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If you are looking to buy property and you are on a spousal visa, it is important to know that your eligibility can vary widely from lender to lender.
Can someone on a spousal visa in Australia get a home loan?
The answer is yes. However, your eligibility can vary based on how long you have been living with your partner, and what type of spousal visa you are on.
Is approval from the Foreign Investment Review Board needed?
No. Foreign investors need to get approval from the FIRB, but not those on a spousal visa, in a defect relationship with an Australian resident or citizen, when you are buying with your partner as joint tenants. Not having to go through this step, therefore makes the process quite a bit simpler.
What Other Factors Can Vary?
Generally, if you are on a spousal visa, you are only eligible to apply for a home loan when applying with your Australian resident or citizen spouse.
If your spousal visa is still of a temporary status, many lenders will not consider this as an eligible borrower, or they will not include your income, or they may only take a small percentage of your earnings when calculating how much you and your partner can borrow. Fortunately we have access to lenders that will accept income from those on a temporary spousal visa.
Are their restrictions to the percentage that can be borrowed?
Once again, whilst some lenders will restrict the percentage that can be borrowed by someone on a spousal visa, there are options available to borrow up to 95% on owner occupied properties.
Still not sure if you qualify for mortgage whilst on a spousal visa?
Don’t worry – at Bee Finance Savvy, we can answer all your questions about getting a home loan whilst on a spousal visa.
We help our clients from start to finish, so we’ll be here to support you from your first question, to the happy day you own your home!
Our friendly broker Desiree is here to help with a free consultation. She can answer all your questions, and help you understand all your options.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda