Skilled (Independent Regional) Subclass 495 Visa Home Loan
Temporary residents in Australia on skilled visas such as a subclass 495 visa can purchase property in Australia and arrange home loan finance up to 90% LVR (that is, with only a 10% deposit). There are no higher interest rates or fees whatsoever for being a temporary resident. There are however tighter credit criteria surrounding non resident lending which is why MAP specialise in non resident home loans. As a general guide, a temporary resident on a 495 visa seeking to borrow over 80% LVR will require;
a) Good employment history in a professional occupation,
b) Clean credit history free from defaults,
c) 5% genuine savings, and
d) Income sufficient to cover existing liabilities and repayments on the new home loan.
Foreign Investment Review Board (FIRB) approval will also be required however providing you plan on living in the home as your principle place of residence, then FIRB approval is generally just a technicality. MAP will provide assistance with the application.
Temporary resident lending is a specialised area of lending within the banks. MAP are experts in this area and have made special arrangements with some lenders to allow temporary residents who are in a strong position to borrow over 80% LVR. 495 Visa Home Loans are available. MAP Mortgage Brokers offer a free service so give us a call or enquire online to see how we can help you.
