Work visa home loans: Australian mortgages for temporary residents

Oak Laurel | Mortgage brokers 

Work visa holders, do you want to talk to a professional about getting your mortgage approved? We can help.

Work visa home loans: Australian mortgages for temporary residents

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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 temporary visa holders.

Are you on a work visa and need help with your home loan?

Contact a finance professional to discuss your needs.

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+61 430 129 662


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Contact Oak Laurel to get your work visa mortgage application started

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If you are on a temporary visa, particularly a work visa, you may be able to get a work visa home loan. Only certain lenders offer work visa home loans to Australian temporary residents or other non-residents. Furthermore, some lenders can have stricter requirements (such as only allowing loans up to 70% or 80% of the property value) for temporary residents that Australian permanent residents or Australian citizens. Other lenders may allow temporary residents to borrow up to 95% of the property value under certain circumstances.

work visa home loan - mortgages for work visa holders

Some Australian banks will approve home loans for people on work visas. If you have an Australian work visa there is a good chance that we can help you get a home loan. Visas preferred by Australian banks and lenders include:

  • Temporary Work (Skilled) visa (subclass 457 visa) – 457 visa home loan
  • Employer Nomination Scheme visa (subclass 186 visa)
  • Regional Sponsored Migration Scheme visa (subclass 187 visa).
  • Business Talent (Permanent) visa (subclass 132 visa)
  • Business Innovation and Investment (Provisional) visa (subclass 188 visa)
  • Skilled Independent visa (subclass 189 visa)
  • Skilled – Nominated visa (subclass 190 visa)
  • Skilled – Nominated or Sponsored (Provisional) visa (subclass 489 visa).
  • Business Innovation and Investment (Provisional) visa (subclass 188 visa)
  • Business Innovation and Investment (Permanent) visa (subclass 888 visa)

Other visa numbers that are eligible include: 100, 103, 114, 115, 116, 119, 120, 121, 124, 132, 134, 136, 138, 139, 143, 151, 155, 157, 159, 160, 161, 162, 163, 164, 165, 173, 175, 176, 186, 187, 188, 189, 190, 200, 201, 203, 204, 300, 309, 310, 401, 403, 405, 411, 415, 416, 420, 422, 423, 426, 428, 457, 461, 475, 487, 489, 495, 496, 801, 804, 820, 835, 836, 838, 855, 856, 857, 858, 864, 884, 885, 886, 887, 888, 892, 893, 995.

You will need to meet the bank’s normal lending criteria for approving a mortgage. These criteria differ between banks and include things like the amount of savings you have (deposit for the property purchase), your income amounts, expense amounts and your ability to repay the loan. The stability of your residence and job. Banks and other lenders prefer to see that you are not moving between jobs or homes without good reason. Lenders want to see that you have saved money to put towards the purchase of your home. The type and location of the property that you are buying is also important as some properties are higher risk  and harder to sell than others.

Your credit history in Australia is important. If you have bad / unpaid debts this will be a problem for the lender. Small unpaid debts like a unpaid utility bill may be able to be overlooked if it is repaid before the loan application. Lenders will not check your overseas credit history.

If your visa is about to end and you have not applied for another Australian visa this may also be a problem.

People on many types of work visas are able to borrow 80% of the property value.

Though some lenders allow you to borrow more than 80%, up to 90% of the property value if you have lenders mortgage insurance.

If your partner is a permanent resident you will be able to borrow 95% of the property value.

For home loans greater than 80% of the property value you will be required to pay for lenders mortgage insurance. Lenders mortgage insurance can cost thousands of dollars.

However, if you are a medical doctor, vet, medical specialist, dentist, chiropractor, optometrist or physiotherapist you may be able to borrow up to 90% of the property value without paying lenders mortgage insurance.

You will also need to meet the lender’s other lending criteria.

This will depend on how much you are borrowing.

If you are borrowing up to 80% of the property value, you will need at least the 20% for the bank deposit. 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%.

If 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. If you are a medical doctor, vet, medical specialist, dentist, chiropractor, optometrist or physiotherapist you may be able to borrow up to 90% of the property value without paying lenders mortgage insurance.

No. Work visa holders are not able to get the first home owners grant. You are only able to get the first home owners grant if you are buying the property jointly with an Australian permanent resident or Australian Citizen.
Australian Government, through Foreign Investment Review Board (FIRB) approval, is required for foreigners to purchase Australian property.

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.

There is no Government approval required for foreigners to borrow money. You do not need approval and you do not need to notify the Department of Immigration and Citizenship (DIAC) about your property purchase or home loan. Contact your immigration agent or DIAC for information regarding immigration.

The Australian home loan and investment property loan market is not very organised. There is a lot of different home loans and other loan products available. Banks are constantly updating and changing their products and policies. So if you are not always analysing and reviewing what is available you will be unable to find the most suitable loan for you.

Some of the best loans may be for banks that you never knew existed.

When dealing with large amounts of money involved in something like buying a property, a small difference can save thousands of dollars over the life of the loan. This is where a mortgage broker from Oak Laurel can help you. Oak Laurel mortgage brokers know the lenders that offer loans to non-residents, their lending policies and which ones have the good rates. Contact us for a free consultation about your work visa home loan.

A Mortgage broker from Oak Laurel can help you get your mortgage approved whilst you are still on a work visa. Not only will we help you get your home loan approved, we will analyse and compare the different lenders to get you a great home loan package of interest rates, fees and features that suit your circumstances.
No, for most home loans our services are free. We are paid by the bank or lender for introducing loans to them. Your loan will not be more expensive because you use our service. Rather, because we know the different banks and their policies, we can often find you a better loan!

Home loans for 457 visa holders

Are you on a 457 visa? Find out more about home loans for 457 visa holders here:

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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