457 visa mortgage
What is a 457 visa mortgage?
This is a home loan (also known as a mortgage) that 457 visa holders in Australia can get from some Australian lenders. Many Australian lenders do not lend to temporary visa holders, however some have tailored home loans for 457 visa holders that meet specific criteria.
What criteria do I need to meet to get a 457 visa mortgage?
Different banks and lenders have their own criteria that you will need to meet in order to get a home loan whilst on a 457 visa. These may include the length of time that remains on your visa, your income, the amount of deposit you have saved, no negative credit history in Australia among other things.
What is the maximum percentage of the property value that I can borrow whilst on a 457 visa?
The maximum percentage of the property value that you can borrow whilst on a 457 visa will depend on a number of factors. These include:
The lender, different lenders have different maximum borrowing percentages for 457 visa holders, some lenders will only a 457 visa holders to borrow up to 80% of the property value whilst other will allow you to borrow 90% with lenders mortgage insurance.
Your profession and income can also influence the proportion of the property value that you can borrow and if you can get an exemption for needing to pay for Lenders Mortgage Insurance or not.
Are there any other criteria I need to meet in order to get my home loan approved?
Yes, each bank or lender will have their own criteria that you will need to meet. This will consider your income types and amount, your current liabilities and expenses, as these impact on your ability to make the repayments on the loan. The type and location of the property that you are buying is also considered as some types or locations are considered better than others and lenders sometimes want to limit the amount of loans that they approved in an specific area if they already have many in that area. You will need a clean credit report (no loan defaults, bankruptcies or the like) in Australia. Other criteria specific to each lender.
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