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.
CatiaA huge thank you to Justin for his outstanding service! Finding the perfect place was no easy task and it took a while, but Justin’s support made all the difference. He was always available, providing expert advice and guidance every step of the way. He ensured that I was prepared for the application process, leading to a smooth and successful outcome. I couldn’t have asked for a better experience, and I wholeheartedly recommend Justin. Thanks for helping with this important milestone for me and my little family.
Samuel & AngelinaWe’ve had the privilege of working with Justin throughout the purchase of our investment property and we’re so glad that we had him in the process.
Justin was patient, clear and extremely knowledgeable with recommending the best options for us, taking into account our every need and requirements.
Additionally we ran into a roadblock due to a previous loan setup, but Justin help us navigate it seamlessly, spending additional time to work with his network of lenders to find the best solution, while also ensuring that it set us up for future success.
Highly recommend that you reach out to Justin and his team as you can be assured that they’ll provide the best possible care and recommendation for you.
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.
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