Temporary Resident buying with your Australian partner?
This page is for those temporary residents that would like to purchase a home in Australia with their Australian permanent resident / citizen partner or spouse, spouse referring to either married or defacto.
MAP is often contacted by these borrowers after they have been advised by their bank or mortgage broker that the maximum LVR available is 80% due to the lenders mortgage insurer requirements.
It is however possible for temporary residents to borrow up to 95% of the purchase price so only a 5% deposit is required providing one of the borrowers is an Australian permanent resident or citizen. The key to getting your home loan approved is applying to the right bank that will accept your visa and status as a temporary resident. This is where MAP can help.
What Types of Visa will the Banks Accept?
Generally the temporary resident partner would be on a Temporary Spouse Visa Subclass 309 or 820. However, the particular visa the temporary resident partner is on is largely irrelevant to some lenders providing the home loan and property is to be purchased in joint names. The non-resident partner / spouse could therefore be on a 3-4 year working visa such as a 457 or 485 visa or perhaps are on a Bridging Visa A or B.
The key criteria to have your home loan approved whilst on a temporary visa is that the property is being purchased in joint names with an Australian citizen or permanent resident.
What are the Requirements?
Temporary residents purchasing with an Australian permanent resident or citizen will need to demonstrate the following:
1) Minimum 5% deposit plus purchasing costs like stamp duty and legals,
- If the partner or spouse is on a working visa such as a 457 or 485 then the 5% deposit must be genuine savings,
- If the partner or spouse is on a spouse or defacto spouse visa subclass 309/100 or 820/801 then the 5% deposit may not need to be genuine savings and may come from any source such as gift or FHOG. More information on no genuine savings home loans for spouse visa temporary residents here.
2) Clean credit history free from defaults and bankruptcies,
3) Positive asset position – that is your assets exceed your liabilities,
4) Good employment history.
There is more general information pertaining to Temporary Resident Home Loans HERE.
Why use MAP Home Loans
MAP specialise in Temporary Resident Spouse Home Loans and assist hundreds of Temporary Residents every year to arrange home loan finance. If you would like to know more about buying a home and arranging a home loan when you are purchasing with your Australian permanent resident or citizen partner or spouse CONTACT MAP for a no obgliation consultation to see if we can help you.
For a FREE, No Obligation
Want More Details? Watch This Video By Craig Vaughan:
This is a short presentation by Craig Vaughan of MAP Home Loans on arranging a home loan to purchase property in Australia whilst on a spouse/partner visa or as a non resident. The video covers the deposit requirements and eligibility requirements to arrange mortgage approval as well as briefly covering the steps involved in purchasing a home or investment property in Australia.
Case Study: Home Loan Approved on Partner Visa Subclass 820 with only a 5% Deposit!
Kellie & Naas: Perth
- Kellie is an Australian citizen whilst Natius was from South Africa on a partner visa subclass 820,
- Both Kellie and Natius were living in Western Australia but had purchased a home in Victoria. This mean Kellie was quitting her job however Natius was a FIFO worker in one of the mines so retained his position,
- Had sufficient funds for 5% deposit plus costs making use of the First Home Owners Grant,
- Had been working with another mortgage broker for some time however failed to achieve a result.
Key Results after Approaching MAP
- Borrowed 95% of the purchase price,
- Approved in time for original finance clause,
- Kellie and Natius were able to move to Melbourne straight into their own home rather than first renting then purchasing.
“I can not rate Craig highly enough! Not only the prompt and positive service we received but also Craig’s
empathetic and positive nature made our transaction an absolute pleasure!
After waiting almost 5 months for another mortgage broker to unsuccessfully process our home loan, my
husband and I had almost given up on buying our own property in Australia while he was on an 820 visa.
We contacted MAP on a referral from a work colleague and we were so surprised how easy it was!
Craig was fantastic throughout the whole process, always kept us up to date regarding all aspects of our
loan and gave great advice.
Craig’s dedication to his job/clients seems to me, to be unsurpassed. Craig also organised our FHOG,
while this was underway, I received constant updates on the progress of application, so we were never
worried our settlement wouldn’t go smoothly.
I can not give Craig high enough praise! He has made our first home ownership not only a possibility, but
a breeze! I would recommend him with out any doubt!
Thanks again Craig, we will be forever appreciative!”
– Kellie & Naas