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Now you're living here, you are wanting to buy a property and make this beautiful country seem more like home - am I right? Well guess what - you can! You don't have to wait until you apply for your Permanent Residency before buying a home, and you won't have to pay a cent more in interest than an Australian Citizen!

How much can I borrow?

I'm glad you asked. The amount you can borrow while on a 457 visa does depend on your situation, such as your employment history, asset position and marital status.

For everyone else a good rule of thumb is to have 25% of the purchase price in savings if you qualify for an 80% loan, 15% if you qualify for a 90% loan and 10% if you qualify for a 95% mortgage.

* 80% of Property Value: A number of Financial Institutions are willing to lend up to 80% LVR (Loan to Value Ratio) to those on a Work Visa living in Australia.

Should I use a Mortgage Broker, or apply directly with a Bank?

* 95% of Property Value: If you are in a defacto relationship, or married to an Australian Citizen, New Zealand Citizen or Australian Permanent Resident, then you will be able to obtain a 95% LVR loan from a a couple of specialist financial institutions.

Non-resident borrowers should use a mortgage broker that specialises in this area. This is because most lenders will not consider applications from foreign citizens.

Do I need Government Approval?

* 90% of Property Value: Such as, you will need to prove Genuine Savings (these funds can be in either an Australia or Overseas Bank), You must have also been in your current job for more than one year. There are select Lenders that will lend up to 90% LVR, however there are a couple of requirements that need to be met in order to qualify.

How much can I borrow?

I'm glad you asked. The amount you can borrow while on a 457 visa does depend on your situation, such as your employment history, asset position and marital status.

How much will I need as a deposit?

How much will I need as a deposit?

In most states of Australia you should allow around 5% of the purchase price to go towards government taxes (such as stamp duty), solicitors fees and Lenders Mortgage Insurance (LMI), if applicable. Your deposit or down payment is the difference between the loan amount and the purchase price plus fees and charges.

* 90% of Property Value: Such as, you will need to prove Genuine Savings (these funds can be in either an Australia or Overseas Bank), You must have also been in your current job for more than one year. There are select Lenders that will lend up to 90% LVR, however there are a couple of requirements that need to be met in order to qualify.

For everyone else a good rule of thumb is to have 25% of the purchase price in savings if you qualify for an 80% loan, 15% if you qualify for a 90% loan and 10% if you qualify for a 95% mortgage.