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Guest marmitegirl

Will I get a home loan as a temp resident?

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Guest marmitegirl

Hi all, currently awaiting the outcome of my de facto partner visa application. Fingers crossed if all goes well I'll be moving over to Aus to be with my partner. We are hoping to buy a house asap with a joint loan. He being an aussie and good job should have no problems but I was wondering if we are likely to experience any problems as I'll be a temp resident? Has anyone had any problems with this? Will we have to wait until I am a permanent resident? Any info/advice would be greatly appreciated!

Thanks

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Hi all, currently awaiting the outcome of my de facto partner visa application. Fingers crossed if all goes well I'll be moving over to Aus to be with my partner. We are hoping to buy a house asap with a joint loan. He being an aussie and good job should have no problems but I was wondering if we are likely to experience any problems as I'll be a temp resident? Has anyone had any problems with this? Will we have to wait until I am a permanent resident? Any info/advice would be greatly appreciated!

Thanks

 

Hi

 

Generally the rule of thumb for temporary residents is 80% maximum loan to value.

 

However with your partner being a Citizen then so long as he is going on the mortgage application it will be possible to borrow up to 95% (subject to income/deposit etc etc).

 

HTH

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Guest GeorgeD

My wife is a PR, I'm on a Temp Spouse 309 visa. We got our mortgage through Commonwealth Bank. I think our LTV is in teh region of 97% or something crazy like that! It's at least 95%.

 

Commonwealth seem to not care about residency. A couple of Mortgage Advisors sugegsted them as best purely from a residency perspective.

 

Commonwealth were also quite happy to give us pre-approval at 90% LTV for $600,000 when I had only been in the country for three months and working for 6 weeks.

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What you have to realise is that although the banks can approve you for 90% mortgages etc it also needs to be approved by the LMI and this is where a lot of people fail.

In the OP's case it shouldn't be a problem as you are with an Australian Citizen/Resident.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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My wife is a PR, I'm on a Temp Spouse 309 visa. We got our mortgage through Commonwealth Bank. I think our LTV is in teh region of 97% or something crazy like that! It's at least 95%.

 

Commonwealth seem to not care about residency. A couple of Mortgage Advisors sugegsted them as best purely from a residency perspective.

 

Commonwealth were also quite happy to give us pre-approval at 90% LTV for $600,000 when I had only been in the country for three months and working for 6 weeks.

 

 

The key is that your wife was PR, in that case assessment is on normal basis, CBA are pretty good in that respect.

 

This is not the case with all lenders however!!

 

Also Commonwealth have changed their view on residency a few times recently, now they will not lend to temporary residents unless it is a 475 visa and then will only go to 80% (unless as above one applicant has/is PR/Citizen) .

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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