Non Residents and 457 Visa Loans for Doctors

This article is about information on home loans for non-Australians doctors and health professionals who are on who currently hold a temporary work visa, working and are living in Australia.

What are non-resident loans?

 

Temporary residents can buy property in Australia with approval from Foreign Investment Review Board (FIRB). They can borrow money from Australian banks and other lenders, but only if they meet very strict criteria.

 

How much can I borrow?

 

  • 90% of the property value: Banks will lend up to 90% of the property value including Lender Mortgage insurance.
  • Visa expiry: As a general rule, your visa must have over 12 months remaining but there are some exceptions to this.
  • Medicos on 457 visa: Special home loan deals including interest rate discounts and Lenders Mortgage Insurance (LMI) waivers up to 90% of the property value are available to medicos.

 

Do I qualify for a 457 home loan?

 

Some of the lenders will lend to foreign citizens who hold valid work visa and are living in Australia. Some of the strict criteria for Non-resident loans is as follows:

  • You have at least a year remaining on your visa.
  • Mus have savings in  Australian account.
  • You must have work with some of the most sought-after professions
  • Maximum LVR is 90%.
  • You must demonstrate genuine savings

It isn’t necessary to have an Australian credit history or to be buying a property with an Australian citizen.

 

Can I borrow up to 95%?

 

Most of the lenders won’t lend no residents more than 80% of the market value of the property. But there are exceptions to this policy. We have special arrangements with some of our lenders that let not residents to borrow up to 90%. including Lenders Mortgage insurance.

You can borrow up to 95% if you are buying with a partner who is Australia resident or citizen.

 

Minimum savings required to purchase property?

 

We have 15 years’ experience and we can help you buy property with minimum savings required. An example will be to buy property of $1,000,000. Also, we structure the loan in a way that you pay minimum LMI. We borrow only 88% and then capitalise LMI to keep it below 90% rather than borrowing 90% and paying LMI from your savings.

Also, the minimum contribution required varies from state to state as the stamp duty is different for each state. Here are the two examples:

 

New South Wales

Deposit required                                    $120,000

Stamp Duty (NSW)                                $57,549

Stamp Duty Surcharge                         $80,000

Other costs                                             $2,000

Total Funds Required                           $242,767

LMI                                                          $17,000 (capitalised)

 

Victoria

Deposit required                                  $120,000

Stamp Duty (NSW)                              $57,549

Stamp Duty Surcharge                       $80,000

Other costs                                           $2,000

Total                                                      $257,549

LMI                                                        $17,000 (capitalised)

 

Please call us on 1300 537 000 or submit loan enquiry to discuss your borrowing options one of our experienced mortgage brokers.

 

Am I eligible for First home owners Grant and Stamp Duty Exemptions?

 

Non-Residents are not eligible for FHOG or stamp duty exemptions unless one of the applicants is Australian Resident or Citizen.

 

Do I get discounts on rates?

 

The lenders we have on the panel offer same discounts to non-residents as they would normally offer to Australian citizens or permanent residents.

Most of the lenders offer professional package and if you qualify then you can get discounts of up to 1.5% on the standard variable rates.

 

Please call us on 1300 537 000 or submit loan enquiry to discuss your borrowing options one of our experienced mortgage brokers.

 

Do I require FIRB approval?

 

All non-residents buying property in Australia are required to get Foreign Investment Review Board (FIRB) approval. If you are buying property with a partner who is Australian Citizen or permanent resident, then you don’t need FIRB approval.

 

Do I pay foreigner stamp duty surcharge?

 

All non-Australians on 457 visa buying residential property in New South Wales, Queensland or Victoria will have to pay a stamp duty surcharge.

The surcharge varies anywhere between 3% to 8% of the property value and varies from state to state.

 

How Can I avoid paying stamp Duty surcharge?

 

There are three ways to avoid stamp duty surcharge

  • If you’re close to getting your PR you may want to wait and buy a property after you are granted Permanent Residency.
  • Your partner is an Australian resident or citizen.
  • Buy in a state where you don’t have to pay Stamp Duty Surcharge.

 

Free Loan assessment

 

We offer free loan assessment for 457 and Temporary resident Visa Holders

Call us on 1300 537 000 or submit your loan enquiry and one of our experienced mortgage Broker will get in touch with you. During the call, we can discuss with you your loan options. Some of the question we can answer but not limited to the followings:

  • Can I get approved for a home loan?
  • What is the minimum deposit required?
  • Do I need FIRB (Foreign Investment Review Board) approval?
  • What is my borrowing capacity?
  • What rate discounts do I qualify for?
  • Loan repayments?
  • Do I qualify for Lenders Mortgage Insurance (LMI)?
  • Do I need Foreign Investment Review Board (FIRB) approval?
  • What are the loan process and next steps?

 

How much you charge for loan Services?

 

Mortgage brokers are paid by the lender for introducing loans. We have more than 42 lenders on our panel and we offer free services to all our clients including Non-Resident clients. Our commission is disclosed to you upfront in writing.

 

How Do I Apply for a non-resident working visa loan?

 

We specialise in lending to non-residents working and living in Australia on a 457 visa or other types of work visa loan. Call us on 1300 537 000 or submit your loan enquiry and one of our experienced mortgage Broker will get in touch with you to discuss with you your loan options.

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