Fast Home Loan Approval For All Visa Holders

Work Visa Home Loans to 90% LVR

MAP can assist subclass 482 TSS, 491 and 494 work visa holders living and working in Australia with a home loan up to 90% LVR. We’ll guide you through the entire process — including FIRB approval where required.

If you have a deposit of 20% or more, MAP can still assist. Every bank has its own policies, procedures and specials — we know which lenders say yes to your visa today.

Maximum Lending Ratios for Temporary Residents

If you are purchasing with an Australian Citizen / Permanent Resident and you hold a subclass 482 TSS, 491, 494, 485, 300, 309, 820, 461, student visa, or bridging visa A or B (or any other visa that permits you to work in Australia, excluding tourist visas), standard lending policy applies and 95% is available.

Migrant Home Loan Lending Ratios for Specific Subclasses

The minimum deposit required by migrants on temporary provisional visas varies by visa subclass and occupation. Some banks and non-bank lenders accept certain visa holders as a satisfactory lending risk because:

1. Permanent residency (PR) is likely to be achieved, and
2. the occupation is in demand or the employment history is stable.

Here are the most common current visas lenders will extend mortgage finance to:

1. Medium-term 482 TSS visa holders can borrow up to 90% LVR — see our dedicated 482 visa home loan guide.
2. Skilled Work Regional (Provisional) 491 visa holders can access 80–90% LVR depending on the lender and location — read more about mortgages on a 491 visa.
3. Skilled Employer Sponsored Regional (Provisional) 494 visa holders qualify with the right specialist lender — see our 494 visa home loan guide.
4. Temporary Graduate 485 visa holders can borrow with the right lender — see our 485 visa home loan guide.
5. 461 visa (NZ family relationship) holders can access strong lending terms — see 461 visa home loans.
6. Bridging Visa A or B holders can be approved with a 20% deposit. See our bridging visa home loan guide.
7. Student visa holders are typically limited to 80% LVR.

This is not an exhaustive list — most visas that permit work in Australia will be accepted with a 20% deposit. For applicants between substantive visa grants, a bridging visa home loan is still possible with the right lender.

If purchasing with an Australian citizen or permanent resident then disregard the above — only a 5% deposit plus purchasing costs is required in this scenario.

What does Borrowing over 80% mean to you?

Whether you are a temporary resident or not, contributing 20% plus purchasing costs to purchasing your home may not be possible for many. Further, you may have the funds to borrow at 80% but this would leave you limited funds in case of an emergency.

Below is an example loan scenario for a purchase of $400,000 residential property in NSW at 80% and 95%. The 95% structure may not be suitable, but an LVR of 85–90% may make a significant difference to your finances. Remember the LMI premium works on a sliding scale, so the bigger your deposit (and the lower the LVR), the cheaper the LMI premium will be.

Please note that the below figures are estimates only.

Case Study:Contracting Doctor on a Work Visa Approved at 90% LVR Without Paying Lenders Mortgage Insurance

Situation

• Arlyn was from the Philippines and was contracting as a GP to a private medical centre (ie, self employed)
• Was on an employer-sponsored work visa; application for permanent residency had been lodged
• Her bank had declined due to Visa and income source (wanted her to wait 2 years)

Key Results after Approaching MAP

• Approved 90% LVR to purchase house and land package
• No Lenders Mortgage Insurance Paid under Medico Legal Package due to occupation
• Arlyns home will begin to be built shortly and she is looking forward to moving in