Migrants and Temporary Residents

If you are a recent arrival to Australia and wish to purchase a home we have a variety of lending options that may be suitable for you.

Permanent Residents

If you have a Permanent Residency visa then you are eligible to apply under the same lending policies as Australian citizens which is a loan up to 95% of property value with standard proof of income. You should also be eligible for the First Home Owners Grant!

Temporary Residents

Generally speaking, if you have a 457 Visa, and standard proof of income, you should be eligible for a loan up to 80% of the property value. You will not be eligible for the First Home Owner Grant, and under most circumstances you will need to get FIRB (Foreign Investment Review Board) permission.

If you are purchasing jointly with a spouse who is an Australian citizen, or a holder of a Permanent Residency visa, then you may qualify for a loan up to 95% of the property value. You may also be eligible for the First Home Owner Grant in this circumstance.

Applicants holding other Temporary Residency Visas may also qualify for finance, however this list is constantly reviewed by the banks, so best to contact us directly to see if you are eligible.

Non Residents

You may also qualify for a loan if you reside overseas, do not hold Australian Citizenship or a Residency Visa, and wish to purchase an investment property in Australia. Your maximum loan will be 80% of the property value, and you must also satisfy FIRB (Foreign Investment Review Board) conditions of purchase. Normal proof of income will apply. You will not qualify for the First Home Owners Grant.

Foreign Income

Lenders prefer that income is Australia based, however under certain circumstances they will consider foreign income. Typically this will be proven via employment contracts, overseas tax returns, bank statements, rental receipts and pension statements. The country of origin and the currency itself is also taken into consideration. The list of eligible income does change from time to time, so best to contact us directly to see if yours qualifies.

For further information on buying a house in Australia read our articles below!