In the past two years, Australia has continuously tightened the conditions for overseas investors purchasing Australian properties, particularly making home loan policies increasingly strict. On the other hand, the requirements for immigration to Australia have also become more stringent, leading many applicants to choose to first apply for an Australian temporary residency visa before transitioning to a permanent residency visa, such as the Australian 457 visa. So, can holders of Australian temporary residency visas obtain loans to buy property in Australia?
1. Australian Employer-Sponsored Immigration 457 Visa
Holders of the Australian 457 visa are generally skilled professionals who can apply for the Australian permanent residency 186 or 187 visa after working for two years. If the applicant's visa is valid for at least another year, most of their savings are in Australia, and they have stable employment in Australia, they still have the opportunity to enjoy loan policies equivalent to those of Australian citizens.
Currently, many Australian banks have begun to tighten their loan policies for the Australian 457 and other temporary residency visas, requiring holders of Australian temporary residency visas to provide substantial savings proof, among other things. The loan-to-value ratio (LVR) for holders of Australian temporary residency visas has now been reduced to 60%-70% of the total property value. However, if the applicant's financial situation is good and they have stable employment, some banks may approve loans for 80%-90% of the total property value.
2. Australian Spouse Immigration 309/100 and 820/801 Visas
Currently, holders of Australian spouse visas are still regarded as Australian citizens and have the opportunity to apply for loans of 95% or more of the total property value.
3. New Zealand Citizens Residing in Australia
New Zealand citizens residing in Australia applying for Australian home loans are still regarded as Australian citizens and may apply for loans of 95% or more of the total property value.
4. Australian Student Visa
Holders of Australian student visas face significant difficulties when applying for Australian home loans. If holders of Australian student visas are unemployed, the most appropriate method is to co-sign with their parents to purchase property. However, if the parents of the Australian international student are foreign citizens, this is equivalent to loans for overseas property investors, and the loanable proportion will be relatively low. However, if the Australian international student has stable employment and good financial income, they can apply for loans of up to 80% of the total property value independently.
In summary, if holders of Australian temporary visas can work in Australia for at least 12 months, the loan amount can reach up to 80% of the total property value. If the temporary visa holder has a high income, stable employment, and a long visa validity period, the loan amount can reach up to 90% of the total property value. If they are married to or in a de facto relationship with an Australian citizen or permanent resident, regardless of the visa held, the loan amount can reach up to 95% of the total property value.