If you are a 489 Visa Holder, we can help you with a home loan

489 Visa Home Loan

Australia is a large country in size with a relatively small population. To overcome skill shortages and encourage business investment, the Government offers these individuals the to opportunity live and work in Australia. Many of these individuals discover that Australia is a great country to live in and would like to settle down and buy a home. Professional Home Loans can assist them with their goals.

What is the 489 Visa?

To encourage balanced growth away from the major cities, the Australian Government introduced the Subclass 489 Visa, The 489 Visa is Skilled Work Regional Visa which allows the visa holder to live and work in regional Australia. The 489 visa allows temporary residents to pursue property ownership in Australia, provided they meet the necessary criteria and approval from the Foreign Investment Review Board (FIRB).

Understanding the 489 Visa and Its Implications on Property Ownership

The 489 visa is a temporary visa granted to skilled workers from overseas who are sponsored by a state or territory government, as per the regulations of the Australian government. It is important to note that 489 visa holders are eligible to purchase residential property in Australia, provided they fulfil the necessary criteria and secure approval from the Foreign Investment Review Board (FIRB).

Eligibility Criteria for 489 Visa Holders to Purchase Residential Property

To successfully invest in Australian property, 489 visa holders must fulfill certain criteria, such as obtaining FIRB approval, selecting an appropriate type of property, and meeting the financial requirements.

FIRB Approval Process

The Foreign Investment Review Board approval process is a vital step for foreign investors to fulfil prior to purchasing residential real estate in Australia.

Property Types

When it comes to property types, Australia classifies residential properties as either “new dwellings” or “established dwellings”. For 489 visa holders, the eligibility to purchase properties differs based on this classification.

Financing Options for 489 Visa Holders

Navigating the world of financing options can be challenging for 489 visa holders, as their visa type, occupation, and financial situation can significantly impact the available options.

Borrowing Limits

The borrowing limits for 489 visa holders play a crucial role in determining their ability to purchase residential property in Australia.

Lender Preferences

Lender preferences for 489 visa holders can vary significantly when it comes to purchasing residential property in Australia. Some lenders may be willing to lend up to 70% to 95% of the property value, but they may impose additional fees and higher interest rates than Australian citizens or permanent residents. On the other hand, some lenders may assess the mortgage application of 489 visa holders who are married to or in a relationship with an Australian citizen, New Zealand citizen or Australian permanent resident as if they were Australian citizens, thus offering more favorable terms.

Buying Property with an Australian Partner

If you are considering purchasing property with an Australian partner, this can offer significant benefits for 489 visa holders.

Costs and Fees Associated with Property Purchases for 489 Visa Holders

The costs and fees associated with property purchases for 489 visa holders can add up quickly, adding an extra layer of complexity to the process.

Compliance with FIRB Policies and Potential Consequences

When purchasing property in Australia, it is vital for 489 visa holders to comply with FIRB policies to avoid serious consequences.

Tips for 489 Visa Holders Considering Property Investment

If you’re a 489 visa holder contemplating property investment, it is strongly recommended to wait for permanent residency before purchasing property in Australia.


In conclusion, purchasing property in Australia as a 489 visa holder is possible, but it comes with its own set of challenges and restrictions.

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 accommodate 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.

Contact us online or call 1300 55 44 97 today to learn how we can answer all your questions about getting a home loan on a Temporary Visa!

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Let us help guide you through the Home loan process.

FAQs – 489 Temporary Visa Home Loan

You can buy a property in Australia on a 489 visa, but you must meet the Department of Home Affairs’ criteria and requirements, This includes getting a FIRB (Foreign Investment Review Board) approval, and the home you purchase must be your primary residence. Other options include a 482 visa home loan, a 491 visa home loan, and more.

Home loans are available to those on 489 Temporary Skilled Visa. You can borrow up to 95%.

Yes, home loans for Australian property are available to those that don’t have citizenship or permanent residency status.

Most temporary visa holders or non-residents are unaware of the costs associated with buying a property. The two additional costs are FIRB (Foreign Investment Review Board) application fee and foreign buyer surcharge/stamp duty.

Fees for FIRB can be found here.

Foreign Buyer surcharge/stamp duty is state dependent and is percentage of the purchase price. It is 8% in Victoria and NSW, and 7% in other states.

There is no stamp duty surcharge for properties in ACT and NT.

The lenders do not treat or limit a person’s borrowing capacity if they are on a temporary visa. As long as they are living and working in Australia, earning AUD, they will treat them the same as an Australian citizen or Permanent Resident.

The only time the banks will limit a person’s borrowing capacity is when they are earning foreign income. They will typically shade their income by 20%. In saying that, some lenders will shade by 10%, whereas others will shade by 40%. It really depends on the lenders policies.

Their policy will also determine whether Australian tax margins are used or whether the local tax rate is use. For example, tax rate in Singapore, UAE and Switzerland is much lower than Australia. Some lenders know this and will allow the local tax rate to be used.

With Temporary Visa Holders in Australia, they will be treated the same as citizens and PR.

For expats, the factors that may come into play are living expenses such as rent. Rent in some countries such as Switzerland and HK are very expensive. If the rent is not covered by the employer, this usually makes it very hard for the client, even they are on strong income.

Credt card limits may also impact their borrowming limit. Most expats also have credit cards with very high limits. This is normal for Middle Eastern countries, Singapore and Hong Kong. The credit card limit can have major impact on a client’s borrowing capacity, as the lenders treat the limit as the balance.

Lenders will to lend to those that have a high likelihood of staying in Australia and stability in income. These include Skilled, Partner and Business/Investment Visa Holders. Our website highlight the common visas that lenders will lend to. In saying that, I do have a few lenders that will lend to those with Graduate Visas or parents that are overseas buying a property for their children to live in while they study here.

The key thing is to know how much deposit they need. As discussed previously, they need extra funds to cover FIRB and Foreign Buyer surcharge. Depending on their visas, the lenders will lend up to 95%. However, in some cases, the maximum loan is at 80%. On top of the fees, they also need 20% deposit as well as funds to cover legal fees and incidentals.

The banks do not typically view any non-citizen/residents more favourably than others. They do however, have certain countries they won’t lend to. Those mainly consist of countries that is politically unstable or currently involved in war. The lenders also have a list of currencies that are acceptable to them. I suppose this is the way that are more favourable to some countries than others, by accepting their currency when applying for a loan.

The main misconception is that people on are not Australian or are non-Residents are treated differently and pay a higher rate. Temporary visa holders, PR and Australian expats get the same rates as local purchases. The ones that will attract higher rates are non-Residents and foreign income self-employed. This category will fall under the specialty lenders and may have to pay additional risk fee and higher interest rates.

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Getting a home loan was really simple with Professional Home Loans.

“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “

Jack Clancy

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Michael succeeded where other brokers couldn’t due to my subclass 461 visa. Clear and prompt comms from start to finish and fantastic service.

Thanks Michael 🥳

Alex S

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Being In the Navy and away from home a lot I found it hard to find time to sought my loan out with the bank but working with Tom I found the process really easy and in the future when it’s time to go for another loan I will being looking up Tom again to use his expertise.


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Working with Michael as our mortgage broker was an absolute pleasure. He was extremely knowledgeable and went above and beyond to make sure we received the best mortgage for our needs. Michael’s communication was exceptional, keeping us informed and updated throughout the entire process. He made what can be a stressful time, a breeze.

With me being on a visa, I was told it was impossible for my partner and I to get a loan. Michael came in and told us he would be able to get our loan approved despite my visa status and safe to say he did not disappoint!

We highly recommend Michael for anyone in need of a mortgage broker. Thank you, Michael!


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After having two other brokers tell us that we had to be in Australia with proof of payslips to buy a house, we had lost hope of buying from NZ before moving over. Thankfully we found Professional Home Loans online! Michael has been amazing from start to finish. His replies to my emails were always prompt and he managed to sort an issue with our paperwork before settlement. We are very grateful for Michael’s hard work. Without it we likely would have given up on our dream of moving to WA as it would have been tricky getting a rental with pets, especially during a rental crisis.

Melanie Downers

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Michael is the best broker out there. Besides his credit knowledge, he was also very attentive to his clients. He makes sure that all our questions are answered and is always looking after you. Responses within minutes too if you ever reach out. People always talk about how stressful it is to apply for a home loan. As a temporary resident in Australia, Michael made the application process the easiest thing we have ever done. Fun fact! I was so amused when Michael was guiding our solicitor during the process, that’s how skilled and knowledgeable he is about his clients’ background and what they’re entitled to when it comes to purchasing a property. Thank you Michael and Professional Home Loans for the best experience!

Nicoleen Pitargue