Permanent Residents are treated by some banks and lenders as foreign citizens which invokes stricter lending policy than is otherwise applied to Australian citizens. There are however a handful of banks and lenders that will treat PR visa holders like Australian citizens and thereby provide home loans under normal lending criteria. Below is an example of the policies applied to Australian Permanent Residents.
Permanent Resident living and working in Australia:
PR visa holders buying a home in Australia can obtain a home loan with just 5% deposit. The 5% deposit can be genuine or non genuine savings so there is no requirement to have saved up the deposit but can rather come from a gift, sale of an asset, First Home Owners Grant or even a personal loan.
Permanent Resident buying a home with someone who does not hold PR:
If the permanent resident is purchasing with an borrower that does not hold PR, then a home loan is still available to 95% LVR as well. The key is that one applicant must be an Australian citizen or Permanent Resident see: Joint Loan for PR and Temporary Resident.
Home Loans for Permanent Residents Living and Working Abroad earning foreign income:
For Australian permanent resident visa holders living and working overseas earning a foreign income, home loan mortgage finance is also available but to 90% LVR thereby requiring a 10% deposit plus costs like Stamp duty and legals. There are restrictions on the currency that the Permanent Resident is earning at this LVR.
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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