HOME LOANS FOR VISA HOLDERS

It's the government department responsible for evaluating applications from foreigners falling into these categories:

• Temporary Residents: Individuals holding temporary visas such as the 457 Work visa, spousal visa, temporary skill shortage visa, or student visa. If you belong to any of these visa categories, you are required to seek approval from the FIRB (Foreign Investment Review Board) to purchase a property. Under this approval, you can buy one established dwelling for owner-occupancy purposes or an investment property that is either newly constructed or planned for construction. An exception exists if you are jointly purchasing the property as joint tenants with an Australian citizen in a spousal relationship, in which case approval is not necessary.

• Foreign Investor: If you are classified as a foreign investor, obtaining approval from the FIRB is essential. This approval lets you purchase exclusively new properties or vacant land designated for construction, to rent it out to your child if they hold a temporary visa.

There are certain scenarios where exceptions apply, so we always recommend getting professional guidance.

• Australian Citizens
• Australian Permanent residents
• New Zealand Citizens
• Temporary resident Purchasing with an Australian Citizen, unless you are buying the property together as tenants in common.
• Foreigner buying a home with an Australian citizen, provided you are buying an owner-occupied home together as joint tenants and in a spousal relationship.
• Foreigners buying a home with an Australian Permanent Resident when buying an owner-occupied home as joint tenants in a spousal relationship.

Usually yes, but there are some exceptions, including when you are buying a property in a designated regional area and also when you meet requirements like living in the property for at least six months of the year. This varies significantly depending on several factors, so it's always better to get professional advice.

The amount of money you can borrow will depend on several factors, such as your income, your employment history, the size of your deposit, and the lender's particular criteria. Usually, you can expect to borrow up to 80% of the property value.

Yes, you are eligible to buy a property with a bridging visa, but it can be more challenging compared to when you have a permanent residency or a long-term visa. You also need to be aware of the fact that lenders are legally allowed to request further documentation whenever they deem it necessary.

Buying property in Australia can help you establish ties and show your commitment to the country, which could potentially strengthen your case for permanent residency. It demonstrates your willingness to invest in the Australian economy and become a part of the community, but it's important to note that it is not a guaranteed pathway and the impact will depend on your visa type.