Call us now 1300-889-743

457 Visa Home Loan

This page is for foreign citizens who currently hold a work visa and are living in Australia. The most common type of work visa application we receive is for professionals who are on a 457 visa.

If you’d like to buy a property while living in Australia then this page will help to explain how to apply for a mortgage and how we can help.

How much can I borrow?

The amount that you can borrow depends on your situation, your employment history and your marital status:

  • 80% of the property value: Anyone who’s in Australia on a work visa can borrow 80% with select banks who’re happy to work with foreign citizens living in Australia.
  • 95% of the property value: Mortgages for up to 95% of the property value are available as a special exception to normal bank criteria.
  • Medical professionals: Special loan packages are available on a case by case basis.

Did you know that in Australia, mortgage brokers don’t charge any fees for most loans?

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 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:

  • Your 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.

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.

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!

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 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 95% of the property value for work visa holders and temporary Australian residents who’re working in Australia.

This is designed to help you buy a home with a smaller deposit. If you’re borrowing 95% then you’ll typically need around 13% 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!

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 has recently changed and then rolled back our foreign investment laws but FIRB approval may still be required depending on your situation.

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.

You can also buy an investment property and, if it’s a newly-built dwelling, you won’t usually be required to sell the property when you leave Australia.

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.

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.

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.

  • J M

    Hi there
    I have recently moved to Australia on a 457 visa. I have my current income being received in Australia. At the same time, I have a partnership business running in my country, which generates good income. I want to buy two townhouse for investment in Australia. Will I be able to use my income from overseas. I have been hearing news on restrictions on foreign lending. How will this affect me? Any advise is appreciated.

  • Hi JM

    Yes you’re right your income from your job can be considered by some of our lenders however it’s unlikely that foreign income can be considered. If you were living overseas that would be ok, however as you are here it’s unlikely. If you are borrowing 80% or 70% of the property value this will increase your chances as we have more lenders available.

    In some cases we’ve got an exception to this policy and have got the mortgage approved. Please call our brokers to discuss your situation in more detail.

  • Lucy

    I was on a 457 visa and it has expired recently. Now I’m on a bridging visa. Can I get a mortgage while I’m on a bridging visa?

  • Hi Lucy,

    It’s a bit difficult to get a mortgage while on a bridging visa. However, if you are renewing your visa or applying for a new visa that allows you to work, we can definitely look at helping you out.

    You can refer to our page on bridging visa for more information https://www.homeloanexperts.com.au/non-resident-mortgages/bridging-visa-mortgage/

  • Devon

    I’m currently on a 457 work visa and have been here in Australia for 6 months now. I am thinking of borrowing 80% LVR at least, or even may go up to 90% to buy a house. Not sure if it’s completely relevant but I earn almost 20% of my income through commissions. Also, my wife’s primary home was property in Sweden but it’s now rented out. Can you help me get a mortgage?

  • Hey Devon,

    We can help you with your home loan but the key here can be to apply with a lender that can accept 100% of your commission income. Many lenders will just accept 50% so that can have a bg impact on your borrowing power. There is also the option to reduce your LVR and use the equity on your overseas property. We can help you apply with a major bank or even a specialist lender depending on your objectives. Please call 1300 889 743 to discuss.

  • Monica Mar

    Hi, Me and my husband are thinking about buying a house. We have only 10% deposit, so we need a loan of 90% of the house. We are permanent resident, can I use a house that I own in another country to reduce my LVR? Any advice please, Thank you.

  • Hi Monica,

    Australian banks can’t use a house in another country as security for a loan. However you can borrow in that country and then bring that money to Australia as a deposit. I’m going to assume from your email address that you’re from Brazil. If your property is in Brazil then this may be difficult as there are not many lenders there that will consider approving a loan for someone outside of the country.

    So in effect your options are:
    1. Pay LMI and borrow 90% in Australia
    2. Borrow against your property in Brazil and bring the money to Australia (difficult / may not be possible)
    3. Borrow a deposit from friends and family in Brazil (if possible)
    4. Sell your overseas property and reduce your loan in Aus to be under 80% of the property value.

    We have several lenders that can consider lending 90% to a PR holder at great rates so personally I would just go for option 1. LMI premiums vary between lenders and there are a few tricks you can do to minimise your LMI.

    Please call us on 1300 889 743 and we can complete a full assessment for you.

  • Anna Andreeva

    Hi, my husband is holder of 457 visa and we have been living in Adelaide for 9 months. Do we eligible to take home loan? My husband and I are to permanent full-time job. Also we have a property in our country that we can sell it.

  • Hi Anna,

    If you’re both on 457 visas and have approximately 3+ years remaining on your visa then the maximum we can lend you is 95% of the property value including LMI. I’d recommend that you borrow 90% including LMI or less as this is a little cheaper. The good news is that SA doesn’t have higher taxes for temporary residents when they buy a property.

    Please complete our free assessment form and one of our mortgage brokers can assess your situation and let you know which banks and loans are available https://www.homeloanexperts.com.au/free-quote/

  • Wan Cynthia

    Hi I’m holding a 457 visa can I buy a house as an investment property?

  • Hi Cynthia,

    Yes you can buy an investment property. FIRB rules would require that you buy a new property rather than an existing one. As a general rule you could borrow 90% of the property value for an investment.

  • Heenal

    Hi,
    I am an Australian citizen but I am thinking of buying a property with a friend who is on a 457 visa. We are not de facto or in a relationship.
    We both work full time and earn a combined income of $180,000.
    What is the maximum LVR we could borrow together?
    Thanks

  • Hi Heenal,

    That’s a difficult one, we’d have to assess this on a case by case basis. Likely we could get 90% of the property value if the property was an investment and 95% if it was a home.

  • Heenal

    Thanks for your speedy response.
    The property we are looking at is dual income; it has a main house, which the both of us plan to live in, and a self contained granny flat which we would rent out.
    Would you be able to approximate our borrowing power?

  • Hi Heenal,

    One of our brokers would need to complete this assessment, it’s a complicated calculation. A dual occupancy property (i.e. house with a granny flat) is acceptable in most cases.

  • Daryl

    Hello me and my partner are on a 457 visa with just over two years left. We want to purchase a house for $600,000 and we have a 5% deposit. However I no longer have work and my partner earns just over $80,000 a year. Even though I intend to work soon I can’t provide proof obviously. Would we struggle to get a mortgage? We have a car on finance and have never missed a payment and we currently rent a house for $500 a week and never missed a payment. Thanks.

  • Hi Daryl,

    A $600,000 house would likely require more than an $80,000 income for a couple. It would be best to wait until you’ve found a job.

    While it’s possible to borrow 95% on a 457 visa there is Lenders Mortgage Insurance, Stamp duty and conveyancing costs associated with buying a home. So it’s best if you can come up with 12% to 20% of the purchase price depending on the state that you’re in. The more the better! Do you think this may be possible?

  • Daryl

    Not for a long time! We have been asked to vacate our propert in two months as the owner is going to sell so we figured we would be better off buying instead of renting but we can’t get anymore than 5% so we will decide to return to the UK and buy there.

  • Yep it’s tough to get into the market. Best of luck back in the UK.

  • bee

    Hello, I am asking for a friend who is a General Practitioner on a 457 Visa. My question is, can he buy an investment property in Australia? ;, does he have to live in the property? can he have it rented out?

    Thanks much

  • Hi Bee,

    Yes your friend can buy an investment property in Australia. It would need to be a new property to obtain FIRB approval. However if he buys a home then he could buy any property.

  • Alan Worman ッ

    Hi,

    My partner is sponsored by her work on a 457 visa which i am attached to as a partner of the visa holder.

    I went to my bank today to discuss a small personal loan and they informed me as I am not the main visa holder I am not eligible to get my own finance. I’m confused because the same bank have given me a credit card with a 12k spend.

    My question is even though I am not the main visa holder am I still entitled to apply for personal loans myself or does it have to be joint application with my partner?

    Thanks, Alan.

  • Hi Alan,

    This would depend on the bank, you might just be able to apply with another bank and get approved as they all have different policies. Unfortunately we don’t specialise in personal loans but we can assist with a home loan if you need one later.

  • Donny

    Hi,

    I am a Visa 457 holder and looking at buying a property for my own stay. I understand I will not be eligible for the First Home Buyer benefits. But what about the stamp duty waiver?

  • Hi Donny,
    It depends on the state you are in and if the property is new or not. Usually you wouldn’t be eligible.

  • MAGS

    I bought a home while I am on 457 visa with FIRB approval as a primary residence. Can I claim FHOG once I get PR?

  • Hi Mags,

    My understanding is that as you were a temporary resident at the time of signing the contract that you are ineligible. It looks like you’re in Victoria. If so then call the VIC OSR on 13 21 61 and they can confirm this for you just to be sure.

  • MAGS

    Thanks for the response.