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You don't have to wait until you apply for your Permanent Residency before buying a home, and you won't have to pay a cent more in interest than an Australian Citizen! Now you're living here, you are wanting to buy a property and make this beautiful country seem more like home - am I right? Well guess what - you can! Should I use a Mortgage Broker, or apply directly with a Bank? I'm glad you asked. The amount you can borrow while on a 457 visa does depend on your situation, such as your employment history, asset position and marital status. Below is a brief outline as to the amount you may be able to borrow: How much can I borrow? Should I use a Mortgage Broker, or apply directly with a Bank? Below is a brief outline as to the amount you may be able to borrow: * 95% of Property Value: If you are in a defacto relationship, or married to an Australian Citizen, New Zealand Citizen or Australian Permanent Resident, then you will be able to obtain a 95% LVR loan from a a couple of specialist financial institutions. Do I need Government Approval? * 90% of Property Value: Such as, you will need to prove Genuine Savings (these funds can be in either an Australia or Overseas Bank), You must have also been in your current job for more than one year. There are select Lenders that will lend up to 90% LVR, however there are a couple of requirements that need to be met in order to qualify. There are also lenders that prefer those on a 457 Visa who are trained and are working as medical professionals. These professions include, however are not exclusive to: Dentists, Veterinarians, Surgeons, Oncologists, Optometrists, Radiographers and Psychiatrists. In the past these professionals held a 422 Visa, however they are now covered under a 457 Visa like other temporary residents that move to Australia for work. Do I need Government Approval? How much will I need as a deposit? How much will I need as a deposit? In QLD stamp duty is a little lower than other states, whereas in Victoria it is a little higher. If you are buying with an Australian Citizen or Permanent Resident and you are eligible for the First Home Owners Grant (FHOG) then you may also receive a stamp duty concession. * 90% of Property Value: Such as, you will need to prove Genuine Savings (these funds can be in either an Australia or Overseas Bank), You must have also been in your current job for more than one year. There are select Lenders that will lend up to 90% LVR, however there are a couple of requirements that need to be met in order to qualify. There are also lenders that prefer those on a 457 Visa who are trained and are working as medical professionals. These professions include, however are not exclusive to: Dentists, Veterinarians, Surgeons, Oncologists, Optometrists, Radiographers and Psychiatrists. In the past these professionals held a 422 Visa, however they are now covered under a 457 Visa like other temporary residents that move to Australia for work. How much money you can borrow will depend on your 457 visa.

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