If you are on a 820 Visa, we can help you with your home loan
- Fast turnaround time
- Guide you from preapproval to settlement
- Borrow up to 95% of the purchase price
- No cost, no obligation service
491 Visa Home Loan
What is the 491 Visa?
820 (Temporary) Partner Visa lets the de facto or spouse of an Australian citizen or Permanent Resident live in Australia temporarily. Getting this visa is the first step towards a Permanent Partner Visa (Subclass 801). The difference between the 309 Visa and 820 Visa is that the 309 is for those that apply outside of Australia whereas the 820 Visa is for those that apply when they are in Australia.
How Much Can You Borrow?
Most lenders offer only 80%, but with a strong financial standing and stable relationship, some banks let you borrow up to 95%. The key thing is that your partner has to be involved in the loan.
How Much Can You Borrow?
- Buying Together: You must buy property with an Australian citizen. No solo purchases.
- All Relationships Welcome: Married or de facto, including same-sex relationships.
- Real & Continuing Relationships Only: Lenders check how long you’ve been together.
- Ownership Rules: Some lenders prefer ‘joint tenants,’ not ‘tenants in common.’
Fail to meet these criteria? You’ll be limited to borrowing 80%. Good credit and a steady job help decrease the bank’s risk.
Mortgage Qualifications for Provisional Spouse Visa
Lenders see you as high risk if your visa isn’t permanent. However, most banks accept various spousal visa subclasses.
Can the Bank Consider My Partner’s Income?
Lenders usually ignore non-Australian partner’s income. Still, certain factors might change this. Let’s discuss your case!
What’s the Bank’s View of Your Relationship?
Stable and long-term relationships are viewed positively by banks. Need advice? Contact us!
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
We can assist you if the temporary visa holder is on any of the following:
- Family member of NZ citizens or PR holders. This includes Visa subclass 461.
- Skill Shortage Visa and Sponsored Visa (Subclass 457, 482, 489, 491, 494)
- Graduate Visa (Subclass 485)
- Bridging Visa A and B (Subclass 010, 020)
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.
Free 30-Minute Finance Strategy Session For Professionals
Let us help guide you through the Home loan process.
FAQs – 820 Visa Home Loan
- Can I buy a house in Australia on a 820 Visa?
Yes, you can. However, if you choose to be on title, foreign buyer duty may apply. This varies state to state and is 7% or 8% on your portion of ownership of the property. To avoid this fee, we generally advise to keep the title in the Australian citizen or Permanent Resident’s name
- Can I get a home loan on a 820 Visa?
Yes, you can. In most cases, your Australian or Permanent Resident Partner has to be on loan. You can borrow up to 95% when they are on the loan with you. Some lenders have income requirement where the Temporary Visa Holder cannot earn more than the Australian citizen.
- Do you find temporary visa holders or non-residents are often unaware that they can access home loans?
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.
- Are there cases in which banks or lenders will limit a person’s borrowing capacity due to their visa? By how much typically?
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.
- Are there any other factors that often come as a surprise to people purchasing in Australia as an expat or temporary visa holder
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.
- Are there any types of visas that banks tend to view more favourably?
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.
- What advice would you give a person hoping to take out a home loan for Australian property if they aren’t a citizen or permanent resident?
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.
- Do some banks view non-citizens or non-residents more favourably than others? If so, could you provide a few as an example?
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.
- Are there any other misconceptions that you see commonly, or myths you’d like to debunk?
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.
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
Great service, always attentive and let us know what would happen, how it would work, what was required etc. Tom goes the extra mile and is always available on the phone or email at anytime to explain things. Phenomenal Service. You won’t get better (Although first house purchase in Australia, this is my 4th house purchase and the best service yet by far!)
Peter
We had a very complex mortgage transaction to negotiate as we live overseas and did not have the 20% deposit. However, Michael Nguyen from MAP was instrumental in helping us purchase our first home. We would genuinely recommend Michael to anyone looking to purchase a house. Thanks Michael.
Robert Smith
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!
Komal
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
Tom has been absolutely amazing. From day 1 Tom was so clear and honest about everything. We got a land loan and then a construction loan. Tom assisted us all the way through and answered every question we had fast. Tom made the entire process painless and easier than I expected. I was also surprised to get a better interest rate than I expected. Absolutely 10/10. Highly recommend
Michael Harris