457 visa holders in Australia may be eligible for a home loan
Many 457 visa holders try to obtain a home loan by applying to their local bank branch only to be told that they are not able to get a home loan until they become a permanent resident. Whilst many lenders do not provide home loans for 457 visa holders, some lenders will.
Some lenders understand and can assess the risk of lending to 457 visa holders and will approve home loans for those 457 visa holders with strong applications.
Many 457 visa holders will eventually become permanent residents of Australia and buying a property earlier can mean that these people avoid paying rent and also may end up paying less for their home when the property prices are rising as they have been in some locations in Australia like Sydney and Melbourne. Most people will not have the full amount of the property price and will need to borrow from a bank or other lender to finance their purchase. By obtaining a 457 visa home loan from one of the lenders that approve home loans for 457 visa holders these people can buy and finance their property purchase sooner.
The interest rates for 457 visa home loans are not higher than for those people who are not on a 457 visa. However, depending on the situation of the 457 visa holder they may or may not be able to borrow above 80% of the property value or higher than 90% of the property value.
Certain professions in high demand and with high incomes will be able to borrow a greater proportion of the property value than others.
If you are on a 457 visa and what to find out if you qualify for a home loan contact us for a free consultation.
Want to apply for a 457 visa? Contact the Department of Immigration.