Can I Finance A Nice Car While On Federal Probation Spouse Visa Home Loan – Can I Get Mortgage Approval If I Am on a Temporary Resident Spouse Visa?

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Spouse Visa Home Loan – Can I Get Mortgage Approval If I Am on a Temporary Resident Spouse Visa?

If you are a temporary resident of Australia you may find it difficult to arrange a home loan. The majority of lenders are very conservative when it comes to temporary residents, worried that handing out a 30 year loan term to someone that only has approval to remain in Australia for a short time may not be such a good idea!

There are however some exceptions from some of the bigger banks if the temporary resident/foreign citizen is on a temporary spouse visa such such as a subclass 309 or 820 and buying the home as joint tenants with their Australian spouse (married or defacto).

To get 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 must be considered genuine savings. Genuine savings are essentially funds saved up, held in a bank account for 3 months, or shares held for 3 months or longer,

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

3) Good employment history – generally looking for minimum 3 months in current job with probation period over (although there are some exceptions here),

4) Positive asset position – that is your assets (not including Superannuation and home contents) must be more than your existing liabilities. Ie, if you and 30k cash, 20k car total assets 50k. If you had 5k on credit cards and a 10k personal loan then your assets outweigh 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 afford repayments comfortably taking into account your liabilities and living commitments that will continue post settlement,

Temporary residents on spouse visas can get home loans up to 95% LVR if they meet certain strict criteria, or 90% in most cases. the key to being approved for a home loan as a temporary resident is to apply with the right bank. To apply to the right bank you can contact MAP Mortgage Brokers which is an Australian based mortgage broking company specialising in home loans for non residents, specifically, home loans for temporary residents on spouse visas. Unlike other brokerages, MAP does not charge for their service.

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