Can I get a home loan on passport with subclass 461 visa?
MAP Home Loans are specialists in helping NZ passport holders and their temporary resident partners on NZ family relationship visa subclass 461 obtain the right home loan for their needs. There are a number of areas which make it difficult and confusing for New Zealand citizens who want to find a suitable NZ subclass visa home loan with their spouse. The following is some general information to assist.
Are we going to have to pay a higher interest rate due to our 461 visa?
You will not pay a higher interest rate than an Australian citizen or permanent resident applying for the same loan. The home loans that subclass 461 visa holders can obtain are in no way different from any other and offer the same options for interest rates. It is merely that many if not most lenders will not lend or will require large deposits. But MAP has a couple of lenders who can assist despite the visa issue.
How much of the total value of the property can I borrow?
Many lenders or brokers advise subclass 461 visa holders that 80% is the maximum they are entitled to borrow but we have arrangements with certain financial institutions and may be able to help you get more if necessary. As a rule you may be able to borrow up to 95% of the LVR. That is, you could be buying your home with only a 5% deposit plus stamp duty and fees.
I want to borrow more than 80% – how do I do that?
If you are looking to borrow more than 80% of the total price of the property it is a good idea to speak to us. We have in depth experience and knowledge of the different products available to subclass 461 visa holders and may be able to help you borrow up to 95%. Contact our office on 1300 397 287 and find out how we can help you.
Want More Details? Watch This Video By Craig Vaughan:
This is a short presentation by Craig Vaughan of MAP Home Loans on financing options for Australian property available to 461 citizens. The presentation covers off on bank policy as well as some practical examples, with a specific focus on the deposit required.
What additional features will I be able to get on my home loan?
As a subclass 461 visa holder you may be concerned that your options are limited. This is not the case. You can apply for a standard home loan from a bank which comes with all the features offered to Australian citizens and permanent residents. This is great if you are hoping to start a family soon or are just looking for some extra flexibility from your home loan. Some of the features that you may be able to apply for include:
- Redraw facility. A redraw facility enables you to make extra payments into your home loan and then withdraw them later if you need to, allowing you flexibility and a way of saving up for a rainy day while bringing down the interest on your mortgage payments.
- Professional package. This can provide you with a number of attractive features and in some instances lower interest rates.
- Offset account. A savings account which can be linked to your mortgage and the balance of which is offset against your home loan, allowing you to reduce your interest payments.
- Extra payments. Having the option to pay off your home loan sooner by making additional repayments can greatly reduce your overall costs.
- Parental leave. Allows you to take a break from repayments while you start a family and take time off work.
Will I need Australian Government approval for my loan?
Subclass 461 visa holders will need to obtain approval from the Foreign Investment Review Board (FIRB) before going unconditional on a property purchase. However, only the partner who is on the NZ family relationship subclass 461 temporary visa will need approval. This process is relatively straight forward and MAP will guide you through the process.
If you are considering applying for a home loan in Australia and would like some advice and assistance call our office today on 1300 397 287. We specialise in helping NZ passport holders and 461 visa holders secure home loan finance so they can truly make Australia their home.