Can I Purchase a Property with Permanent Residency?
The simple answer is Yes! Permanent resident holders can easily purchase homes. Not only do they get the same benefits as the Citizens of Australia. Lenders are more inclined to approve loans for permanent residency clients, and first-home buyers can borrow up to 95% of the property’s value. Capkon home loan provides proper guidance and thrives to fulfill every need of home buyers. Here are some factors you need to consider before buying a home as a permanent residence holder.
Should I delay buying a home until I acquire Australian citizenship?
No, you don’t have to delay your home-buying plans. Given that the advantages you currently enjoy as a permanent resident will stay the same once you become a citizen, it is not worthwhile to wait. There are only a few minor differences between buying a home as a permanent resident and a citizen, such as the First Home Loan Deposit Scheme, which only requires a 5% down payment and waives the lender’s mortgage insurance to residents. However, the entire nation receives only 10,000 handouts each year.
What happens if my spouse isn’t yet a permanent resident?
You are still qualified to apply for a home loan and borrow up to 95% of the total amount even if your partner holds a temporary visa and you are applying for a partner visa that has yet to be approved. However, not all banks grant loans to temporary residents. You can talk with one of our brokers in Capkon to better analyze the situation and take the right step on your home-buying journey.
Want More Details?
If you are a permanent resident and wish to purchase a home in Australia, our team at Capkon is pleased to assist you in locating the best financing. We match you with the best lender from our team who can give you a loan that works for your situation.
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 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.