Temporary Resident Home Loans - What Are the Eligibility Requirements to Get Approved?
Foreign Citizens living in Australia often have difficulty with arranging a home loan for their proposed property purchase. This article details the eligibility requirements for a temporary residents to get a home loan (in particular the requirement for deposit) and also answers some common questions about purchasing a property in Australia without holding citizenship. What is a Temporary Resident? A temporary resident is someone that resides in Australia and holds a temporary resident visa that permits the holder to work and remain in Australia for a given period of time. The most common visa is a 457 working visa which permits the holder to remain in Australia for a 4 year period. Compare this to a permanent resident whose visa will state that the holder is permitted to remain in Australia indefinitely. Permanent residents are treated like Australian Citizens by the banks and lending institutions providing they are living in Australia. Can Temporary Residents get a Home Loan/Mortgage...