WORLD PENSION TRANSFERS
Safe and Secure Transfers
MIGRANTS NON RESIDENTS
MIGRANTS / NON- RESIDENTS / TEMPORARY WORKERS / 457 Visa

Lenders place various restrictions on Migrant/Non-Residents/Temporary Workers including Personal Loans, Car Loans and Home Loans; however, we can normally find a loan for you. 

Most restrictions are based on your Visa Type or your Residency status which impacts you on the length of the loan term and the amount they are willing to lend to you. See below for the types of loans and restrictions that apply.

Car Loans:

457 Visa - Most lenders will provide loans to those on a 457 Visa, however the term of the loan must be a minimum of 1 year and no longer than the expiry date of your Visa.  Most 457 Visa are for a 4 year period so the maximum loan period would normally be 4 years. 

For example, if you have 18 months left on your visa you can get a loan for 18 months only.  This often means that you have a shorter time to repay the loan back therefore your repayments will be higher.

163 Visa - It is on a case by case basis, however most lenders will not lend against this visa class

Spouse, student, bridging and other classes - lenders will not provide loans for these classes of visa.

Personal Loans:

457 Visa - Only a few lenders will provide personal loans to those on a 457 Visa and those that do place severe restrictions on them.  Again, the term of the loan must be a minimum of 1 year and no longer than the expiry date of your Visa.  Most Visas are for a 4 year period so the maximum loan period would normally be 4 years. 

For example, if you have 18 months left on your visa you can get a loan for 18 months only.  This often means that you have a shorter time to repay the loan back therefore your repayments will be higher.

163 Visa - At this time we are not aware of anyone providing personal loans for those on this type of visa class.

Spouse, student, bridging and other classes - lenders will not provide loans for these classes of visa.

Residential /Home Loans

Most Larger lenders will provide home loans to most Visa Holders, however, the Loan value ratio (LVR) - the % of loan funds they will provide against the value of the house - is restricted to no more than 80% of the home value.  We have one lender who will do 90% of the Home Value with Loan Mortgage Insurance.  This means you have to have a larger deposit to get a home loan.

For example, if you wish to buy a house valued at $400,000 they will only lend up to 80% of the value which is $320,000.  You are therefore required to have a deposit of at least $80,000 to qualify for a home loan plus additional funds to cover other expenses.

Additionally, you will not be entitled to the First Home Owners Grant (FHOG) of $7,000 and any discounts on stamp duty that may be on offer.  

On top of your deposit, as per the above paragraphs, you will need to have extra funds available to cover stamp duty, loans fees, legal fees etc which can be quite substantial, often many thousands of dollars.

So whilst Residential / Home Loans are available, it is sometimes better to wait a little while longer to obtain your permanent residency status so you can qualify for the FHOG, additional stamp duty concessions and a Loan Value Ratio of up to 100 % of the value of the Home Purchase price. 

Commercial and Business Loans

Many of the conditions for Home Loans apply to Commercial and Business Loans.  Tighter restrictions apply to those applying for these types of loans and your will need to refer to our commercial and business loans pages for normal requirements.  It is best to discuss with us your requirements as each loan will be on a case by case basis.

Bridging & Student Visa

No lender will provide loans of any type to those on a Bridging or Student type Visa.  Depending on the type of loan you seek, you may wish to consider obtaining a loan prior to applying for Permanent Residency because once you do - you will be placed on a bridging visa and will then not be eligible for a loan at that time.

Foreign Investment Review Board (FIRB)Approval

Foreign Investment Review Board (FIRB) approval may be required for residential loan purchases and normally in all commercial property purchases.  You should check with the FIRB prior to entering into a contract of sale for a property purchase to find out what their requirements are if any.

In many cases you will need to make approval by the FIRB a part of your conditions of purchase.

Contact Us:

for further information on your options please contact us via:

our contact page

email: enquiry@goldvision.com.au

or via phone:  08 9375 8500 outside Australia + 61 8 93758500