This page is for people who hold a Bridging Visa A (BVA) or Bridging Visa B (BVB) and would like to apply for a mortgage to buy a property in Australia.
Most of the bridging visa holders who we help with a home loan are in the process of applying for their Permanent Residency (PR).
How much can I borrow?
The percentage of the purchase price that you can borrow will largely depend on the type of visa that you’re in the process of applying for.
As a general rule, almost all applicants are eligible for finance for up to 80% of the value of the property value.
Borrowing more than 80% of the property value is only available if you’re:
- Buying a property with an Australian citizen or a PR holder.
- A 457 visa holder with one year remaining on your visa.
- Borrowing on a spouse / partner visa.
In these cases, you may be able to borrow up to 95% of the property value!
We’re specialists in helping people on a bridging visa to apply for a mortgage. Please either call us on 1300 889 743 or complete our free online assessment form and one of our brokers will call you to discuss your situation.
How do banks view bridging visas?
Applying for a home loan while on a Bridging visa is possible, although it’s more complicated. As a general rule, people on a Bridging Visa A (BVA) or Bridging Visa B (BVB) can be accepted for a loan for up to 80% of the value of the property that they’re buying.
This is because A & B visa holders are a lower risk, and have held a substantive visa before.
The amount you can borrow and the lenders that can approve your loan will depend on several different factors:
- The visa that you were on prior to your bridging visa.
The visa that you’re applying for now. You can find out how banks see your visa type on these pages:
- If you’re applying for Permanent Residency (PR) or for Temporary Residency (TR).
- The length of time until your new visa will be granted / assessed by the Department of Immigration & Citizenship.
- Any factors that will have a significant impact on your application such as being married to an Australian citizen or working in a high demand profession.
- The overall merit of your application.
Did you know that most Australian banks don’t accept applications from foreign citizens living in Australia on a bridging visa? You need to apply with a lender who can consider your situation otherwise you are unlikely to be approved.
Other bridging visa holders such as C, D & E are assessed on a case by case basis.
Apply for a bridging visa mortgage
We specialise in helping those on a bridging visa to apply for a mortgage. Our mortgage brokers know which lenders can accept your home loan application and offer you competitive discounts.
Please either call us on 1300 889 743 or complete our free online assessment form, and one of our brokers will give you a call to discuss your eligibility for a bridging visa mortgage.