Fast Home Loan Approval
for 457 Visa Holders
- For employee-sponsored workers
- We approve when others said “no”
- Borrow up to 95% of the purchase price
- Competitive interest rates
- No cost, no obligation service
This is a short presentation by Craig Vaughan of MAP Home Loans on financing options for 457 visa holders looking for a mortgage in Australia. The presentation covers off on bank policy as well as some practical examples, with a specific focus on the deposit required.
At MAP we understand that you come from a foreign country with different rules and procedures than Australia. Purchasing a home is stressful enough and doing so whilst on a 457 visa may make the process of purchasing a home here that little bit more daunting. This is where MAP can help.
We are experts in helping foreign citizens living in Australia on 457 visas buy property in Australia and arrange a 457 visa mortgage approval (up to 90% LVR if required). We also provide step by step guidance throughout the entire process of buying property in Australia whilst on a 457 work Visa to make your purchase easy. This includes FIRB guidance, tips and tricks when choosing your conveyancing and building and pest team, and everything else in between. And we do all of this as a free service to you.
Please read on to find out more.
As a general rule, temporary residents on 457 Visas are limited to an 80% LVR home loan so a 20% deposit plus your costs like stamp duty will be required. However, there are exceptions to this rule if you have strong employment or purchasing with an Australian citizen or permanent resident.
80% of the property value: Temporary residents on 457 working visas (and most other types of visas) can obtain a 457 visa mortgage up to 80% of the purchase price through some banks thereby requiring a 20% deposit plus purchasing costs,
package
90% of the property value: Temporary residents on 457, 475, 487 and 495 visas can borrow up to 90% of the property value if you are a professional with strong employment history. Generally you would be in a professional occupation with 12 months in your current job or 2 years in the same line of work. Temporary residents on 457 visas seeking a home loan above 80% LVR are also required to have part of the deposit saved.
95% of the purchase price: If the 457 visa holder is purchasing with their Australian Citizen or Permanent Resident partner or spouse (married or defacto) then some lenders will approve a home loan for temporary residents to borrow up to 95% of the property value providing they have 5% genuine savings. In this scenario the first home owners grant may be available as well as the stamp duty concessions that apply.
More Information on Temporary Resident Home Loans HERE
If you are on a 457 Visa, have been in your current employment for 12 months or in similar line of work for 2 years, and have saved up part of your deposit – then a home loan to 90% LVR may be available to you. That is, you could purchase your new home in Australia whilst on a 457 visa with just 10% deposit plus purchasing costs. Typically purchasing costs (like stamp duty etc) equate to roughly 5% of the purchase price.
You may have already approached your bank or broker and been advised that the maximum loan to value ratio is 80% as you do not hold permanent residency. At MAP, we specialise in home loans for temporary/non residents and as such have made special arrangements to be able to offer temporary residents a home loan to 90% LVR.
The following visas are also acceptable to 90% LVR;
457 Visa Mortgage policy is a minefield with every bank having their own individual lending policy and requirements. This difference in lending criteria from one lender to another can result in one bank approving your 457 visa mortgage while another will decline the application or require a larger deposit. For example, some lenders will;
This is where MAP Mortgage Brokers can help. MAP understands the complex 457 visa mortgage lending policies and requirements of all the Australian banks and non bank lenders to ensure that your temporary resident home loan is approved the first time at the best interest rate available.
Don’t risk a decline on your credit file. We do not charge you for our services so give us a call or enquire online for a no obligation assessment.
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For a FREE, No Obligation Consultation
“With all honesty, I must say I have thoroughly enjoyed working with Craig from day one through my
long journey to get financing for my first home.At all times, Craig was a continuous help and provider of solid advice and feedback and was ever so
patient during the whole process. I had the pleasure of meeting him twice and he always came across as
a down to earth guy who knew his specialty and never failed to deliver on his promises. I was amazed to
receive the financing I wanted and I am sure I could never have got it without Craig’s support and advice
along the way.I will certainly recommend him to my family and friends.
Thanks Craig again for absorbing my constant questions and being a true finance partner through the
journey…”
– Roman
ENQUIRE NOW
For a FREE, No Obligation Consultation
PeterGreat service, always attentive and let us know what would happen, how it would work, what was required etc. Craig goes the extra mile and is always available on the phone or email at anytime to explain things. Phenomenal Service. You won’t get better (Although first house purchase in Australia, this is my 4th house purchase and the best service yet by far!).
Chloe and Ben P.A and Chef from Auckland New Zealand on a 461 Visa, Bought a New Home in Brisbane QLDCraig – you always answered my emails and phone messages very quickly (even at 11pm or when you were overseas)! Although we never met in person we developed a great broker/borrower relationship through correspondence. You went over and above our expectation as a broker – especially when things were taking a long time or other people were making mistakes. You continued to keep us updated on the progress of our loan and I never had to follow you up on anything. You had great attention to detail you were never pushy and I felt like you were always honest with us. I would definitely recommend you to all my friends and family. Thank you so much for helping us buy our first home. We will contact you again when we are ready for the next one! Cheers Chloe Ben
TheresiaThanks for your assistance. You’ve made my first home buying experience very easy & pleasant. I will for sure recommend your service if any of my friends is looking for home loan deals. Regards, Theresia
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