Home Loan for 461 Visa Holders
What is the subclass 461 Visa?
Subclass 461 Visa is for a person who is not a New Zealand citizen but is a member of a family unit of a New Zealand citizen. With this Visa, you can live, work and study in Australia for 5 years from the date your visa is granted and travel to and from Australia as many times as you want during the 5 year period. Information about the visa can be found here.
Can I get a mortgage on 461 Visa?
Yes, you can get a mortgage on a 461 Visa.
Can I buy the property by myself?
Yes, you can. You do not need to buy with a NZ citizen. However, foreign buyer stamp duty will be applicable. If you are buying with your partner on NZ citizen, we can structure the ownership to avoid paying foreign buyer stamp duty and FIRB fee is not applicable.
Although you may have been advised that 80% LVR is the maximum you can borrow on a 461 visa in some cases you may be able to borrow up to 95% of the total purchase price. The key criteria to be approved over 80% are;
– Minimum 1 year left on your visa (there are exceptions to this requirement – contact us for details),
– Good employment history (the general rule is no more than 3 employers in the past 2 years)
– Clean credit free of both credit defaults and multiple credit enquiries
– 5% Genuine savings
Our specialist mortgage advisers have special arrangements with some lenders due to our knowledge and experience working with migrants. This means that we may be able to arrange mortgage finance over the standard 80% LVR even if you have been advised otherwise.
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Our expert team knows lenders who’ll approve your loan on a temporary spouse visa. Reduce the lender’s risk by marrying someone with permanent Australian status, and the banks may lend to you more easily.
Mortgage Qualifications for Provisional Spouse Visa
Lenders see you as high risk if your visa isn’t permanent. However, most banks accept spousal partner visa home loans for various spousal visa subclasses.
Additional Stamp Surcharge for Foreigners?
This can vary by state, and special conditions might apply to you. Stay updated with the latest policies and reach out to us for tailored information. There are ways to avoid this fee depending on the structure of the ownership
What is the next step?
With Professional Home Loans as your trusted mortgage partner, we specialise in navigating the complexities of temporary residency and have established relationships with banks that are open to accommodating your unique situation. We understand the importance of securing the financing you need to achieve your homeownership dreams, and we’re here to guide you through the process every step of the way.
There is no cost for our service and absolutely no obligation.