Are you on a spouse visa?
This page is for people who are on a temporary or provisional partner visa and married to an Australian permanent resident or citizen.
Even though your husband/wife or de facto partner is not yet a permanent resident or Australian citizen, you may still be eligible to borrow up to 95% of the property value. Discover how.
How much can you borrow?
Most banks and other lenders only lend 80% of the purchase price due to strict Lenders Mortgage Insurer (LMI) policies.
However, some banks will allow you to borrow up to 95% of the purchase price! To qualify to borrow 95% of the purchase price, you must be in a strong financial position and have a stable relationship.
What are the lending criteria?
Our most competitive lenders have the following policies:
- You cannot be buying separately: The person on the temporary spouse visa must be buying the property with an Australian citizen. Please see our temporary resident mortgage page if you are not buying a property together with your partner.
- De facto relationships are accepted: You do not have to be married. The banks accept people on a spouse visa that are in a de facto relationship, including same sex relationships.
- The relationship must be legitimate and continuing: Most lenders take a common sense approach in looking at how long you have been together and may reject your application if you have not been with your partner for a significant period of time.
- Legal structure of ownership: Some lenders require couples to purchase a property as ‘joint tenants,’ not ‘tenants in common.’ However not all lenders have this policy and may allow other legal ownership structures.
You must be buying the property with an Australian citizen and you must be in a relationship with them. If you do not meet the above lending criteria your mortgage will be limited to 80% of the property value.
It is also important that you have a good credit history, a solid income and a stable employment situation.
These factors decrease the risk to the bank in lending to you.
How can we help you?
We know which lenders will approve your loan despite the fact that you are on a temporary spouse visa.
If you are married to someone who has permanent status in Australia, the risk to the lender is reduced and banks may be more inclined to lend to you.
To find a lender that will accept your situation contact us on 1300 889 743 or enquire online. Our expert team of mortgage brokers can help you get approval!
Can I qualify for a mortgage on a provisional spouse visa?
Most lenders have very strict policy when it comes to individuals on a temporary spouse visa.
This is because they have not yet been granted permanent entry into Australia and there is a chance that their application for permanent residency will be declined, resulting in their departure from Australia.
If this happens, they will no longer be in a position to repay the loan. Accordingly, lenders consider these borrowers as a high risk.
Which spouse visas are accepted?
Most banks accept the following spousal visa subclasses for those who are married or in a de facto relationship with an Australian citizen or permanent resident.
- Offshore Partner Visa: Temporary and Permanent – (Subclass 309/100).
- Onshore Partner Visa: Temporary and Permanent – (Subclass 820/801).
- Other visa types accepted: Spouses that are on another type of temporary visa are also acceptable.
To see if your visa subclass is classified in this way, please see the complete list on our temporary resident mortgage page.
Will I need a deposit?
Yes, you will be required to provide a 5% deposit.
In some cases you may be required to provide genuine savings as a deposit. This policy will apply if your partner is on a 457 working visa.
Some banks are more flexible and may allow you to fund the deposit through a gift or government grant.
Speak to our mortgage brokers on 1300 889 743 or enquire online to find out whether you will need a genuinely saved deposit.
If you don’t have a deposit you should consider applying for a guarantor loan. That way you can borrow 100% of the purchase price.
You will also need additional funds to cover stamp duty and any legal or conveyancing costs that may be applicable.
Can my fiancé buy a home with me?
It may be possible for you to purchase property with your partner, even though you are not yet married.
It all depends on their current visa status. If they are on a Prospective Marriage Visa (subclass 300) and are being sponsored by you (an Australian permanent resident or Australian citizen), it may be possible to buy a home together.
However, if you are not yet on a partner visa, then it may be best to buy solely in your own name. Please call our mortgage brokers on 1300 889 743 or enquire online and we will let you know if your fiancé is eligible.
Can the bank assess my partner’s income?
Most lenders will ignore the income of your partner if they are not an Australian citizen or Australian permanent resident (PR) holder.
However, this is a very grey area of policy and we have many clients that we have helped to get approved by making a case.
What is seen favourably?
- Partner has a valid visa for Australia.
- Partner is living in Australia.
- Partner has ties to Australia such as family living in Australia.
- You have children together.
- You are married or have been defacto for over two years.
- The Australian citizen or PR holder is the main income earner.
It’s best to call us to discuss your situation and what you can show to help us make a case.
Call 1300 889 743 or complete our free assessment form today.
Am I eligible for any government grants?
Occasionally the Australian government provides incentives to Australian citizens and permanent residents who are buying a new property, building a property or buying their first home.
If you are buying with your spouse or partner, whether married or de facto, you may also be eligible for certain government grants.
Will I need FIRB approval?
If you are purchasing the property with your Australian citizen spouse, as ‘joint tenants’, then you will not be required to seek Foreign Investment Review Board (FIRB) approval.
That is the only exemption available for temporary residents.
FIRB approval is usually an uncomplicated and fast process and approval is usually granted within two weeks.
How will the banks view my relationship?
Being on a temporary spouse visa is not an issue for most banks, as long as the circumstances of your relationship and its duration, make it likely that you will stay together.
For example: a husband from a foreign country and his wife who is an Australian citizen apply for a home loan. Their relationship has only been going for one month.
The wife is not working, so the banks are relying on her spouse to prove that they can afford the debt. In this situation, it is unlikely that the banks will approve their application for a home loan.
However, if they had been together for a longer period of time or if they had children together then lenders would see this as a stable relationship and normal lending criteria would apply.
If you would like to speak to someone to discuss whether your situation would be accepted by the banks, contact our mortgage brokers on 1300 889 743 or enquire online and we will contact you.
Will I have to pay the additional stamp surcharge for foreigners?
Additional stamp duty or a surcharge on top of normal stamp duty fees may apply to you as a foreign citizen, even if you’re living in Australia.
Generally speaking, if you’re buying a property in the name of your partner that is either an Australian citizen, permanent resident or 444 visa holder, the stamp duty surcharge doesn’t apply.
In New South Wales specifically, if you’ve been living in Australia on a partner visa (subclass 309 or 820)for over 200 days, the surcharge doesn’t apply.
The other way to avoid the surcharge is to buy in a state that doesn’t apply a stamp duty and/or land tax surcharge, namely, Western Australia, Northern Territory or Tasmania.
State revenue policies change pretty regularly when it comes to foreign buyer surcharges.
Stay up-to-date by checking out the foreign citizen stamp duty page and contacting your relevant office of state revenue.
Apply for a spouse visa mortgage today!
With our specialised knowledge we have helped people on a temporary spouse visa get great loan packages with low interest rates from some of the major banks across Australia.
Want to discuss your situation? Call us on 1300 889 743 or enquire online and our mortgage brokers will assess your ability to borrow up to 95% of the purchase price!