ll need to be in the country for the contract exchange and settlement to be exempt from paying stamp duty surcharge. You’ll also need to be in the country for at least 200 days since getting your visa.

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

Stefan
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Joined: Thu Mar 21, 2019 5:31 pm

Re: Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Stefan » Fri Mar 22, 2019 1:17 pm

Upon my cursory research online, I’m getting the impression that I may also be eligible for first home benefits as well. Is that so?

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Is my immigration visa going to affect what kind of home loan I qualify for?

Postby Otto Dargan » Fri Mar 22, 2019 2:23 pm

Hi Stefan,

Although the Australian government’s First Home Owners Grant (FHOG) and other benefits are available to permanent residents, the FHOG is available for newly-built properties only. It doesn’t apply for lived-in or established properties.

So, unless the apartment you’re buying is a new property (never occupied) first home benefits won’t be available.

You should also check with the NSW Office of State Revenue as to what benefits are available to you.

We are specialists in permanent resident mortgages.

Speak with one of our experienced mortgage brokers by calling us on 1300 889 743 or by filling in our free assessment form.

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


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