Will your visa stop you getting discounts?
Whether you received your medical training here or overseas, non-residents need a 457 visa to practice medicine in Australia.
Even though you’re a temporary resident, you can still qualify for signficant interest rate discounts and even avoid mortgage insurance just because of your professional status.
What temporary resident discounts are available?
Australian banks can usually be conservative when it comes to offering discounts to temp residents but not all lenders are the same when it comes to doctors.
You may qualify for the following:
- Borrow up to 90% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI).
- Special interest rate discounts.
- Available with select lenders only.
We’re specialists in lending to temporary resident doctors and we know which banks can accept your application.
Call us on 1300 889 743 or fill in our free assessment form to discover if you qualify.
What if my partner is also a temporary resident?
In many cases, a doctor is sponsored on a 457 visa to come to Australia and brings their family with them as part of their 457 visa application.
Some of our lenders will accept spouses as a co-borrower and offer doctor home loan discounts as long as one of you is an an acceptable medical professional.
What if my partner is an Australian citizen or PR holder?
The banks assess this in different ways.
Some lenders consider this type of application to be a temporary resident home loan and others consider it to be an
Australian citizen home loan.
By applying with the right bank, we can maximise the discounts available to you and ensure you get the best deal possible on your home loan.
Why do banks restrict lending to temporary residents?
Temporary residents are seen as a higher risk because they are less committed to Australia.
Considering that most doctors on temporary resident visas are highly paid and will eventually get their permanent residency, we consider this to be unnecessarily conservative.
Of course, some banks have policy restrictions and will decline a temporary resident or reduce them to borrowing a maximum of 80% of the property value.
Which visa types are eligible?
There were many major changes announced to temporary Australian visas over 2017.
Currently, the 457 visa is the most common visa for doctors working in Australia and it’s the most common temporary visa we assist.
The other common situation we deal with are medical professionals on an Offshore Partner Visas, specifically the visas 309/100 and 820/801.
There are still many doctors on the Medical Practitioner (Temporary) Visa (Subclass 422), which was cancelled in early 2017. If you’re on the 422 visa, we can also help you qualify for a home loan!
The 422 visa was scrapped as part of a decision to replace the 457 visa with the Temporary Skill Shortage (TSS) scheme.
What type of medical professionals qualify?
The introduction of the TSS visa will see many medical jobs scrapped from the list of professionals eligible for a temporary skilled visa.
Until then, we can help the following types of medical professionals qualify for waived LMI and negotiated interest rates:
- Cardio Thoracic Surgeon
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Ear and Throat Surgeon
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Gastro Intestinal Surgeon (Upper/Lower)
- General Practitioner (GP)
- General Surgeon
- GP Registrar
- Heart Doctor
- Heart Surgeon
- Hospital-employed doctors including interns, residents, registrars and staff specialists
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthopaedic Registrars
- Orthopaedic Surgeon
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatric Surgeo (Neonatal/perinatal)
- Plastic Surgeon
- Radiation Oncologist
- Reconstructive Surgeon
- Resident Medical Officer
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Specialist Physician
- Surgical Registrar
- Thoracic Surgeon
- Vascular Surgeon
Please speak with one of our mortgage brokers by calling 1300 889 743 or by completing our free assessment form