Migrant Home Loans to 95% of the Purchase Price!
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 Deposit Do I Need as a Migrant?
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.
95% of the Purchase Price:
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.
- Spouse visa home loans (note, it does not have to be your spouse you are buying with),
- Prospective Marriage Subclass 300 Visa Home Loan
- NZ Family Relationship Subclass 461 Visa Mortgage
90% 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 a 457 Visa can borrow up to 90% LVR for their Australian purchase: See 457 Visa Home Loan
- Migrants on a Skilled Regional Sponsored 475 Visa can borrow up to 90% LVR: See 475 Visa Home Loan
- Migrants on a Skilled Graduate 487 Visa can borrow mortgage finance up to 90% LVR: See 487 Visa Home Loans
- Migrants on a Skilled Regional Visa 495 can borrow up to 90% of the purchase price: See 495 Visa Home Loan
80% of the Purchase Price:
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:
- Migrants on a Bridging Visa A or B can borrow up to 80% of the purchase price with a select number of lenders. See Bridging Visa A and B Home Loan.
- Student Visa holders will be limited to 80% of the purchase price and only a handful of lenders will lend on this type of visa. See Student Visa Mortgage
Stamp duty and costs:
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.
Do I Require FIRB Approval as a Migrant?
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.
I have been Declined – How can MAP Help?
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.