money bag icon How much can I borrow?

  • Borrow up to 105% of the property value with a guarantor (parents' property must be in Australia).
  • Borrow up to 95% of the property value if your partner is an Australian citizen or permanent resident.
  • Borrow up to 80% of the property value if you aren't married to an Australia citizen or PR holder.
  • Borrow up to 80% with select banks who are happy to work with foreign citizens living in Australia.

question mark icon Will I get approved?

  • You should have at least 12 months remaining on your visa.
  • You should have most of your savings in Australia.
  • Stable job in a sought after profession means higher chance of approval.
  • We can assist in you're currently on a bridging visa.
  • If you are a medical professional on a 457 Visa interest rate discounts and Lender Mortgage Insurance(LMI) waivers are available on case by case basis.
  • The most common type of work visa application we receive is for professionals who are on a 457 visa. Since March 2018, the 457 visa scheme was completely replaced by the Temporary Skill Shortage (TSS) scheme. Slightly different lending rules apply to applicants on a TSS working visa so please see the TSS visa home loan page for more information.

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Specialist lenders and some major lenders.


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We can help you buy a property anywhere in Australia

How can I borrow more than 80%?

If you’ve spoken to another mortgage broker or a bank officer already then you may have been told that you’re only eligible to borrow up to 80% of the property value.

Not all mortgage brokers have experience dealing with temporary residents and they may not know which lenders can help.

We have made special arrangements with some of our lenders to allow for loans of up to 90% of the property value for work visa holders and temporary Australian residents who are working in Australia.

This is designed to help you buy a home with a smaller deposit. If you’re borrowing 90% then you’ll typically need around 18% of the purchase price to cover the deposit, stamp duty (state government tax) and Lenders Mortgage Insurance (LMI), a one off fee charged usually when borrowing over 80% of the property value.

You don’t need to be married to, or in a de facto relationship with, an Australian citizen or permanent resident. However, if your partner is an Australian citizen then more of our lenders can approve your mortgage.

Please call us on 1300 889 743 or complete our free assessment form to discuss your situation with one of our specialist mortgage brokers. They can let you know if you’re eligible to borrow up to 95% of the property value!

Are first home benefits available?

No, you cannot apply for the First Home Owners Grant (FHOG) and other government benefits unless you’re buying jointly with an Australian citizen or permanent resident.


Will I pay a higher interest rate?

As a foreign citizen residing in Australia on a working visa, you won’t have to pay a higher interest rate than Australian citizens or permanent residents.

In fact some of our lenders offer significant discounts and rates below the Bank Standard Variable (BSV) rate if you’re borrowing enough to qualify for a professional package.

If you’re applying for a smaller amount you can still qualify for a competitive basic mortgage.

Check out the special interest rates we have on offer from our panel of lenders.


Should I buy now or wait for permanent residency?

If you’re currently on a bridging visa and will soon be receiving your permanent resident (PR) visa, we recommend you wait.

Alternatively, if you can’t wait and you’re planning to buy with an Australian citizen or PR holder, you may want to consider purchasing in their name.

There are a few reasons why you’ll want to consider taking these two options.

Getter better home loan deals from more lenders

You’ll be eligible to borrow more at better interest rates with a wider range of lenders.

The more lenders you qualify with, the better our negotiating power in saving you thousands with a mortgage that best suits your needs.

Avoid FIRB approval

Temporary residents and 457 visa holders are required to get Foreign Investment Review Board (FIRB) approval.

If you get your PR, or marry someone who has it, you can avoid the cost and hassle of this government approval process.

Avoid foreigner stamp duty surcharge as a 457 visa holder

Under a government move to curb non-resident investing, temporary residents and 457 visa holders planning to buy residential property in New South Wales, Queensland or Victoria will have to pay a stamp duty surcharge.

The surcharge varies anywhere between 3% to 7% of the land value depending on the state and can add tens of thousands of dollars to your purchase

If you’re close to getting your PR anyway, you may want to wait so you can avoid the surcharge.

Of course, you can also avoid the surcharge if you buy in the name of an Australian citizen under a spousal visa arrangement.

Your only other option is to simply purchase in a state or territory that doesn’t apply a surcharge. At the moment though, the only two locations are Tasmania and Northern Territory so your buying options are limited.

Let us help you to get approved!

In Australia, mortgage brokers are paid by the lender for introducing loans, so you can take advantage of a wide selection of loans from over 40 lenders without it costing you a cent!

We’re mortgage brokers who specialise in lending to people living in Australia on a 457 visa or other type of work visa and can quickly find you the most suitable loan.

If you need a mortgage, speak to us on 1300 889 743 or complete our free assessment form and we can help you with your loan application.

Did you know that we have made special arrangements with Australian lenders enabling us to obtain loan approvals for foreign citizens living in Australia? Even if your bank or mortgage broker has declined your application, please call us!


What if my partner is an Australian citizen?

If you’re married to or defacto with someone who is an Australian citizen or permanent resident, you have some additional options. Defacto is defined as living together for over 2 years.

As mentioned previously, by having their name on the property title, you can avoid the foreign buyer surcharge and FIRB approval.

However, you may want to keep both names on the mortgage title so that both incomes can be used, improving your borrowing power so you can buy the property you really want.

On that note, lenders generally prefer that the Aussie citizen/PR holder is the main income earner.

Golden tip

Some banks will focus on your partner’s Australian citizenship or PR status, rather than your temporary work visa status.

What that means is that these lenders will see you as a lower risk with stronger ties to Australia and will more likely approve you to borrow up to 95% of the property value.

What will also work in your favour is if you’ve been in a long-term relationship, say 5 years. Having children together or you, as the tempory resident, having family or relatives already living in Australia will also work in your favour.


Which work visa types will the banks lend to?

The Australian Government doesn’t restrict particular visa types when it comes to borrowing money however Australian banks and other lenders tend to prefer the below working visa types:

  • Investor Retirement Visa (Subclass 405)
  • Temporary Business (Long Stay) – Standard Business Sponsorship (Subclass 457)
  • Foreign Government Agency Visa (Subclass 415)
  • Domestic Workers Visa (Subclass 426)
  • Diplomats Visa (Subclass 995)
  • Medical Practitioner (Temporary) Visa (Subclass 422)

In particular, we receive many applications from Temporary Business (long stay) 457 visa holders who have been sponsored by their employer and are looking to apply for a loan to buy a property in Australia.


How much of a deposit do I need?

The size of your deposit will vary depending on which state you buy in and if you are married or defacto with an Australian citizen or not.

The reason for this is that some lenders allow you to add the lenders mortgage insurance on top of the loan, whilst others don’t. And if you buy with an Australian citizen then you may be eligible for government grants.

As a general rule the minimum amount you need is 5% to 10% of the purchase price.


Is Australian government approval required?

The Australian government had previously rolled back its foreign investment laws but since December 2015, Foreign Investment Review Board (FIRB) approval may still be required.

When you need FIRB approval

You can buy one established dwelling to live in subject to approval by FIRB and the payment of a fee.

This fee is $5,000 for land up to $1 million and $10,000 for land between $1 million and $1,999,999.

Higher fees apply after this.

Unfortunately, you cannot buy an established dwelling as an investment property.

You’re also required to sell the property 3 months after it ceases to be your principal place of residence.

Despite this, you can buy a new dwelling without being subject to any conditions including selling the property after you leave Australia.

In fact, you can buy an established dwelling (to use as your primary residence) and as many new dwellings to use as investment properties as you like.

Bear in mind, that you will need to get approval prior to each purchase.

When you don’t need FIRB approval

If you’re buying the property with a spouse who’s an Australian citizen and the legal ownership structure is joint tenants, then FIRB approval isn’t necessary.

Many people who buy a home here eventually decide to apply for permanent residency and don’t end up selling the home that they purchased while they were on their working visa.

Don’t worry, getting approval from the government isn’t too difficult as long as you follow their foreign investment rules.


Will I lose my property if I am made redundant?

If you’re on a 457 visa and lose your job it doesn’t immediately impact the property that you own.

If you’re made redundant you have two options available:

  • You can find another employer to sponsor you.
  • You can apply for another visa such as a bridging visa.

The Department of Immigration and Citizenship (DIAC) will monitor your activities if you’ve recently had your employment terminated. DIAC will take note of any other visa applications you make or if you’re taking action towards gaining further employment.

After 28 days, DIAC may issue you a letter notifying you that they intend to cancel your visa. You have seven to eight days to reply to this letter stating why they should not cancel your 457 visa.

If you do lose your 457 visa then you’re no longer able to live in your property and must leave the country. If the property is an older residence, then it must be sold.

However, if the property was new when you purchased it, or was vacant land that you have built a residence on, then you’re able to keep the property as an investment.


Do I need to notify DIAC?

You don’t need to notify the Department of Immigration and Citizenship (DIAC) of your property purchase in Australia. We don’t believe that owning property in Australia will alter any decision made by DIAC.

You should refer to your migration agent for more information regarding any immigration enquiries.


Apply for a 457 working visa mortgage

We’re mortgage brokers who specialise in helping people without Australian citizenship to apply for a loan in Australia. We regularly help people on working visas, in particular 457 visas, to buy real estate in Australia.

If you’d like to buy a property in Australia and need mortgage approval please complete our free assessment form or call us on 1300 889 743.

  • Ellen

    Hello, I’m actually here in Australia on a subclass 124 visa and I’m thinking of buying a house here. Am I eligible for offers similar to the 457 visa one? I’d very much like to borrow as much as I can.

  • Hello Ellen,
    Yes, we can help you borrow up to 95% of the property value to buy a house here in Australia. Do note that your borrowing power will depend on the type of property you buy, where you buy and your personal situation. Please call 1300 889 743 to discuss all this with a 124 visa home loan specialist or simply fill in our online enquiry form and one of us will contact you:
    https://www.homeloanexperts.com.au/free-quote/

  • Stark

    Wait, so is this also the case for the 858 visa?

  • Hey Stark,
    Yes, you can generally borrow up to 95% of the property value with a 858 visa home loan. Please feel free to contact us if you’d like to discuss your situation and personal needs with a mortgage specialist.

  • Matthew

    Hi I am currently on a 457 visa living in Queensland and I am thinking of building a house do I need to wait till I have my PR ? Am I eldable for the first time buyers grant ? And would the banks lend me the money. I would like to put my foot in the property ladder now rather than waiting till I get my PR. Would the banks charge me more fees ? Any information would be great !!!

  • Hi Matthew
    Yes you can build a house.
    No you don’t need to wait for PR but it would be cheaper. The QLD government would charge you an additional 3% stamp duty on the land value (e.g. $300,000 land = $9,000) and there would be a FIRB approval fee of $5,000.
    No you wouldn’t qualify for the FHOG (grant) unless you are buying with an Australian citizen or PR. Waiting until you have PR means that you’d be eligible for the FHOG.
    You’d likely get a great rate and low fees as long as you are borrowing 90% or less of the total cost of the land and construction. So I wouldn’t worry about that.

    To sum it up if you’re about to get your PR then best to wait. If you’re still a while off then you may decide to proceed now.

  • Hi J M,
    Few lenders will use your overseas income. However if you have a large deposit we have a couple that can do this as an exception to policy. The rate may be higher. I’d recommend that you just rely on your Australian income if possible so it may be best to just buy one townhouse rather than two.

  • Chloe

    Hi. I’m currently on a 457 visa and already had a property a few years ago when I was on other kind of visa.
    My question is that can I buy a property now with my partner (not married) together and he is Australian citizen?

  • Hi Chloe,
    Yes you can. If you’re in NSW, VIC or QLD it’s best you buy in your partner’s name only as this will avoid the additional stamp duty. Some of our lenders can accept the loan being in both names but the property being just in one name.
    If we use your other property as additional security then you don’t need a deposit to buy.
    You can contact us if you’d like our help to get approved https://www.homeloanexperts.com.au/free-quote/

  • Danny

    Hi,

    I tried looking it up but seem to have no luck, what would be the stamp duty fee for a first home buyer on a 457 visa in QLD?

    For example on a 500k property?

    Thanks!

  • Gian

    What’s the stamp duty tax I have to pay holding a 457 Sponsored Visa ?

  • Chloe

    Hi,

    Thanks for your reply. My partner has already had one property at the moment. For us (who both had one property each), if we buy property together as residential property, do we still need to pay additional stamp duty?

    Also, may I ask you that if unfortunately, we split in the future; since the property is not under my name but only the loan is, will that affect any settlement split disagreement?

    Looking forward to your ply.

    Thanks

  • Hi Chloe,
    You’d pay additional duty on the portion owned by you. E.g. 50% of the property value.

    Normally any property purchased while in a long term defacto relationship is regarded as a joint asset in the event of a split irrespective of the percentage owned by each person. They look more at the contribution made by each e.g. deposit and repayments. That being said I’m not an expert in that area so you should check with a professional to be sure.

  • Chloe

    Hi. For current 457 VISA holder who own a secod-hand property. Can they rent the property out as investment property through agent?

  • Hi Chloe,
    I don’t think this is allowed. It’s best to call the FIRB on 1800 050 377 to double check.

  • Ranjit

    Hi, my 457 visa still has time left and I’m planning on getting a PR eventually. I’ve prepared everything to get a home loan and I will pass probation in around 2 weeks. The loan is actually pretty small at just around 75% of the property value so is it okay if I submit my home loan application now or should I wait?

  • Hey Ranjit,
    If you’ve prepared everything and/or have spoken with experts such as a mortgage broker or a financial adviser, it should be okay to proceed with the application. However, please mention clearly in writing to let the lender you’re applying with know that your probation will be ending in 2 weeks.

  • Mark L.

    I’d been planning on getting to Australia on a 457 work visa towards the end of 2017 and then get a mortgage to buy a house there but I’m confused because of this new TSS work visa. If I come over on the TSS visa, will the lending policy be the same?

  • Hi Mark,

    The bank lending policies on a TSS visa home loan will be similar to those on a 457 visa home loan. As a general rule though, note that you may be able to borrow at a higher Loan to Value Ratio (LVR) if you’re on a longer visa term. Please check out the TSS visa home loans page to get a better understand of this:
    https://www.homeloanexperts.com.au/non-resident-mortgages/tss-visa-home-loan/

  • Monish Dayal

    I am on a 820 visa. Would I be eligible for a hone loan with my wife who is an Australian citizen?

  • Hi Monish,
    Yes we can help with this. We’ve got a page on it here https://www.homeloanexperts.com.au/non-resident-mortgages/partner-visa-mortgage/

  • Ruby

    Hello
    I am on visa 487 and planning to book a land whose settlement will be next year aroundq april. I will complete the conditions of my visa in october this year and apply for permanent residence. Not sure if i will get pr by the time of settlement or after theat. Is my situation also similar to 457 visa holders?
    Land value is 148k. Will i be eligible for fhbg?
    Thanks

  • Hi Ruby,
    If you are in VIC, NSW or QLD then I’d recommend that you wait until you have PR before signing the contract to buy land otherwise you may end up paying foreign citizen stamp duty. It varies depending on the state as to how it works https://www.homeloanexperts.com.au/non-resident-mortgages/foreign-citizen-stamp-duty/
    You should be eligible for the FHOG if you sign the contract as a PR. Most states base it on what your status is at the time of signing the contract. You can call the FHOG hotline in your state to be sure.

  • Ruby

    Thanks a lot for the info. I am in regional victoria.

  • For regional VIC it’s based on the time you are able to occupy the dwelling so you can sign the contract before you get your PR and still get the FHOG. However you may still be liable for the additional duty. I’d recommend that you contact the VIC SRO to check on 13 21 61.

  • Rabinder Nahal

    Hi
    I am currently on a 457, but have applied for my PR, hopefully will get in by the end of the year.
    I want to buy a property to live in, can I retro claim the stamp duty exemption if I purchase the property soon?

  • Hi Rabinder
    My understanding is that you can’t do that and you may even pay foreign citizen stamp duty if you sign the contract before you have PR (NSW, VIC & QLD only). You can read more about that here https://www.homeloanexperts.com.au/non-resident-mortgages/foreign-citizen-stamp-duty/

  • Rabinder Nahal

    Thank you for the information, hopefully my PR comes soon!

  • Best of luck!

  • Thanuja Dilrukshi Seneviratne

    Hi I’m on a 489 temporary visa. Im planning to purchase a property in SA. Do I have to pay surcharge stamp duty as a foreign resident?

    Thanks

    Thanuja

  • Hi Thanuja,
    SA does not have any surcharge that I am aware of. So you should be fine to buy now. We have a mortgage broker that specialises in lending to temporary residents and I’ll email you with their details. We have some lenders that can help you borrow up to 90% of the property value.
    Best of luck with your purchase.

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  • Thapar

    I work full time as a chef in Sherpa Kitchen and basically qualified to apply for PR 187 now. Currently, I am on 485 visa, can I still apply for a home loan?

  • Yes Thapar, you can get a home loan however, your borrowing power may be limited to 70-80% of the property price. Also, you have to get an approval from Foreign Investment Review Board (FIRB). If you are on your way to permanent residency, then it’s best to apply for a home loan after you attain your Regional Sponsored Migration Scheme visa because you can borrow more and qualify for better interest rates.

  • Electra

    I’m on a 457 visa currently and I’m planning to buy a property in Gold Coast. The rent is too high, and I think I could pay for my own mortgage instead of paying others mortgage. Do I have to pay extra stamp duty?

  • Hi Electra,
    Yes, you have to pay a 3% stamp duty surcharge applies as well as a 1.5% ghost tax surcharge applicable to temporary residents. In addition to this, the surcharge only applies to freehold land that has a total taxable value of $350,000 or more. You could refer to our Stamp duty calculator https://www.homeloanexperts.com.au/mortgage-calculators/stamp-duty-calculator/ to determine the exact amount. Please call us on 1300 889 743 or complete our free assessment form https://www.homeloanexperts.com.au/free-quote/ to speak with one of our non-resident specialists.

  • Pyramid

    I am an Egyptian citizen on a 457 visa, in a relationship with an Australian citizen and we’re planning to marry soon. I read that foreign citizens aren’t allowed to buy owner-occupied investment properties but we found one and are very much interested in it. Does that mean I should start looking for another property or can we invest in the same property if we get married?

  • Hey Pyramid.
    You can apply for a home loan immediately and you don’t need to get married to buy the property you like either. In addition, you don’t need Foreign Investment Board Review (FIRB) approval since you’re buying with a spouse or de facto partner who is an Australian citizen. However, you need to prove that your relationship is genuine and ongoing.

  • monkeydoo2347

    Hi, I have a 457 visa for 6 years now and I bought cash ( no loan) an existing house 5 years ago. I will have to leave Australia in the next month. My daughter who did her High School here, will stay in Australia to do her studies through a student Visa. Can I keep the house for her? Thank you very much.

  • Hi there,
    Our understanding is that if the property was new when you purchased it then you may keep it and if it was existing then you must sell it. I’d recommend that you contact the FIRB as we are not experts in their rules https://www.homeloanexperts.com.au/non-resident-mortgages/firb-approval/

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