Fast Home Loan Approval For 494 Visa Holders
- For employer-sponsored regional visa holders
- Buy property in regional Australia
- Borrow up to 90% of the purchase price
- Employer sponsorship strengthens your application
- No cost, no obligation service
MAP Home Loans > 494 Visa Home Loans
Can a 494 Visa Holder Buy a House in Australia?
Yes. A 494 visa holder can buy property in Australia, but restrictions introduced in April 2025 limit the type of property you can purchase.
The 494 is a provisional visa. Even though you have an Australian employer sponsor and a pathway to permanent residency, lenders classify you as a temporary resident. This determines your deposit requirements, your Loan-to-Value Ratio (LVR), which lenders will consider your application, and whether you need FIRB approval.
Most major banks have restrictive policies on temporary visa lending. Some will not lend to 494 holders at all. A smaller group offer competitive terms – but only if the application is structured correctly and directed to the right credit team.
Unlike a [LINK: 491 page] holder who is state or family nominated, you have an Australian business sponsoring your employment. Some lenders view this favourably when assessing income stability. We work across a panel of 31+ lenders who actively write loans for 494 visa holders. The difference between approval and rejection often comes down to knowing which lender to approach.
What Changed in April 2025? The Established Dwelling Ban
In April 2025, the Australian Government banned temporary visa holders from purchasing established dwellings. This directly affects every 494 visa holder looking to buy.
What this means for you:
- You cannot purchase an established (existing) home as a 494 visa holder
- You can purchase new dwellings – house and land packages, off-the-plan apartments, newly constructed homes that have not been previously occupied
- You can purchase vacant land and build a new dwelling on it
The ban runs until at least March 2027. It applies regardless of how long you have lived in Australia or how established your life is in your regional area. Until you hold PR via the 191, you are a temporary resident for foreign investment purposes.
The practical implication: your property search needs to focus on new stock – house and land packages, vacant land with a builder, or off-the-plan apartments in larger regional centres. We help 494 holders navigate this every week. The requirement narrows the field, but it does not close it.
494 vs 491 – What Is Different for Home Loans?
The 494 and 491 are both provisional regional visas leading to PR through the Subclass 191. But they are not the same visa, and the differences matter for lending.
The key distinction: sponsorship type.
- 494 (Subclass 494): Employer-sponsored. An Australian employer in a designated regional area sponsors your visa. Your income is tied to a specific employer.
- 491 (Subclass 491): State/territory or family nominated. You may be self-employed, work for any employer, or have more variable income arrangements.
Why this matters for your home loan:
Lenders assessing temporary visa applications look closely at income stability. Having a named Australian employer on your visa – one who has gone through the sponsorship process – signals employment security that some lenders weigh positively. It does not guarantee better terms than 491 holders, but it is a genuine point of differentiation an experienced broker can use.
Where the visas are the same for lending purposes:
- Both require a regional location for your property purchase
- Both are subject to the April 2025 established dwelling ban (new builds and vacant land only)
- Both require FIRB approval as a temporary resident
- Both can access up to 90% LVR with the right lender and LMI provider, or 80% LVR without LMI
- Both lead to the 191 PR visa after three years, with the same lending improvements at that point
- Both attract foreign stamp duty surcharges in most states
If you hold a 491 visa instead, see our dedicated [LINK: 491 page] for guidance specific to your situation.
What Deposit and LVR Is Available?
Deposit requirements for 494 visa holders vary between lenders. This is one of the areas where policy diverges most from what you might expect.
The general landscape:
- Most major banks require a minimum 20% deposit (80% LVR)
- Some lenders will consider 10% deposit (90% LVR) depending on your income, employment, and property type
- A small number of specialist lenders may offer higher LVR options in specific circumstances
The 20% threshold matters because it avoids Lenders Mortgage Insurance (LMI). Most LMI providers will not insure temporary visa holders, which is why lenders default to 20%. However, some LMI providers will insure 494 holders. If your broker knows which ones, a deposit below 20% becomes possible.
What counts toward your deposit:
- Genuine savings in Australian bank accounts
- Funds transferred from overseas (with documented source)
- Gifts from family (with statutory declaration)
- Equity in existing property
If your deposit is coming from overseas, have funds settled in your Australian account at least four to six weeks before you plan to make an offer. Exchange rate fluctuations and transfer delays can create problems at settlement.
FIRB Requirements for 494 Holders
As a 494 visa holder, you are a temporary resident under the FIRB framework. You will need FIRB approval before purchasing property in most cases.
FIRB fees: for properties under $1 million, the fee is currently $14,700. Between $1 million and $2 million, it is $29,400. These fees are non-refundable.
Key FIRB conditions:
- You must use the property as your principal place of residence
- For vacant land, you must commence construction within 12 months of settlement
- You must not sell the land before completing the dwelling
FIRB exemptions: some new dwelling purchases in designated developments may be exempt. The developer obtains an exemption certificate that covers buyers – but this must be verified on a case-by-case basis.
The FIRB process typically takes around 30 days but can run longer. Factor this into your purchase timeline. For a detailed breakdown of the full process, see our [LINK: FIRB guide].
Foreign Stamp Duty Surcharge – State by State
As a temporary visa holder, you will pay a foreign buyer stamp duty surcharge on top of standard stamp duty in most states. This surcharge varies significantly depending on where you buy, and it can add tens of thousands of dollars to your purchase.
Current foreign buyer stamp duty surcharges:
| State/Territory | Foreign Buyer Surcharge |
|---|---|
| New South Wales | 8% |
| Victoria | 8% |
| Queensland | 8% |
| South Australia | 7% |
| Western Australia | 7% |
| Tasmania | 8% |
| ACT | Up to 100% of standard duty |
| Northern Territory | No surcharge |
The Northern Territory exception is worth noting. The NT does not impose a foreign buyer surcharge. For 494 visa holders buying in regional NT – Darwin qualifies as regional for your visa – this is a significant cost saving.
On a $500,000 property in NSW, the foreign buyer surcharge alone is $40,000 on top of standard stamp duty. In the Northern Territory, that surcharge is zero.
Once you transition to permanent residency through the 191 visa, the surcharge no longer applies to future purchases. Some states offer refund provisions if you gain PR within a certain period after purchase – but this is state-specific and not guaranteed. Factor the surcharge into your budget from the start.
Regional Location Requirements – What Counts?
The 494 visa has a specific regional requirement that directly affects where you can buy property. This is a visa condition, not a guideline.
Designated regional areas for the 494 visa include:
- All of Australia except Sydney, Melbourne, and Brisbane
- This means cities like Perth, Adelaide, Gold Coast, Canberra, Newcastle, Wollongong, Geelong, Hobart, Darwin, and Cairns are classified as regional for 494 purposes
- All rural and remote areas qualify
The definition of “regional” is broader than many people expect. You are not limited to small country towns. If your employer is based in one of these areas, you are already in the right location.
Why this matters for your home loan:
- Your property must be in a designated regional area to comply with your visa conditions
- Lender valuations in regional areas can differ from metropolitan norms – some lenders are conservative with regional valuations, which can affect your borrowable amount
- Not all lenders lend in all regional postcodes – some have restricted postcode lists excluding remote or very small locations
- House and land packages in regional areas are often more affordable, which can work in your favour for deposit requirements
A common mistake: some 494 holders consider buying an investment property in a capital city while living regionally. Under current FIRB rules, your purchase must be your principal place of residence. An investment in a non-regional area would breach both your visa conditions and FIRB approval.
We know which lenders are comfortable in specific regional postcodes and which ones will flag issues at valuation. A restricted postcode can delay your purchase by weeks or force you to restart with a different lender.
Employer Sponsorship Advantage – Why Lenders Like 494 Holders
Your employer sponsorship is not just a visa detail. It is a lending factor that, when positioned correctly, strengthens your application.
When a lender assesses a temporary visa holder, income stability is a primary concern. The 494 addresses this more directly than most temporary visas:
- Named employer: Your visa is tied to an approved Australian sponsor – not a casual employment arrangement
- Regional commitment: Both you and your employer are committed to a regional area, signalling stability
- PR pathway: The 494 leads to the 191 PR visa after three years – a defined endpoint, not an indefinite stay
- Full-time employment: 494 holders are typically in ongoing, full-time roles – the income structure lenders are most comfortable with
Compare this to a [LINK: 482 page] holder on a shorter-term arrangement, or a [LINK: 491 page] holder whose income may come from self-employment. The 494 provides a cleaner income story for credit assessors.
None of this means automatic approval. But when your broker understands how to present the employer sponsorship angle – positioning it as evidence of income stability and long-term residence intent – it becomes a genuine asset. Not every lender weighs employer sponsorship the same way, and knowing which ones do is part of the value a specialist broker provides.
Pathway to PR – How the 191 Transition Affects Your Loan
The 494 is provisional, but it has a defined endpoint. After holding the visa for at least three years and meeting the income threshold (currently $53,900 taxable income per year for at least three years), you can apply for the Subclass 191 permanent residence visa. That transition changes your borrowing position substantially.
What changes when you get your 191:
- LVR improves: borrow up to 95% LVR, compared to 80-90% on a 494
- More lenders open up: including major banks that will not lend to temporary visa holders
- LMI becomes available: all major providers insure permanent residents
- Established dwelling ban lifts: you can purchase existing homes
- FIRB no longer applies
- Stamp duty surcharges drop on future purchases (some states offer refund provisions)
- Better rates: more lenders competing for your business
Strategic considerations:
If you buy on your 494 now and transition to PR in a few years, you could refinance to a lower rate, purchase a second property (including established dwellings), or remove FIRB conditions from your current home.
Your first purchase should account for where you will be in three to five years. We structure applications with this pathway in mind – choosing lenders and products that position you for better options when your visa status changes. The 191 transition is not a distant possibility. It is a scheduled event that should inform every decision about your first property.
How We Help 494 Visa Holders Get Approved
The 494 visa home loan process has more moving parts than a standard application. Between the new dwelling requirement, FIRB approval, regional postcode restrictions, variable lender policies, stamp duty surcharges, and deposit structures – the number of things that can go sideways is significant.
Here is what working with MAP looks like:
1. We assess your full situation before approaching any lender. Your visa subclass, employer details, income structure, deposit source, and target location all affect which lenders are viable. We review everything upfront so we approach the right lender first – not the third or fourth after rejections have marked your credit file.
2. We match you with lenders who actively lend to 494 visa holders. Our panel of 31+ lenders includes banks, non-bank lenders, and specialist lenders with specific policies for temporary visa holders. We know which accept 494 applications, how they assess employer-sponsored visa holders, and how their credit teams handle regional postcodes.
3. We structure your application to maximise approval probability. How your employer sponsorship is documented, how overseas funds are explained, how the visa pathway is positioned – these details influence the outcome. We prepare applications that address the questions credit assessors will ask before they ask them.
4. We coordinate the FIRB and lending timelines. Your FIRB approval and loan approval need to align with your contract timeline. We manage this so one does not hold up the other.
5. We plan for the 191 transition. Your first home loan is not the end of the conversation. We help you choose a loan structure that positions you for refinancing or further borrowing once you gain permanent residency.
Our service is free to you. We are paid by the lender on settlement. No cost, no obligation.
Frequently Asked Questions
Can a 494 visa holder buy a house in Australia?
Yes, but only new dwellings – not established homes. Since April 2025, temporary visa holders are restricted to house and land packages, off-the-plan apartments, and newly constructed homes. Your purchase must be in a designated regional area, and you will need FIRB approval.
Can 494 visa holders buy established homes?
No. Since April 2025, temporary visa holders are banned from purchasing established dwellings. You can only purchase new dwellings, vacant land (with an obligation to build), or off-the-plan properties. This lifts once you gain PR via the 191 visa.
What deposit does a 494 visa holder need for a home loan?
Most lenders require 20% (80% LVR). Some will accept 10% (90% LVR) depending on employment, income, and property type. Deposits can come from genuine savings, overseas transfers, or family gifts with documentation.
Do 494 visa holders need FIRB approval?
In most cases, yes. The fee starts at $14,700 for properties under $1 million and is non-refundable. Some purchases in new developments with a developer exemption certificate may not require separate FIRB approval. The process takes around 30 days. See our [LINK: FIRB guide].
What is the difference between 491 and 494 visa for home loans?
The 494 is employer-sponsored, while the 491 is state/territory or family nominated. The 494’s employer sponsorship can signal income stability, which some lenders view favourably. Both visas share the same regional requirement, established dwelling ban, FIRB obligations, and pathway to the 191 PR visa. Lending terms are largely the same, though individual lender policies may differ. See our [LINK: 491 page] for the full 491 guide.
Can a 494 visa holder get the First Home Owner Grant?
Eligibility varies by state. Some states allow 494 holders to access the FHOG for new dwelling purchases; others restrict it to permanent residents and citizens. We can advise what is available in your target location.
What regional areas qualify for 494 visa home loans?
All of Australia except Sydney, Melbourne, and Brisbane. This includes Perth, Adelaide, Gold Coast, Canberra, Newcastle, Wollongong, Geelong, Hobart, Darwin, and all rural and remote areas. Not all lenders lend in every regional postcode, so lender selection matters.
How does the 494 to 191 PR pathway affect my mortgage?
The 191 transition changes your borrowing position significantly. You gain access to more lenders, higher LVR (up to 95%), better rates, and the ability to buy established dwellings. FIRB and foreign stamp duty surcharges no longer apply. Many 494 holders refinance after gaining PR to secure better terms or release equity.
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