Temporary Spouse / partner Visa Home Loan mortgage on subclass 309 820 or 457 visa Australian citizen buying with non resident temporary resident partner or spouse loan to 95% lvr only 5% deposit

'Australia's Experts in Temporary and Non-Resident Home Loans'

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Temporary Resident buying with your Australian partner?

This page is for those temporary residents that would like to purchase a home in Australia with their Australian permanent resident / citizen partner or spouse, spouse referring to either married or defacto.

MAP is often contacted by these borrowers after they have been advised by their bank or mortgage broker that the maximum LVR available is 80% due to the lenders mortgage insurer requirements.

It is however possible for temporary residents to borrow up to 95% of the purchase price so only a 5% deposit is required providing one of the borrowers is an Australian permanent resident or citizen. The key to getting your home loan approved is applying to the right bank that will accept your visa and status as a temporary resident. This is where MAP can help.

What Types of Visa will the Banks Accept?

Generally the temporary resident partner would be on a Temporary Spouse Visa Subclass 309 or 820. However, the particular visa the temporary resident partner is on is largely irrelevant to some lenders providing the home loan and property is to be purchased in joint names. The non-resident partner / spouse could therefore be on a 3-4 year working visa such as a 457 or 485 visa or perhaps are on a Bridging Visa A or B.

The key criteria to have your home loan approved whilst on a temporary visa is that the property is being purchased in joint names with an Australian citizen or permanent resident.

What are the Requirements?

Temporary residents purchasing with an Australian permanent resident or citizen will need to demonstrate the following:

1) Minimum 5% deposit plus purchasing costs like stamp duty and legals,

If the partner or spouse is on a working visa such as a 457 or 485 then the 5% deposit must be genuine savings,
If the partner or spouse is on a spouse or defacto spouse visa subclass 309/100 or 820/801 then the 5% deposit may not need to be genuine savings and may come from any source such as gift or FHOG. More information on no genuine savings home loans for spouse visa temporary residents here.

2) Clean credit history free from defaults and bankruptcies,

3) Positive asset position - that is your assets exceed your liabilities,

4) Good employment history.

There is more general information pertaining to Temporary Resident Home Loans HERE.

Why use MAP Mortgage Brokers

MAP specialise in Temporary Resident Spouse Home Loans and assist hundreds of Temporary Residents every year to arrange home loan finance. If you would like to know more about buying a home and arranging a home loan when you are purchasing with your Australian permanent resident or citizen partner or spouse CONTACT MAP for a no obgliation consultation to see if we can help you.

Recent News

Do not sign anything until you have pre-approved finance. Click above to find out more information on the power of pre-approvals.

MAP understands that buying a property in Australia as a temporary resident can be daunting so we have developed a brief step-by-step guide that walks you through the key elements to make your property purchasing experience easier.

There are many reasons that Temporary Residents of Australia prefer MAP to organise their finance. Click above to download our PDF brochure.

Frequently Asked Questions?

**Please also review home loan articles page which has many relevant articles explaining different mortgage features available.

How can MAP organise a loan over 80% when no one else can?

MAP specialises in non resident / temporary resident home loans for those purchasing with an Australian Citizen/Permanent resident and those on 457 visas. Most brokers do not specialise in non resident / temporary resident home loans and therefore have not invested the time to investigate all possible lending options.

When borrowing over 80% do the lender/s vary their products, interest rates or fees?

There is no differentiation between products and rates when lending over 80%. The only difference is that lenders mortgage insurance is charged when borrowing over 80% LVR. However lenders mortgage insurance is charged whether you are a non resident / temporary resident or not.

Will my home loan interest rate or fees be higher because I am a non resident / temporary resident?

No. The only difference is that you have a limited number of lenders to choose from when you are a temporary resident. The interest rate will be exactly the same with those lenders regardless of your residency status and you will find that they are very competitive, if not some of the cheapest on the market.

What is the Maximum loan to value ratios I can borrow?

Up to 95%. To calculate the loan to value ratio (LVR/ LTV) divide the required loan amount by the purchase price.

Why is it difficult to borrow over 80% even though I am in stable employment with good income?

Australian lenders have to comply with the policies and guidelines set by their lending mortgage insurers. Most standard loans are insured when the loan to value ratio (LVR) is greater than 80%. It is therefore the mortgage insurers who have imposed the strict lending criteria when lending to temporary residents with an LVR of greater than 80%.

How often do I pay Lenders Mortgage Insurance (LMI)?

Once. LMI is deducted at time of settlement and is, in most cases, added to the loan so you do not need to pay for it upfront.

What are the main requirements for lending over 80%?

An applicant must be in stable employment; preferably in a profession; with a strong asset to liability position and generally 5% genuine savings.

What costs must I cover?

Costs can be divided into 3 main areas: i. Lender - application fee and lenders mortgage insurance. ii. Government - mortgage registration, land transfer, stamp duty on the purchase price and possibly the loan amount. iii. Miscellaneous - legal (solicitor / conveyancing), building and pest, home insurance etc.

Can the lenders mortgage insurance be added on to the loan?

Yes, in the majority of cases.

Can I apply for the First Home Owners Grant?

Possibly. At least one applicant needs to be a permanent resident of Australia or an Australian citizen.

What does MAP charge for this service?

MAP does not charge clients for our service. MAP receives a commission from the lender so instead of the branch manager getting paid, MAP gets paid. Please note that using our services does not impact the fees or rates charged by the lenders.

I receive a Living Away From Home Allowance ('LAFHA'). Can this be included when working out my borrowing capacity?

Yes. Providing once permanent residency is granted the LAFHA will be added back to your gross income, LAFHA can be included for servicing purposes.