Many banks and lenders will simply refuse to lend to applicants that do not hold a permanent resident visa or Australian citizenship. For many lenders it is simply too risky to lend to an applicant without permanent residency as most are worried about what happens if the temporary resident visa is not extended.
Is a home loan in Australia possible if I do not hold permanent residency PR?
Yes! Whilst many lenders will not lend to you there are a good number that will at normal standard interest rates. Thats right, you will not be paying more because you do not hold permanent residency. The key to getting approved is simply applying with the right bank and that is where MAP can help.
How much deposit will I require?
As a generaly rule, applicants for home loans that do not have a permanent resident visa will require a 20% deposit. There is an exception to this if the applicant without permanent residency is buying with an Australian Citizen or permanent resident. In this scenario a home loan with only a 5% deposit is possible.
Does it matter what sort of temporary resident visa I am on?
It does to some lenders. Some lenders will only lend to you over 80% LVR if you are on a spouse visa subclass 309 or 820. Other lenders don’t mind what sort of visa you are on providing you are buying with an Australian Citizen or permanent resident.
Is the First Home Owners Grant (‘FHOG’) available if I do not hold permanent residency?
Only if you are buying with an Australian citizen or permanent resident – and otherwise qualify. If neither purchaser holds citizenship or permanent residency then the FHOG is not available. However, sometimes it is possible to get these benefits post settlement if your permanent residency visa was to come through within 1 year of purchase.
More information:
More information on home loans without permanent residency can be found 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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