Temporary Resident Home Loans and Personal Loans
Updated: May 10, 2019
Did you know that you can buy your own house as a visa holder? With today interest rates you would be surprise knowing that you can be the owner or your own house for the cost of a rental.
The Australian government doesn’t restrict particular visa types from borrowing money but some banks may do.
If you hold one of the following visas you might be eligible for a mortgage:
Temporary Business (Long Stay) – Standard Business Sponsorship (Subclass 457, loans available to 95% of the property value as special exception to normal bank criteria).
Student Visa (Subclass 572, 573, 574, 575 & 576).
Working Holiday Visa (Subclass 417).
Business Owner (Provisional) Visa (Subclass 160).
State or Territory Sponsored Business Owner (Provisional) Visa (Subclass 163).
Senior Executive (Provisional) Visa (Subclass 161).
State or Territory Sponsored Senior Executive (Provisional) Visa (Subclass 164).
Investor (Provisional) Visa (Subclass 162).
State or Territory Sponsored Investor (Provisional) Visa (Subclass 165).
Skilled Regional (Provisional) visa (subclass 489).
Business Visitors Visa (Subclass 456).
Visiting Academics Visa (Subclass 419).
Sport Visa (Subclass 421).
Entertainment Visa (Subclass 420).
Skilled Exchange Visa (Subclass 411).
Film, Media, Actors and Support Staff, Photographers and Journalists Visa (Subclass 423).
Emergency Visas (Subclasses 302 & 303).
New Zealand Citizen’s Family Members Visa (Subclass 461).
Religious Worker Visa (Subclass 428).
Special Program Visa (Subclass 416).
Medical Treatment Visa.
Medical Practitioner Visa (Subclass 422, loans available to 90% of the property value).
Sponsored Family Visitors Visa (Subclass 679).
Special Category Visa (Subclass 444).
Contributory Temporary Parent Visa (Subclass 173).
Contributory Temporary Aged Parent Visa (Subclass 884).
Temporary Graduate Visa (Subclass 485).
Student Guardian Visa (Subclass 580).
Holiday and Visiting Visas (Subclass 976).
Short Validity Business ETA Visas (Subclass 977).
Long Validity Business ETA Visas (Subclass 956).
Bridging Visas (A, B, C, D & E).
Interdependency Visa (subclass 310/110 and 826/814).
Spouse / spousal / partner visa (subclass 309/100 and 820/801).
Will I get a good interest rate?
If you have good credit and can demonstrate your ability to repay the debt, most banks will offer standard interest rates.
Personal Loans For Temporary Residents
There are banks and lender who may consider you for a loan even if you aren't a permanent resident. Temporary residence doesn't restrict your access to finance, however, for a temporary resident like an individual on a work visa, extra criteria need to be met in order to qualify. Most lenders will need the details of your visa before you are approved to ensure that the terms of the personal loan do not exceed the amount of time left on your visa. You may also need to meet higher minimum income criteria or show extra credentials. One advantage of applying for a loan in Australia is that your overseas credit history is not a factor.
Did you know that the services of a mortgage broker in Australia are usually free?Book a free consultation, we will come to your home or office. Availability 7 days a week and after hours.