According to numerous reports we ran into online, Australia is one of the best places to live on earth for a variety of different reasons. For starters, it has a very high standard of living, phenomenal healthcare, education, and many other things.
That’s exactly why so many people are drawn to it. However, the question remains, are you able to get a home loan if you have a temporary visa? If you’re one of those people who’ve been wondering this, then we would like to let you know that you can find the answer to it below!
Is It Possible To Obtain A Home Loan If You’re A Temporary Resident?
Get ready for some spectacular news! Namely, according to professionalhomeloans.com.au finance experts, the answer is yes! You most definitely can. But does it mean that this entire process is fast and simple?
Not quite, to be honest. If you are the holder of a temporary visa, then you need to get familiar with a couple of things before you embark on this journey that may not be simple, but that will surely pay off in the long run.
Are Temporary Residents Treated Differently In Comparison To Permanent Residents And/Or Australian Citizens?
Luckily, the answer is no. Temporary residents are perceived as equals as far as this is concerned. The most important thing is that you work and live legally in this country, and that, of course, you are receiving AUD.
On the flip side, if by any chance your income is not in AUD, then it’s highly likely the bank is going to restrict your borrowing capacity. All of this depends on the lender’s rules, so make sure to ask them this question so that there are no unpleasant surprises.
You Need To Have A Government Approval
Even if you decide to purchase the property in this country so you can live in it, you are still obligated to acquire approval from the Foreign Investment Review Board, short for FIRB. Only once they approve your application, you’ll be able to buy the property.
Apart from that, we would also like to remind you that you’ll have to pay a certain amount of money (for a fee) when you’re done with your application to the Foreign Investment Review Board for this purchase.
Are You In A Better Position If Your Partner Is A Permanent Resident Or Citizen?
In fact, yes you are. If you are in a relationship or married to someone who is an Australian permanent resident, citizen, or even a New Zealand citizen, then you’ll be in a much better position.
How come, you’re probably wondering? Namely, in these instances, the bank will perceive you as a much lower risk in comparison to other visa holders. In addition, some of them might even treat you as an Australian citizen, which is without a doubt a great thing!
Although it’s an amazing thing that you can get a home loan as a temporary visa holder, as you can see, there is some information that you need to collect before you take any further steps, so make use of this guide.