Home loans for Migrants in Australia are available at the same normal interest rates available to Australian citizens (ie, there is no loading on the interest rate because you are a migrant). Providing you have permission to work in Australia, clean credit history, some savings and stable employment, the fact you do not hold permanent residency does not mean you are doomed to rent until you do.
You may have already been declined by your bank or broker, or been told that you do not qualify because of your visa status. MAP can still help as we have negotiated specific arrangements with a number of banks and non-bank lenders that are simply not offered to 99% of banks and brokers in Australia.
Put simply, don’t give up until you have read the information on our website and contacted us for assistance.
How much you can borrow and therefore how much deposit you need will vary depending on your residency status. Here is a summary of the requirements at the different deposit levels.
Migrants will only need a 5% deposit plus costs if they hold permanent residency or are purchasing with a co-borrower who holds permanent residency or Australian citizenship. As long as one migrant borrower is a permanent resident, then some banks and non-banks will lend up to 95% of the purchase price.
Migrants in Australia who are on the following visas can borrow up to 90% of the purchase price with a small number of lenders thereby only requiring a 10% deposit. The specific policy for each of these visas is outlined on the respective link below:
Migrants on any other type of visa not identified above, and not purchasing with an Australian citizen or permanent resident, will generally be able to borrow up to 80% of the purchase through most lenders. Each lender does have their own specific policies though on different visas, notably:
The above outline is the maximum the banks will lend based on your particular visa. You will require funds to pay for stamp duty and purchasing costs on top of this. For example, if the maximum lend is 90% LVR, then you will need the 10% plus stamp duty and costs. Depending on the state of Australia you are in, costs will range from 3-7% or the purchase price.
Request an exploatory chat about your options and how to secure fast home loan approval, at a competitive rate – even if you don’t have a 20% deposit.
Foreign Investment Review Board Approval (FIRB) will generally be required before migrants who do not hold permanent residency can commit to buy a home in Australia. FIRB approval however is generally only a technicality providing you are buying the home to live in and not as an investment property to rent out. More information on FIRB Approval for Temporary Residents.
It is true that Migrants can be approved for home loan finance to buy Australian property. It is a complicated area though with no one bank having the same lending policy around the type of visa or deposits required.
The key to being approved is to use a specialist mortgage broker who knows Migrant Lending Policy inside and out to ensure your Home Loan is approved the first time, at the best deal available to you.
MAP Mortgage Brokers are the Migrant Home Loan Specialists and we will guide you through step by step. Contact MAP today to see if we can help you.
Request an exploratory chat about your options and how to secure fast home loan approval, at a competitive rate – even if you don’t have a 20% deposit.
Achla and DarrenWe are living in the UK, and Monika has been able to help us on settling not one, but two loans in Australia in the past 6 months. The mortgage process is stressful as it is, but Monika has been able to deliver a seamless process all with us overseas the whole time. We were updated every step of the way, and the advice given to us was always helpful. I’d happily recommend MAP services to anyone requiring a mortgage.
Adam & DanielaRight from our initial enquiry all the way to now (post settlement), Michael has been the best, always had excellent communication, replying to every email quickly, explained everything as simple as possible to help us (first home buyers) understand the process. We can’t recommend him highly enough, especially for people in our partner visa situation. He’s played a huge part in helping us achieve a dream of home ownership and made it easier than we ever expected.
Thanks again Michael.
Cheers
Adam & Daniela
AnthonyBeing In the Navy and away from home a lot I found it hard to find time to sought my loan out with the bank but working with Craig I found the process really easy and in the future when it’s time to go for another loan I will being looking up craig again to use his expertise.
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