Home Loan for Non Resident on Subclass 487 Visa
Temporary residents on a skilled regional sponsored visa subclass 487 are well on the path to Australian permanent residency. Often, at this time, 487 visa holders will be considering purchasing a property in Australia given that your permanent residency is all but assured once the two years is completed.
This is where MAP can help. We can assist subclass 487 visa holders with home loan finance up to 80% LVR meaning that only a 20% deposit plus costs like stamp duty and legals would be required. We can do this because we have been recognised by the banks as experts in this area and have therefore been given special access to offer temporary resident loans that are simply not available through other brokers.
It is true that you can be approved mortgage finance whilst on a skilled regional sponsored visa subclass 487. The key is using a mortgage professional to ensure that your 487 visa home loan application is lodged with the right lender with non resident favourable policies.
How Much Can I Borrow on a 487 Visa?
Skilled regional sponsored visa subclass 487 holders can borrow home loan finance up to 80% of the purchase price providing the following can demonstrated;
a) Good employment history,
b) Clean credit history,
c) That they have saved up part of the deposit themselves, and
d) Income sufficient to afford the repayments.
Borrowing to 80% LVR for 487 Visa Holders is not a standard product and policy. Given that MAP specialises in home loans for temporary residents, we have made special arrangements with some banks to consider these applications at higher levels than would normally considered.
Will I Have to Pay Lenders Mortgage Insurance?
All borrowers who borrow over 80% LVR in Australia (that is, without a 20% deposit), will have to pay lenders mortgage insurance (‘LMI’) unless they have a guarantor. If you are on a subclass 487 visa then you will, like all borrowers in Australia, have to pay LMI. The LMI premium charged varies from bank to bank depending on the loan size and LVR. In most cases the LMI can be capitalised on top of the loan.