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.
DaniellaWorking with Michael was an absolute delight.
I was a first home buyer and couldn’t think going anywhere else. Highly recommend to go through MAP home loans.He was quick to respond to all my queries, managed to get the loan approved under a strict timeline and I was very impressed. Michael also followed up with me once I settled, I truly appreciate all his hard work to make this happen.
Adnan SharafatI am very thankful to Michael for my primary property construction loan. I approached many mortgage agents for the loan amount as desired, but they could not process because of my overseas profile.
I am an Australian PR holder, based in Dubai and after reading online reviews of MAP loans, I approached to Michael where he completed my construction loan process very confidently even, I did not feel that I am living in different time zone as he was always available for my queries.
Michael also helped for my investment property loan, and again he did awesome job and completed the loan approval process in less than a month. I would like to strongly recommend him for the home loan services with no hidden cost and surprises.
All the best Michael in your future success 😊
PeterMy wife is on a 820 visa and Michael helped us get a home loan. He was a great with communication and answered all of my questions. Recommended if you have if you have issue surrounding temporary visas or you just want a great mortgage broker.
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