With amazing opportunities, universal healthcare and world-class education, not to mention our beautiful beaches
and landscapes, you'll enjoy a fantastic quality of life!
If you've decided to start a new life in Australia, you may want to purchase property but do not know how if you are able. Well, the best place to begin will be to speak with a mortgage broker. They can properly assess your situation and find the best home loan to suit your needs. With an expert in credit you can also avoid paying thousands of dollars more than you should.
Is government approval required to purchase a property?
- Recently, the Australian government has changed then repealed changes to foreign investment laws. Depending on the specifics of your situations, FIRB approval may be required.
- FIRB approval is not necessary if you purchase property as joint tenants with a spouse who is an Australian citizen.
- You usually will not be required to sell, upon leaving Australia, an investment property you have purchased if it is a newly-built dwelling.
- Many people who purchase homes here eventually apply for permanent residency, and do not sell the home they purchase while on a working visa.
- Getting approval from the government isn’t too difficult, provided you follow their foreign investment rules.
*The FIRB is a body that assesses all purchase applications made by anyone who is not an Australian citizen or a permanent resident. Take advantage of special arrangements we have made with major lenders for 457 visa holders.
How much can foreign citizens living in Australia borrow?
Generally speaking you can borrow:
- 80% of the property value: Anyone who is in Australia on a work visa can borrow 80% with certain banks who will work with foreign citizens living in Australia.
- 95% of the property value: Home loans for up to 95% of the property value are available in certain cases as a special exception to the general bank criteria.
- Medical professionals: Special loan packages are available on a case by case basis.
Will I be charged a higher interest rate?
- As a foreign citizen residing in Australia on a working visa you will not pay a higher interest rate than people who are Australian citizens.
- In fact, some of our lenders offer significant discounts and rates below the Bank Standard Variable (BSV) rate if you are borrowing enough to qualify for a professional package.
- If you are applying for a smaller amount you can still qualify for competitive basic mortgages.
If you would like to buy a property in Australia and need mortgage approval please call us on 1300 558 887 or live chat with a Naritas adviser now.