Can I get a home loan on a 491 visa?
The short answer is, YES! The Skilled Work Regional subclass 491 visa is acceptable to some lenders. Capkon home loans are specialists in assisting temporary visa holders to obtain the right home loan to suit their needs. A number of factors make it challenging and confusing for temporary visa holders to find a suitable 491 visa home loan. Some general information concerning the 491 visa home loan provided below should be helpful.
Do we have to pay a higher interest rate due to our 491 visa?
As you’re living and working in Australia, you won’t be charged a higher interest rate just because you’re a foreigner. The mortgage features and interest rate will be the same as those offered to Australian citizens or permanent residents who apply for the same loan. The 491 visa home loans are in no way different from any other and offer the same options for interest rates. It’s just that most lenders hesitate to lend or demand large deposits. However, Capkon specializes in lending to 491 visa holders and can assist despite the visa issue.
How much can I borrow?
It depends on your circumstances. The 491 visa holders can potentially borrow up to 70% to 95% of the property value. In other words, you could be buying your home with just a 5% deposit plus stamp duty and fees. However, as we mentioned, your circumstances have a significant impact on how much you can borrow when applying for a 491 visa home loan. Thus it is best to let our mortgage brokers know about your situation and the type of loan you want so we can help you get the most suitable home loan.
What should I do if I want to borrow more than 80%?
When applying for a 491 visa home loan, your borrowing capacity is determined by your visa type, profession, financial health, and personal circumstances. For example, you can potentially borrow up to 95% if you’re married or in a de facto relationship with an Australian citizen or Australian permanent resident. If you want to borrow more than 80% of the total property price, we recommend you get in touch with us. We have in-depth knowledge of the different products available to 491 visa holders.
Want to Know More?
Choosing the right lender is critical when arranging a 491 visa home loan to buy property in Australia. And we can help you with that. We match you with the most suitable lender from our panel that will provide you with a loan that fits your circumstances.
If you want more information about the deposit requirements and eligibility criteria to secure mortgage approval as well as the steps involved in buying a home in Australia, get in touch with us. Call us on 1300 227 566 or fill out our online inquiry form to book a free appointment with one of our mortgage brokers that specializes in 491 visa home loans.