Is it possible to get a mortgage and buy a home on a 457 visa? Yes! You can even get the same interest rates as an Australian citizen!
If you already have a property in mind then you need to apply for FIRB (Foreign Investment Review Board) approval http://www.homeloanexperts.com.au/firb-approval/
On a different visa? Find out how Temporary Residents can apply http://www.homeloanexperts.com.au/temporary-resident-mortgage/
Living overseas? You can apply for a Non-Resident Mortgage http://www.homeloanexperts.com.au/non-resident-mortgages/
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More than 50,000 skilled workers have migrated to Australia in the past year but only a small percentage know that they can buy a home on their 457 visa!
In fact, 457 visa holders can receive the same benefits as an Australian citizen or permanent resident. Unfortunately, they just don’t know which lenders can help!
There are three things that can catch you out:
Firstly, if the savings that you will use as a deposit are held overseas then some banks will decline your loan. Thankfully, not all of them think this way.
Secondly, different banks need different sized deposits. Most banks will only lend you 80% of the purchase price or will decline your loan because of your visa. Some of our lenders can approve up to 95% of the purchase price! That means you need a much smaller deposit to get into the market.
On top of all this, some lenders offer 457 visa holders the same incredible interest rates as Australian citizens! Wow!
Our mortgage brokers are specialists in lending to people on 457 visas and they know which banks can help. Give us a call to find out what you need to do to buy a home in Australia.