Spouse Visa Mortgage Loan: Can I Get Mortgage Approved If I Have a Temporary Resident Spouse Visa?

If you are a temporary resident of Australia, you may find it difficult to arrange a home loan. Most lenders are very conservative when it comes to temporary residents, concerned that giving a 30-year loan term to someone who is only approved to stay in Australia for a short time may not be a good idea.

However, there are some exceptions from some of the larger banks if the temporary resident/foreign citizen has a temporary spouse visa, such as a subclass 309 or 820, and buys the house as joint tenants with their Australian spouse (married or de facto). ).

To be approved as a temporary resident buying with your Australian partner up to 90% (and possibly even 95% LVR), you will need to demonstrate the following:

1) 5% Genuine Savings – 5% of the purchase price should be considered genuine savings. Genuine savings are essentially funds saved, held in a bank account for 3 months, or shares held for 3 months or more.

2) Clean credit history: no bankruptcies or credit defaults,

3) Good employment history – generally looking for a minimum of 3 months at current job with trial period completed (although there are some exceptions here),

4) Positive Asset Position: That is, your assets (not including retirement pension and household contents) must be more than your existing liabilities. That is, if you and 30k cash, 20k because total assets 50k. If you had 5k in credit cards and a 10k personal loan, then your assets exceed your liabilities. But if you had a 55k personal loan and only 50k in assets, then you would have a negative asset position,

5) Sufficient income to comfortably pay the payments taking into account your responsibilities and life commitments that will continue after settlement,

Temporary residents on spouse visas can obtain mortgage loans of up to 95% of the LVR if they meet certain strict criteria, or 90% in most cases. The key to getting approved for a home loan as a temporary resident is to apply on the right side. To apply at the right bank, you can contact MAP Mortgage Brokers, which is an Australia-based mortgage brokerage company that specializes in non-resident mortgage loans, specifically, mortgage loans for temporary residents on spouse visas. Unlike other brokerage houses, MAP does not charge for its service.