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.
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
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