The amount you can borrow to buy a house depends on the Temporary Resident Visa category you are holding:
- 75% of property value (include LMI): for temporary visa holders that allow to work in Australia for at least 12 months under the Student or Investor stream (See details below).
- 95% of property value (include LMI): for people who are married to an Australian citizen or permanent resident (depending on the Bank).
Which Temporary Resident Visa holders can get a home loan in Australia?
Temporary Resident visa holders must be approved by the Australian Government and the FIRB (Foreign Investment Review Board) permits foreigners to buy homes in Australia.
Loan acceptance for Temporary Resident Visa holders will be subject to the Bank's consideration of the application.
Visa is preferred
The list below includes the visa categories that Australian Banks tend to refer to as “Australian Citizens”. Holders of this Visa can get a loan of up to 95% of the property value when a husband and wife buy a house together:
- Spouse / spousal / partner visa (subclass 309/100 and 820/801).
The visas are likely to be accepted by the Banks home loan services
The list below includes the visas that Australian Home Loan Banks tend to consider as “temporary residents” and loans at 75% of the property value:
- Skilled Graduate Visa (Subclass 485)
- Skilled Regional (Provisional) Visa (Subclass 489)
- Skilled Recognised Graduate Visa (Subclass 476) tùy từng trường hợp
- Skilled — Regional Sponsored visa (subclass 487, Subclass 475)
- Employer Nomination Scheme (subclass 186) visa
- Business Skills (provisional) visas (subclasses 160-165)
- Business Owner Sponsored Subclass 163 Visa
- Investor (Provisional) Subclass 162
- State / Territory Sponsored Investor subclass 165 visa
- Business (Short Stay) visa (subclass 456)
- Business Innovation and Investment (188 Visa)
Are you holding a Spouse Visa/Partner Visa?
Conditions for SPOUSE VISA holders to get a home loan:
- ALLOW buy a house with a spouse (permanent visa holder or AUSTRALIAN CITIZEN)
- The bank will review the application LOAN UP TO 95% (depending on the Bank).
Benefits when holders of SPOUSE VISA when borrow home loan (with spouse – holders of PERSONAL RESIDENCE/AUSTRALIA CITIZEN)
- Have a source of income for both spouses – the amount of loan is higher
- SPOUSE VISA holders can prove common assets for permanent residency submission
Are you holding a TEMPORARY RESIDENCE VISA?
Currently, some banks have a policy for student abroad in Australia Temporary Residence Visa holders, after graduating and having a job, they can borrow HOME LOAN, including:
- Skilled Graduate Visa (Subclass 485)
- Skilled Regional (Provisional) Visa (Subclass 489)
- Skilled Recognised Graduate Visa (Subclass 476) tùy từng trường hợp
- Skilled — Regional Sponsored visa (subclass 487, Subclass 475)
- Employer Nomination Scheme (subclass 186) visa
For home loans, this helps working people to reduce financial pressure when they have to lose their monthly rent and enjoy low interest rates compared to previous years.
Borrowers come with utilities such as offset accounts, redraw facilities and interest only repayment.
In case
- You HAVE LOW INCOME you still can borrow, if you buy a house with a partner (who has a stable income)
- You are SUPPORTED BY FAMILY, you can borrow (depending on the case). Contact Flexi Mortgage 02 8773 1451 for best advice.
Are you wondering how much you can borrow to buy a house based on your current income and spending and how much is the monthly principal payment? Calculation of loan possibilities here:
Is Australian Government approval required?
For foreigners buying a home in Australia, you need The Foreign Investment Review Board (FIRB) approval.
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Contact Flexi Mortgage for free home loan advice and support:
- Hotline: 02 8773 1451
- Email: mortgage@flexigroupholdings.com.au
- Website: Fleximortgage.com.au
- Office: Liberty Plaza – Level 1,28/256 Chapel Rd South Bankstown 2200
