Subclass 309 or 820 partner visa home loan
This page is for applicants on a 309 or 820 partner visa who are looking to buy a home in Australia and obtain a home loan. MAP Home Loans specialises in this type of loan specifically because most lenders and brokers do not understand the migration system and the 2 stage visa process to an Australian Partner Permanent Residency visa.
This page contains some information for partner visa holders on Subclass 309 or 820 visas seeking to obtain a home loan in Australia.
What is the maximum LVR I can get?
As a general rule, the maximum loan to value ratio is 80%.
Can I get more than 80% LVR?
Yes. Whilst you may have been advised that you need a 20% deposit when on a partner visa, MAP can assist partner visa holder’s purchase with only a 5-10% deposit. The criteria are:
- 1 year left remaining on your partner visa (if you have less than 1 year please contact us now on 1300 397 287),
- Good employment history and clean credit
- Positive asset position – that is, your assets combined outweigh your liabilities,
- Purchasing as joint tenants with an Australian citizen or Permanent Resident.
Although some lenders will refuse to go above 80%, due to our experience and qualifications, we are able to assist with a home loan with a smaller deposit than generally required.
Will the interest rate on my loan be higher than everyone else’s?
No, the loan you are offered will be the same as any loan offered to Australian citizens and permanent residents.
What special features can I get with my home loan?
As a temporary resident on a subclass 309 or 820 partner visa you have access to standard home loans with the same features that are offered to the general public including offset accounts, professional packages, introductory rates and fixed rates.
Do I need Foreign Investment Review Board approval for my application?
No. As long as you are purchasing property with your partner who is an Australian citizen you will not need FIRB approval for your loan.
Contact us to find out more about the process of finding and applying for a home loan when one partner is on a subclass 309 or 820 partner visa. We specialise in helping people in your situation and are more than happy to discuss your needs and situation.