With Australia’s shift in economy, businesspeople with specialised talent are more in demand than ever.
There are different subcategories of business development visas offered by the Australian Government.
Yes, you are eligible for a home loan if you are on any business development visa in Australia!
Have you purchased a business in Australia? What about starting a branch of a foreign business, or starting a new business in Australia?
There are different lending practices associated with each different business scenario.
Read on to find out how much you can borrow!
Which business visas are eligible?
You are eligible to borrow for a home loan in Australia if you have any of the special class visas for business developers.
- Provisional Business Skills visas (160, 161, 162)
- Provisional State/Territory Sponsored Business Skills visas (163, 164, 165)
- Business Talent/Established Business visas (132, 845, 846)
- Permanent Business Owner/Investor visas (890, 892, 891, 893)
- Investor Retirement visa (subclass 405)
- Independent Executive Further Application Onshore (457 IEFAO)
How much can I borrow?
We can help you obtain an 80% mortgage as long as you meet all other standard bank criteria including having a clear credit history.
Even though you may be a successful business person and the Australian government has issued you a business development visa, you will still be required to provide supporting documents to prove your income before receiving your home loan approval.
If you believe that you may be unable to provide certain documents, please call us on
1300 889 743 or enquire online and our expert mortgage brokers will assist you in applying for a business visa mortgage.
What do the lenders think?
From a bank’s point of view, lending money is a careful balance between risk and return. Most lenders will look at foreign businessmen establishing a new business in Australia as a risk.
There are two main risks associated with lending money to business talent on a visa. Firstly, you are on a temporary visa and as such you may leave Australia, and secondly, with all businesses there is a chance that the business will fail.
Other lenders know that if someone has a track record of experience in their line of business, they have a high chance of running a successful and profitable business in Australia.
How can we help you?
Our mortgage brokers are credit experts who understand that foreign business talent on an Australian visa may not be perceived favourably by some lenders.
We work closely with lenders that can consider your mortgage application even if you have just arrived in Australia!
We can help you get approval for a business visa mortgage. Call us on 1300 889 743 or enquire online for an assessment of your situation!
Purchased a business in Australia?
We know the challenges of running a small business in Australia. We have helped many small business owners obtain finance for their property and know lenders that can help.
We can help you get a home loan even if you are a non-resident on a business development visa. The lenders we work with can rely on past business tax returns and interim financials if you have experience running the business.
We can assist you with finding the right lender and sorting out the necessary documents. However, lenders will only lend up to 80% of the property purchase value. This is because of concerns over the stability of business and the fact that the owner is a non-resident.
Our mortgage brokers have experience with helping those on a business development visa to obtain home finance. If you are on a business visa and have purchased an Australian business, call us on 1300 889 743 or enquire online to find out how much you can borrow for a home!
Started a branch of an offshore business in Australia?
If you are on a business visa in Australia and have started an Australian branch of a foreign business, we can use the income of the overseas parent company if this is owned in part or in full by the applicant.
If the company or franchise is part owned then the lender will assess the loan applicant’s share of the profits as their income.
Income from the Australian branch of the parent company may not be considered if the local branch has only opened recently, as there will be no income evidence available. Because of the perceived risk by lenders, the maximum loan is 80% of the property value.
If you are on a business visa and have started a branch of a foreign business in Australia, call us on 1300 889 743 or enquire online to find out which specific requirements apply!
Started a new business in Australia?
Are you on a business visa and have just started a new business in Australia? Even though the business development visa is given to expert businesspeople, most lenders will still view you as a risk.
To be able to borrow from Australian lenders, you must have 18 months experience in the business, be able to provide one year’s tax returns and have a track record of previous employment in the same line of work.
If you only have 12 months in your Australian business then we can consider a low doc loan at a higher interest rate. The maximum you will be allowed to borrow is 80% of the value of the property. Again, this is because lenders view new businesses as being highly risky.
Foreign businesses in Australia
Did you know that there are many successful foreign businesses in Australia? The resources boom has brought many mining companies from China, South Africa and the UK to Australia.
There are also many American franchises, consulting firms and British recruitment companies that make up a large part of the Australian economy.
Foreign investors prefer Australia due to the abundance of resources and the attractive lifestyle the country offers. However, some of the challenges of doing business in Australia include the distance from other countries and a relatively small market due to a smaller population density.
Please enquire online or call us on 1300 889 743 to discuss your application with one of our expert mortgage brokers.