482 Visa Holder (TSS)

Securing a Home Loan on a 482 Visa: What You Need to Know

The 482 Visa, or Temporary Skill Shortage (TSS) Visa, is a popular option for skilled workers in Australia. If you’re on this visa and looking to purchase property, understanding how it affects your home loan options is crucial. Here’s a comprehensive guide to help you navigate the mortgage process while on a 482 Visa.

Understanding the 482 Visa

The 482 Visa, introduced in March 2018, replaced the 457 Visa scheme with new streams: the Short-Term (STSOL) and Medium-Term (MLTSSL). Each stream has different processing times and validity periods, which can impact your home loan application.

How Much Can You Borrow?

Your borrowing capacity on a 482 Visa depends on the stream you’re under and other factors. Here’s a general overview:

• Medium-Term Stream (4 Years): You may be eligible to borrow up to 90% of the property value with certain lenders. This is a special exception to the standard lending policies.
• Partnered with an Australian Citizen or PR: If you’re married or in a de facto relationship with an Australian citizen or permanent resident, you could borrow up to 95% of the property value, leveraging your partner’s status.
• Visa Expiry: Generally, your visa should have at least 12 months remaining. However, there are exceptions based on lender policies and your overall financial situation.
• Medical Professionals: If you’re a doctor or medical professional, you may qualify for significantly reduced interest rates and waived Lenders Mortgage Insurance (LMI).
• Legal Professionals: Lawyers and barristers might also benefit from reduced interest rates and waived LMI, making the loan process more favorable.

FIRB Approval: What You Need to Know

If you're a foreign investor, including those on a 482 Visa, you'll need to obtain approval from the Foreign Investment Review Board (FIRB) before purchasing property in Australia. Here’s what you need to know:

• FIRB Approval: The FIRB oversees and regulates property purchases by non-residents and temporary visa holders to ensure they comply with Australian regulations. Approval is generally required for all property purchases, though there are some exemptions (e.g., buying new properties or developments).
• Application Process: The FIRB application process involves submitting details about the property, your visa, and your financial situation. This process can take several weeks, so it's important to factor this into your timeline.
• Fees: There are fees associated with FIRB applications, which vary depending on the value of the property. These fees are in addition to any costs associated with the mortgage application.

Will I pay higher interest rate?

As a foreign citizen residing in Australia on a working visa, you won’t have to pay a higher interest rate than Australian citizens or permanent residents.

In fact some of our lenders offer significant discounts and rates below the Bank Standard Variable (BSV) rate if you’re borrowing enough to qualify for a professional package.

If you’re applying for a smaller amount you can still qualify for a competitive basic mortgage.

Ready to Explore Your Mortgage Options?

Navigating the mortgage process on a 482 Visa, including obtaining FIRB approval, can be complex. But with the right guidance, you can find a solution that fits your needs. Whether you’re new to Australia or transitioning from another visa, we’re here to help.

Contact us today for more information and to get personalized assistance with your mortgage application and FIRB approval process.