Are you looking to purchase a property while on a bridging visa?
It can be possible to get mortgage approval if you’re considering purchasing a home while on a bridging visa. Still, it could be more complex than applying as a permanent resident or citizen.
While applying for home loans, lenders want to be assured about your creditworthiness and financial stability. For this reason, a lender might be more inclined to grant a mortgage to a borrower who has been employed full-time for at least a year. Your residential status in a country is also equally important.
Getting a mortgage approved with a bridging visa can be difficult but possible. Here are the things you should know about applying for a mortgage application while on a bridging visa.
Foreigners can purchase property in Australia.
Foreign buyers can apply for home loans assuming they satisfy the lender’s eligibility requirements and any additional rules imposed by the Foreign Investment Review Board (FIRB). To determine if you require FIRB clearance before purchasing a property, you must visit the FIRB website or talk with one of the brokers at Capkon. Brokers at Capkon specializes on helping bridging visa holders on getting their loans approved.
It’s also crucial to remember that foreign investors in Australia are required to pay a charge for each application, with the fee’s cost based on the property’s valuation. Suppose you want to buy property in a joint application with an Australian citizen or permanent resident. In that case, you may not need FIRB permission and won’t have to pay the pricey foreign stamp duty surcharge.
Bridging visa holders that can apply for Mortgage.
Bridging visas in Australia are offered for temporary residence to foreigners. This visa allows you to remain in the country while your immigration status is being reviewed.
Lenders are more inclined to approve the loans of people holding bridging visa A (BVA) holders or bridging visa B (BVB however, holders of bridging visa C, D, or E might be granted loans on an individual basis.
Boost your chance of acquiring mortgage approval?
Several options are worth considering to help increase your chances of getting mortgage approval. First, it might be worth considering filing a joint application if you are married to, in a partnership with, or living with an Australian citizen or permanent resident.
Your chances of getting the loan will significantly increase if a citizen or permanent resident signs your application. In addition, you can avoid paying foreign stamp duty, which is an additional 8% surcharge in NSW alone, filing for clearance with FIRB, paying application costs to FIRB, or both.
Incorporating positive information on your application can be helpful if this option isn’t available. This could mean continuing in a single full-time position after a probationary term of three to six months, working to build your Australian credit history, or even merely waiting for your next immigration stage to be finished.
Want to learn more?
Capkon home loan is here to help you with all your burning questions about mortgage loans for bridging visa holders. Contact us if you want more details about the stages of purchasing a house in Australia. Call us at 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.