This page is for foreign citizens who currently hold a work visa and are living in Australia.

How much can I borrow?

  • 80% of the property value: Anyone who’s in Australia on a work visa can borrow 80% with select banks who are happy to work with foreign citizens living in Australia.
  • 90% of the property value: Mortgages for up to 90% of the property value are available as a special exception to normal bank criteria.
  • 95% of the property value: Mortgages for up to 95% of the property value are available if your partner is an Australian citizen or permanent resident.
  • Visa expiry: As a general rule, your visa must have over 12 months remaining but there are some exceptions to this.
  • Medical professionals on a 457 visa: Special home loan deals including interest rate discounts and Lenders Mortgage Insurance (LMI) waivers are available on a 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.

Please call us on 1300 889 743 or fill in our free assessment form to have an obligation-free discussion with one of our mortgage brokers who specialises in lending to foreign citizens living in Australia.

Do I qualify for a 457 home loan?

Not everybody on a 457 visa is eligible. The lending policy is complicated and varies from lender to lender.

You’re likely to get approved if:

  • You have at least a year remaining on your visa.
  • Most of your savings are already in Australia.
  • You have a stable job in a sought after profession.

It isn’t necessary to have an Australian credit history or to be buying a property with an Australian citizen.

We can even help you if you’re currently on a bridging visa, on the path to getting a permanent resident visa.

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.

  • Van

    I am holding visa 457 and intend to buy residential house which cost around $600,000 with my husband as my dependant. I can deposit 20% of the property and I wonder that the fees also including when I buy a house are:
    – $ 5000 FIRB approval
    – Stamp duty
    Can you please advise me that any other fee I need to pay compare to Australian Citizen. If the amount paid too much variation to Australia Citizen then I need to consider whether I should buy now or wait until I become citizen?
    Van Tran

  • Hi Van,
    It looks like you’re in Victoria? The government fees can vary from state to state.

    You’d pay normal duty plus an additional $42,000 (7%) as a temporary resident.
    The FIRB fee appears correct at $5,000.

    If your husband is an Australian Citizen or PR holder then consider buying in their name only and with both of you on the loan. If not then it’s up to you if you want to buy now or wait for PR.

    As a PR holder you wouldn’t pay these fees.

  • Kiki

    I am on a 457 visa and would like to buy an investment property up to 150k.
    Is 10% deposit enough?
    Also, can I use my credit card for downpayment?
    Does it have to be a new building?


  • Hi Kiki,
    It is possible to use your credit card for part of the deposit however it is an exception to policy. As you’re on a 457 visa I’d recommend that you save at least 5% of the purchase price and then it would be ok with a couple of our lenders to borrow the rest of the deposit as long as you were on a very strong income.

    If you’re buying a property for $150,000 then it may be in a remote location. The lenders that consider temporary residents don’t lend in small towns so this may be a problem

    Yes the property must be new or it must be vacant land that you build on. If you live in the property then it can be an existing property.

    It’s probably best you talk to your parents to see if you can get a gift and then consider buying a home in the area you live as this is more likely to work.

  • Dave

    I a Dr on a 457 visa in Qld. I’m probably 12 months away from our PR (fingers crossed). It’s been less than a year since we arrived. What are the additional fees and FRIB costs when purchasing a home now in QLD?

  • Hi Dave,
    In QLD the additional duty for a temporary resident is 3% of the purchase price.
    FIRB would charge $5,000
    Best to double check these figures with your conveyancer before proceeding.

    Just FYI as a Doctor we may be able to get you a special Doctor discount that means you avoid paying LMI so it’s not all bad news! We’ve been able to get some temporary residents (mostly 309, 820, 422 & 457 visas) these discounts which means they have paid less than an Australian citizen!

  • Richard

    My wife has just been accepted on a 457 and I’m on a spouse visa.
    We would like to buy house and land costing around $550000 for both we have 20% of the deposit. What else do we need to pay for in reading about additional fees plus is there stamp duty?? were in QLD and I’m a little confused. We have also been told that if we buy while on a 457 we have to sell when we our visa changes is this correct ??

  • Hi Richard,
    Firstly congrats on your visa approval.
    In QLD you would pay 3% additional stamp duty on the land only (not on the cost of construction. E.g. if the land cost $300,000 then you’d pay $9,000 extra.
    You would pay a FIRB approval fee of $5,000.
    My understanding is that if you leave Australia you would need to sell your property if you bought an existing property. However if you bought a new property or built a property you can ask the FIRB to allow you to keep the property as an investment if you leave the country for good. If your visa changes to PR or another temporary resident visa this should not affect your property / require you to sell.
    I ‘m an expert in lending to people on a 457 visa but I’m not an expert in all of the areas of FIRB requirements so best to confirm with your migration agent, conveyancer and the FIRB to be sure this is all correct.

  • Richard

    Thanks you for that. If we didn’t want to put down 20% deposit as it would be all our savings can we get a 90-95% mortgage or does it have to be 80%

  • Yes we can do 90% for a 457 visa holder and partner. 95% is possible however it is more expensive so I’d recommend you stick to 90% if you can. Please complete this and we can complete a full assessment for you

  • Tuesdy Barraquias

    Hi there. We spouses are currently on a 457 visa living in Alice Springs NT for 5 months. My question is, which is more beneficial, to buy a property now or wait for PR? What are the pros and cons? Thanks.

  • Hi
    In NT there’s no additional costs for a foreign citizen to buy a property. Whereas in QLD, VIC and NSW you’d pay more stamp duty while on a 457 visa but would pay less as a PR holder.
    You would need FIRB approval which would cost $5,000. In the scheme of things that isn’t too bad so it’s up to you if you want to buy now or wait.
    We can get you the same rates as an Aus Citizen even though you’re on a temporary visa. Just fill in this form if you’d like us to give you some options

    I hope you’re enjoying Alice. It’s a fantastic place and the Centralians are great people.

  • Tuesdy Barraquias

    Thanks for the reply. It’s a nice place we enjoyed it. We are thinking if we apply now, we won’t be entitled to FHOG. I think it wise to wait until we become PR. cheers.

  • I could be mistaken as the NT FHOG is a little complicated. However I believe that as a PR holder:
    – A new property you would receive a $26,000 grant and you would pay stamp duty.
    – An existing property you would receive no grant however you may receive a discount or waiver of stamp duty.
    Either way it is a significant amount so may be worth waiting.

  • Tuesdy Barraquias

    Thanks, well noted. Would have to wait 2-3 years and by then prices will be way up I suppose. So it’s another thing to consider. I guess timing is everything. Thanks again for the time. I

  • Andrew

    Hi, I’m currently under sponsored visa 457 in port Macquarie. I plan to buy a existing property as renting might not be cost effective in investment wise. May I know how what are the additional fees in that area? Thanks.

  • Hi Andrew
    You’d be looking at
    $5,000 FIRB approval fee
    4% additional stamp duty
    As a 457 visa holder we can borrow 90% of the property value at a great rate or 95% at a higher rate. If you’d like our help then click here

  • Catherine

    Hi, I am currently in a 457 visa waiting for the outcome of my PR application. I have been working and living here in Riverland SA with my partner and son, and have been renting the same flat for 2 1/2 years. We are thinking of buying a house amounting to 250k. What are our chances of getting the loan and how much can we borrow and what are the additional fees we need to pay? Or is it better if we wait for our PR before trying to purchase a house? Thanks a lot

  • Hi Catherine,
    Yes it’s likely you would qualify. The loan is cheap if you borrow up to 90% of the property value. So if you have a decent deposit you can buy now.

    You may pay a FIRB approval fee of $5,000 as a temporary resident however you would not pay this as a permanent resident. It’s up to you if you’d like to wait or not.

    SA doesn’t have any additional stamp duty for foreign citizens, at least that I am aware of.

  • Catherine

    Thank you so much for your response. We might as well wait for our PR as we are looking at our outcome in few months. That will give us time to save up as well. Thank you so much

  • No problem.
    If you like we can assess your situation now for free and let you know what you need to do to qualify for all lenders in a few months. That way you get the cheapest possible loan.
    Please complete this if you’d like our help

  • Catherine

    Thanks. I will do that :)

  • mert gokdal

    Hi, I am working with a 457 visa.
    I am planning to apply for a home loan and my plan is to purchase a land and than construct a new dwelling with a construction company.
    Can i apply home loan for off the plan constructions as new dwelling ?

    Also, there are several companies such as homebuyers, metricon would it be possible to receive a home loan to purchase the land and the home with 457 visa?

  • Hi Mert,
    Yes you can do one of the following:
    1. Purchase land and then build a home using a construction company
    2. Purchase a new home that has just been built.
    I’d strongly recommend the 2nd option as hiring a builder and building a home is difficult, time consuming and often comes with unforeseen expenses.
    If you’d like help to get approved then please contact us and ask for a temporary resident specialist.

  • MrSwedish Driver

    Me and my partner have 457 visa, and have been here for 1 year, we would like to buy a house/B&B in Melbourne/vic. How about the stamp duty for people like us with 457 visa?
    Thank you for your answer.

  • Hi
    You can buy a normal house and borrow up to 90% of the property value. Buying a B&B will be tough on a 457 visa but may be ok if you can raise a 30% deposit.

    Victoria has additional stamp duty of 7% for foreign citizens If this is a concern then best to wait until you have PR.

  • MrSwedish Driver

    Thanks for your answer.
    Wow 7%!!

  • Hint: Buy in Tasmania. Cheaper, potentially better growth prospects in some areas and no additional stamp duty.
    QLD, VIC and NSW have the additional duty.

  • MrSwedish Driver

    And how about if we buy a house which is already B&B, must we pay %7 or %3?

  • 7%