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This page is for foreign citizens who are currently living in Australia and hold a work visa. The most common type of work visa application we receive is for professionals who are on a 457 visa.

If you would like to buy a property while living in Australia then this page will help to explain how to apply for a mortgage and how we can help.

What is my maximum that I can borrowing?

The amount that you can borrow will depend on factors such as your situation, your employment history, as well as your marital status:

  • 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.


Which types of work visas will banks consider?

The Australian government does place restrictions on visa types with regard to borrowing money, however Australian lenders tend to prefer the below working visa subclasses:

  • Investor Retirement Visa (Subclass 405)
  • Domestic Workers Visa (Subclass 426)
  • Diplomats Visa (Subclass 995)
  • Foreign Government Agency Visa (Subclass 415)
  • Medical Practitioner (Temporary) Visa (Subclass 422)
  • Temporary Business (Long Stay) – Standard Business Sponsorship (Subclass 457)

Many applications are from Temporary Business (long stay) 457 visa holders who have been sponsored by their employers, and who wish to apply for a loan to purchase property in Australia.

How can I borrow more than 80%?

You may have spoken to other lenders or brokers who say that you are only eligible to borrow up to 80% of the property value. Not all brokers have experience dealing with temporary residents and may not know which lenders can help.

  • We have arrangements with some our lenders to allow work visa holders and temporary Australian residents who are working in Australia to apply for loans of up to 95% of the property value.
  • Using these lenders, you can buy a home with a smaller deposit. If you borrow 95%, you will generally require around 13% of the purchase price to cover the deposit, as well as stamp duty and Lenders Mortgage Insurance (LMI).
  • More lenders can approve your mortgage if your partner is an Australia citizen, however you do not need to be married to, or in a de facto relationship with, an Australian citizen.

Is Australian government approval required?

  • 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.


Will I be charged a higher interest rate?

You will not pay a higher interest rate than Australian citizens. Some lenders will in fact offer significant discounts and rates below the standard rate if your loan is large enough to qualify for a professional package. For smaller loans, you may still be eligible for competitive basic home loans.

If I am made redundant will I lose my property?

There is no immediate impact on your property if you are on a 457 visa and you lose your job.

You have two options if you are made redundant:

  • Find another employer to sponsor your
  • Apply for another visa (such as a bridging visa).

Your activities will be monitored by the Department of Immigration and Citizenship (DIAC). DIAC will take note of any other visa applications you make, or if you are taking action towards gaining further employment.

After twenty-eight days, DIAC may issue you a letter notifying you that they intend to cancel your visa. You have seven to eight days to reply to this letter stating why your 457 visa should be maintained.

If you lose your 457 visa, then must leave the country. If the property is an older dwelling, then it must be sold.

If the property was vacant land that you have built a residence on, or if it was new when purchased, you are able to retain the property as an investment.

Do I need to notify DIAC?

  • You are not required to notify the Department of Immigration and Citizenship (DIAC) of your property purchase in Australia. We are not aware that property ownership has bearing on DIAC decisions.
  • For further information regarding immigration, you should refer to your migration agent.

Are first home benefits available?

  • Only Australian citizens or permanent residents are eligible for the First Home Owners Grant and other government benefits. You may be eligible if buying jointly with an Australian citizen or permanent resident.

How to apply for a 457 working visa mortgage

We are brokers who specialise in assisting non-Australian citizens in applying for loans in Australia, and regularly help people on working visas, and in particular, 457 visas.

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.


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