Non-Resident and Temporary VisA Mortgage broker-Brisbane
Are you a non-resident or Expat wanting to buy property in Australia?
Struggling to get finance as a non-resident or Expat?
Let the experienced team at Specialty Home Loans help guide you through the finance process as a non-resident.
Specialty Home Loans specialising in home loans for visa holders and expats has access to a panel of niche lenders who lend to non-residents for owner occupied or investment purposes.
Usually non-resident loans carry higher interest rates and incur risk fees (1.5-2% of the purchase price).
Who is a non-resident?
From a lending perspective, you are considered non-resident if you are not an Australian citizen or permanent resident or New Zealand Citizen.
Non-residents include temporary visa holders, bridging visa holders and foreign investors.
What additional costs apply to non-residents buying property in Queensland?
This is just a general guide for informational purposes. It is imperative you obtain legal advice before entering a property contract to understand your obligations and requirements.
When you buy property in Australia as a non-resident, you are required to seek approval from the Foreign Investment Review Board. (FIRB).
The FIRB application fees are shown below:
Application fee for acquisitions in dwellings from 1st July 2024 to 30th June 2024
Property value Fee per action
Less than $75,000 $12,900 (established property), $4,300 (new property)
$1 million or less $44,100 (established property), $14,700 (new property)
$2 million or less $88,500 (established property), $29,500 (new property)
$3 million or less $177,000 (established property), $59,000 (new property)
There are exceptions in place which your lawyer will advise if it applies to your circumstances. For example, a non-resident buying a property as joint tenants with an Australian citizen / permanent resident spouse for owner occupied use is exempt from FIRB application.
There may be extra stamp duty levied for non-residents.
For example in Queensland non-residents have to pay Additional Foreign Acquirer Duty (AFAD) which is an extra 8% stamp duty on top of the standard stamp duty applicable to the transaction.
What temporary visas are commonly accepted by lenders?
Borrowers with the following visa can generally borrow up to 95% of the value of the property with certain lenders.
300 Prospective marriage
310 Interdependency
401 Temporary (long stay activity)
403 Temporary work (international relations)
407 Training Visa
410 Retirement visa
415 Foreign Government Agency
416 Special Program Visa
420 Temporary work (Entertainment) visa
422 Medical Practitioner Visa
423 Media and Film staff visa
428,Skill in demand visa
476 Skilled-recognised Graduate visa
485 Temporary Graduate
500 Student Visa
590 Student Guardian Visa
790 Safe Haven Enterprise Visa
870 Sponsored Parent (temporary)
884 Contributory aged parent (temporary)
Other temporary visa may be considered on a case-by-case scenario. If you have a temporary visa and it is not on the list, please reach out to us and we will see if you are eligible for a home loan.
Can I use my overseas income to buy a house?
Some lenders will accept foreign PAYG income, pension and rental income from a select list of countries including:
Argentina, Bahrain, Brazil, Brunei, Canada, China, France, Ghana, Germany, Guam Hong Kong, India, Indonesia, Japan, Kenya, Malaysia, Macau, Mexico, New Caledonia, New Zealand, Oman, Philippines, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, USA, Vietnam
If you are a non-resident or expat needing help with a home loan, please get in touch with Specialty Home Loans - Brisbane Mortgage Broker for visa holders and expats.
