457 visa home loans: Mortgages for 457 visa holders

Oak Laurel | Mortgage brokers 

Non-residents, do you want to talk to a mortgage professional about getting your home loan approved? We can help.

Do you need to transfer money from overseas to help pay for your property deposit?

In most cases, the transfer cost is much cheaper than using the banks.

Check out these money transfer options.

IMPORTANT! Non-resident lending in Australia has changed.

Lending to people with foreign income has become more difficult.

We still have loan options for non-residents. However, the interest rates and fees are more expensive. Maximum borrowing is 60-70% of the property value.

Non-resident home loans – Australian mortgages for non-residents

457 visa home loan - 457 visa mortgage

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Non-residents can be either:

  • Australian citizens or Australian permanent residents living overseas; or
  • Citizens of foreign countries that are not permanent residents in Australia.
Yes, non-residents can buy property in australia. 

However, before purchasing any property in Australian, foreigners must have approval from the Foreign Investment Review Board (FIRB). You may not be able to purchase certain types of property. For example you may only be able to purchase new property not established or used property.

See the guide for foreigners buying property in Australia.

Note that that commencing 1 Dec 2015 there is a $5,000 application fee when applying to the Foreign Investment Review Board to purchase residential property costing less than $1 million and $10,000 for properties greater than $1 million and each million after.

Yes, non-residents can get an investment loan to buy property in Australia.

You may only be able to get a non-resident home loan from certain lenders depending on if you are:

  • a New Zealand citizen;
As a non-resident, you could get a non-resident investment loan from an Australian lender for the purchase of Australian property. Foreign nationals, Australian expats and temporary residents are all able to purchase Australian property and get a mortgage from an Australian lender. Your circumstances will determine the:

  • type of property you can purchase (new, existing)
  • lenders that will approve your mortgage application;
  • types of mortgage you can get (investment property loan); and
  • conditions of the investment loan.
This will depend on how much you are borrowing and the type of non-resident you are.

If you are a foreign citizen living overseas you may be able to borrow up to 80% 60% of the property value from some lenders. NOTE: the non-resident lending environment has changed, currently the maximum loan to value ratio is 60% for foreign non-residents.

If you are on a temporary 457 visa you can still borrow up to 90% of the property value.

If you are a non-resident buying with your partner that is a permanent resident or Australian citizen you may be able to borrow up to 95% of the property value. This may depend on where the majority of income comes from.

You will also need to pay for the closing costs. These are Stamp duty, conveyancing fees, home insurance and some other fees and taxes. Stamp duty varies between States and Territories. The cost of conveyancing will depend on who you use and how much they charge. These closing costs can costs  between 3-5% of the property value.

If you are borrowing with a permanent resident or Australian citizen or you are on a 457 visa and you want to borrow more than 80% of the property value in addition to the closing costs (3-5% of the property value) you will also need to pay for lenders mortgage insurance which adds additional cost (0.5 to 5%) depending on the size of the loan and the loan to value ratio.

A mortgage broker from Oak Laurel can help you get your mortgage approved even if you are a non-resident.
The Australian home loan and property investment loan market is complex. There is a multitude of different home loans and other finance products available on the market today and lenders are constantly updating and changing their products.

This means that if you are not constantly analysing and reviewing what is available on the market you are unlikely to be able to find the most suitable loan products for you. Some of the best options may be for lenders that you did not know existed.

When dealing with the amounts of money involved in something like the purchase of a property, seemingly small differences can amount to thousands of dollars over the life of the loan. This is where a finance professional (mortgage broker) at Oak Laurel can assist.

Oak Laurel know the lenders that offer property loans to non-residents, their lending criteria and which ones have the best rates and loan packages. Contact us for a free consultation. We have non-resident specialist mortgage brokers ready to help you.

Yes, some lenders will approve construction loans for non-residents if they meet all of their other criteria. You must also use a fixed price contract with a licensed builder and have all of the relevant building, planning and development approvals. Contact Oak Laurel in your planning stage to go through your options.

Do you want to about the construction loan process in Australia? Find out everything that you need to know about construction loans in Australia.

Construction loans in Australia
No, if you are a non-resident, you cannot get the Government First Home Owners Grant unless you are buying the real estate with your spouse who is a permanent resident or Australian Citizen and they are buying their first home. See more details here about the Government First Home Owners Grant.

Are you on a non-resident and need help with your Australian home loan?

Contact a finance professional to discuss your needs.

 Get your mortgage approved FAST!


Oak Laurel Mortgage Broker

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Do you need to transfer money from overseas to help pay for your property deposit?

In most cases, the transfer cost is much cheaper than using the banks.

Check out these money transfer options.

Great Service

Oak Laurel will strive to get your home loan approved. An Oak Laurel mortgage broker will make getting your home loan a stress free process!

Great Results

Oak Laurel will get you a great result! Be confident that you are in good hands.

Expert advice

We will provide expert advice so you can be sure that you are getting the right loan.

Range of lenders

Oak Laurel have access to a wide range of loans and lenders. We have relationships with the lenders that offer great home loan packages for non-residents.

Our Panel of Lenders

Our mortgage brokers have access to a large panel of lenders, this means that we can offer you a wide selection of home loans.

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Please note: some of our mortgage brokers may not offer products from all of the listed lenders.

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