Borrowers holding a 457 visa have been able to get a loan to buy property for some time, however this is a first for the other categories of Visa, from 160 to 165. Previously these Visa holders would not be approved by any Australian lenders to buy property in Australia.
Please contact us for more information if this applies to you. Categories in which property loans are now available;
Visa 160: Business (provisional) for those under 45 intending to run their own business in Australia
Visa 161: Business skills (provisional) for senior executives under age 45 with significant net assets and the experience to successfully manage a business in Australia.
Visa 162: Investor (provisional) visa: for those willing to invest funds in a designated investment in Australia for 4 years, and who are less than 45 years of age.
Visa 163: Business Owners who intend to own a business in Australia, and they are younger than 55 years of age.
Visa 164: For senior executives similar to visa 161, except the visaholder is younger than 55 years of age.
Visa 165: Investor (provisional) visa: for those willing to invest funds in a designated investment in Australia for 4 years, and who are less than 55 years of age.
If you have one of these Visas and you are earning $Australian, you will be able to borrow up to 80% of the value of a property. If you are currently earning non-$A you will still be eligible however your income will be treated differently to $Australian, and you will be able to borrow up to 70% of the value of property.
For some time now, temporary residents of Australia with a 457 employer sponsored Visa, have been accepted by a few major lenders to borrow up to 80% of the value of the property they are seeking. Australia’s 457 visa is one of the most popular routes into working life in Australia
Let us know if you have any specific queries.