Temporary residents in Australia on 457 visas are, as of today, able to borrow up to 90% LVR with only a 10% deposit plus costs. After the withdrawal of this product during the GFC, it is now back in full force. Providing the 457 visa holder has 12 months in current job and has saved up a good portion of the deposit, then it is very likely they will qualify for a 90% 457 visa mortgage.
Foreign citizens without permanent residency (‘PR’) have to date required a 20% deposit unless purchasing with an Australia citizen or permanent resident. This is a great step forward recognising that there are many professional temporary residents out there who can easily afford the repayments on a mortgage but do not quite have the required 10% deposit.
More information on 457 visa home loans here.