Home Loans with a 457 Visa
The 457 VISA is the easiest means by which Australia can have access to skilled workers. These workers are authorized to live in Australia for at least three months to a maximum of four years. This makes job hunting and living in Australia much easier for foreigners who live and work temporarily in the country.
The question often asked is can 457 visa holders purchase a home in Australia? Another common question is if these visa holders can likewise apply for a home loan in Australia? Fortunately the answers to both questions are a resounding yes!
Of course the number one requirement is that FIRB approval is required unless you are exempt. You will also be required to make a deposit of at least 20%. These requirements are not hard to fulfil thus, being a foreigner is not at all a hindrance to acquiring a home or getting a home loan.
Some may be even entitled to the FHOG or first home owners grant. Holders of the 457 visa can loan is up to 80% of the property’s value. The amounts that the lenders will be willing to loan may vary depending on the amount of time you have already spent in Australia, the stability of your employment, and proof of capacity to pay. Those who have just come in and started working in Australia may apply for a loan straight away, but they should not expect good rates, as banks and lenders may see these applicants as too much of a risk.
The home loan experts would be happy to assist in your search for the perfect place to live in Australia. They possess the expertise required in order for the holders of these visas to get a 457 visa mortgage, and enable them to make the most of their stay in Australia and get a property that is worthwhile to live in and invest in.
